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Buhari’s Nephew, Not Former President Approved Naira Redesign – CBN Investigator Revealed

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The Special Investigator on the Central Bank of Nigeria and Related Entities, Jim Obazee, has indicated that the recent naira redesign wasn’t expressly approved by former President Muhammadu Buhari.

Obazee had gathered that the approval came from Buhari’s aide, Sabiu Tunde ‘Yusuf’.

This was contained in the investigator’s final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences) submitted to President Bola Tinubu on Wednesday.

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Recall that Obazee, a former Executive Secretary of the Financial Reporting Council of Nigeria, was named by Tinubu as the CBN special investigator in a letter dated July 28, 2023, sighted by The PUNCH.

READ ALSO: Tinubu Threatened, Imposed Resolution On Fubara, Says Ex-Rivers Commissioner

The report revealed that it was the embattled former CBN governor, Godwin Emefiele, who, in collaboration with Sabiu, implemented the naira redesign.

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Sabiu is the former President’s nephew.

The PUNCH reports that Emefiele, who is currently in Kuje Custodial Centre, is being prosecuted for N1.2bn in procurement fraud.

He has not been able to perfect the N300m bail granted him by the High Court of the Federal Capital Territory on November 22, 2023.

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However, documents obtained by our correspondent on Thursday indicated that the former apex bank governor might face fresh criminal charges over the handling of the CBN naira redesign policy.

READ ALSO: 10 Popular Christmas Traditions And Their Origins

Emefiele could be “prosecuted for illegal issuance of currency under Section 19 of the CBN Act alongside Tunde Sabiu and the 12 top directors of the CBN.”

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It was gathered that the naira redesign policy was sold to Buhari at the instance of Sabiu and that the initiative was done without the approval of the board of the CBN.

Buhari didn’t approve naira redesign
The investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira.

On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure the N1000, N500, and N200 notes.

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“The former president tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to Nigerian Security Printing and Minting Plc on October 31, 2022,’’ the documents noted.

Emefiele was said to have contracted the redesign of the naira to De La Rue of the UK for £205,000 under the vote of the head of the Currency Operations Department after Nigerian Security Printing and Minting Plc said it could not deliver the contract within a short timeframe.

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It further showed that “the special investigator found that N61.5bn was earmarked for the printing of the new notes, out of which N31.79bn had been paid.

“As of August 9, 2023, findings revealed that N769bn of the new notes were in circulation.

“The probe of the CBN also revealed the fraudulent use of N26.627tn Ways and Means of the Apex Bank as well as the misuse of the COVID-19 intervention fund.

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“For instance, the CBN under Emefiele at its 661st meeting held on October 27, 2020, approved that the Consolidated Revenue Fund Account should be debited with the sum of N124.860bn, and the decision was implemented on October 9.

“Similarly, the Committee of Governors, at its 670th meeting held on December 9, 2020, granted ‘anticipatory approval’ pending receipt of a formal request by Mr President and ratification by the board of directors for the payment of the sum of N250bn only to the Federal Government of Nigeria to address challenges as a result of low revenue inflow and the payment of salaries.

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“The decision was implemented on December 15, 2020.”

The CBN investigator discovered that the CBN Ways and Means was abused under the Buhari administration.

The PUNCH reports that under the CBN Act, the Ways and Means provision allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.

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Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

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Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.

‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”

‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection

It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.

‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.

‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.

‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

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READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

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Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”

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Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

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Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

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READ ALSO:ADC Penetrates Okpebholo’s District As Defections Strengthen Party in Edo Central

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

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Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

READ ALSO:Okpebholo Felicitates Muslims On Eid-el-Fitr Celebration

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

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I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

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Children’s Day: Edo Commits To Child Protection

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The Edo State Government has reaffirmed its commitment to protecting the rights of children, promoting quality education, and strengthening sports development across the state.

This assurance was given by the governor of Edo State, Monday Okpebholo, during the 2026 Children’s Day Celebration and Governor’s Cup Finale held on Wednesday at the Samuel Ogbemudia Stadium, Benin City.

Addressing pupils, students and teachers,
the governor described children as the pride of Edo State and the future of the nation.

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The governor, represented by his deputy, Dennis Idahosa,
noted that the annual celebration provides an opportunity to honour their dreams, talents, and limitless potential.

READ ALSO:Eid-el-Kabir: Edo Deputy Gov Solicits prayers For Okpebholo

Speaking on this year’s Children’s Day theme, “Choose Kindness, Reject Bullying,” the governor said the message was timely and significant, as it emphasizes the need to create safe, supportive, and inclusive environments for children both in schools and communities.

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He stated that bullying in all forms — physical, verbal, emotional, or online — has no place in society, adding that the Edo State Government remains fully committed to protecting the rights and dignity of every child.

According to him, the administration will continue to strengthen policies and programmes that promote child protection, discipline, mutual respect, and positive learning environments across schools in the State.

The governor urged children to embrace kindness, compassion, teamwork, and respect for one another, stressing that true strength lies not in intimidation but in empathy, good character, and mutual understanding.

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