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

Published

5 months ago

December 22, 2023

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.

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.

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

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.

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.

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.”

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.

“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.

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.

“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.

“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.

PUNCH

News

JUST IN: Panic As Oyo Demolishes Shops In Popular Ibadan Market

Published

2 hours ago

May 9, 2024

Editor

Panic gripped residents and traders of the popular Ojoo market in the Akinyele Local Government Area of Oyo State as the government demolished scores of shops and kiosks in the area, on Thursday.

The PUNCH gathered that the Ministry of Lands, Housing and Urban Development had served the traders quit notice a long time ago but they refused to move out of the market.

The Chairman of the market, Muhdeen Ganiyu, fondly called Elewedu, however, told our correspondent that the quit notice was too short but the executive members of all the affected markers would meet after the demolition exercise.

“The quit notice was too short. All executive members of all the affected markers will soon meet. So, I cannot say anything for now,” he stated.

When contacted, the Commissioner for Lands, Housing and Urban Development, Williams Akin-Funmilayo, confirmed the ongoing demolition exercise.

He said, “The State Governor, Seyi Makinde, had gone there personally to address them. The government will provide another place. That place is dangerous. And the new place is not far. Just at the front of the Barracks.”

More pictures from the demolition courtesy The PUNCH:

Details later…

News

BREAKING: Reps To Probe Lagos-Calabar Coastal Highway Procurement Process

Published

3 hours ago

May 9, 2024

Editor

The House of Representatives has resolved to investigate the procurement process of the Lagos Calabar coastal highway.

This followed the adoption of a motion of urgent national Importance moved by Austine Achado (APC, Benue) during plenary on Thursday.

Moving the motion, Achado maintained that the contract award did not follow due process and did not get approval from the National Assembly.

However, in its resolution, the House referred the matter to its committees on Procurement and Works.

Details later…

News

Nigerian’s Request To Be Buried Alive For 24 Hours Causes Stir Online [VIDEO]

Published

5 hours ago

May 9, 2024

Editor

A Nigerian man simply identified as Young C caused a stir online on Wednesday, May 8, when he embarked on a challenge to be buried alive in a coffin for 24 hours.

In a post shared on his Instagram page, Young C said he intends to broadcast live footage from the coffin at night.

Sharing a video on his Instagram account, he said

“I am going to be spending the next 24 hours buried in this casket. Guys, this is real, not fake. And the most amazing part is that I am going to go live by night.”

In a subsequent update, Young C revealed that he had been buried for over 8 hours and was experiencing physical discomfort, including excessive sweating.

“Guys, I have been buried alive for over 8 hours now. For those of you who saw my first video, I have been down here. As you can see, my camera is still rolling, and I have my light down there, I am sweating, guys.”

In yet another update, Young C said he has started experiencing heat and that his fear now is for his rechargeable fan not to run out of power. He also showed a container where he has been urinating since he began the challenge.

Watch video below: