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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’.

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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.

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

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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.

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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.

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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.

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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.

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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.

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“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.

READ ALSO: VIDEO: Police Dismiss Two Officers For Seeking Bribe From Dutch Tourist

“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.

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“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.

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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

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Oba Of Benin Suspends Palace Chiefs

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The Oba of Benin, Ewuare II, has suspended two of his chiefs for falling for dereliction of duties.

This was contained in a statement signed by the Secretary to the Benin Traditional Council (BTC), Frank Irabor and made available to journalists in Benin City.

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He said their suspension was as a result of their long absence from the palace, resulting in their failure to carry out their palace responsibilities.

The suspended persons are: Chief John Igiehon, the Izuwako of Benin and chief Aimiukpomonyako Oghogho (Ebengho), the Oyenmwensoba of Benin.

READ ALSO: Oba Of Benin Suspends 67 Dukes

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“The under-mentioned two (2) chiefs have been suspended from the Palace of the Oba of Benin.

“This is as a result of their long absence from the Palace, resulting in their failure to carry out their Palace responsibilities.

“The public is advised to be wary of unscrupulous chiefs that are no longer functioning in the Palace. His Royal Majesty has approved their _ Suspension and directed the public be duly informed. 

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“The names of the chiefs are: – ; 1. CHIEF JOHN IGIEHON, THE IZUWAKO OF BENIN and, _ 2 CHIEF AIMIUKPOMONYAKO OGHOGHO (EBENGHO), THE OYENMWENSOBA OF BENIN”, the statement said.

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Lawyers Fault EFCC Statement, Say It’s Misleading

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Some legal practitioners in Bauchi state have faulted the Economic and Financial Crimes Commission (EFCC) official statement about their client on Wednesday, adding that it was erroneous, false and misleading.

It could be recalled that EFCC posted on its official Facebook handle that a Bauchi State High Court has cleared the commission to proceed with its investigation of a former Chairman of the Peoples Democratic Party in Bauchi State, Hamza Koshe, and his company, Pentech Engineering Nigeria Ltd.

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According to the EFCC statement, the commission said Justice Aliyu Baba, in a judgment delivered on July 30, 2025, dismissed an application by Koshe seeking to restrain the EFCC and the Independent Corrupt Practices and Other Related Offences Commission from probing him.

However, in a statement jointly signed and made available to newsmen in Bauchi on Thursday by Jibrin S. Jibrin Esq, M.M. Usman Esq, H.B. Pali Esq, Abbas Ibrahim Esq, I.G. Agwam Esq and Salome Audu Esq all counsel to Pentech Engineering Nigeria Ltd & Anor as well as Koshe insisted that the statement was misleading.

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According to them, the EFCC owed the public the duty of relating only the truth of what the courts decided as regards the contract financing agreement in the issues their clients were parties.

“Our attention as the legal representatives of Pentech Engineering Nigeria Ltd & Alhaji Hamza Koshe in respect of suit No. BA/271/2024 has been drawn to the statement posted on the official page of the EFCC on Wednesday, where the Commission supposedly rendered an analysis of the judgement delivered by the High Court of Justice No. 4 Bauchi Presided by Justice Aliyu Usman on the 30th July 2025.

“Now against the background of the erroneous, false and misleading publication by the EFCC on the matter, we deem it necessary to set the records straight by stating what actually is the truth of the matter in terms of the enrolled judgment Order of the Court to which this press release is attached.

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“It is proper to state as a fact that in an earlier judgement relating to the subject of this release, the verdict of the High Court of Justice No. 10 Bauchi presided by Justice M. M. Abubakar delivered on the 19th December, 2024 is to the effect that the Contract Financing Agreement the subject matter of the suit having been found to be valid and not contravening any law remains enforceable hence, Pentech Engineering Nigeria Ltd is accorded the applicable injunctive reliefs as regards the activities of the Commission.

READ ALSO: Things To Know About Procurement Fraud As A Nigerian – EFCC

“We state as a fact that the main question of law determined in Justice Aliyu Baba Usman’s judgment is to the effect that the Contract Financing Agreement the subject of the suit is valid.

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“The EFCC failed to state in its statement in reference the fact that many parties and contractors concerned or involved in the Contract Financing Agreement in the issue have been invited by the Commission with virtually all of them responding, honoring its invitation on the matter and thereby discharging their legal obligation speak volumes of ‘the bidding of some’ which the publication seeks to achieve ab initio,” said the lawyers.

The counsel added that the mischief and deliberate misrepresentation in EFCC’s statement could be seen when not only did it make no mention of this fact but also created the impression that their clients went to Court to evade investigation on the matter.

They said that Koshe was a guest of the Commission having honored its invitation in September 2024 which he was released on administrative bail, the terms and conditions applicable to which he has been observing.

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READ ALSO: EFCC Recovers Funds Lost To CBEX Fraud, Forfeiture Process Underway — Olukoyede

“It is also important to clarify as a fact that there is no truth at all in the Commission’s statement to the effect that our client sought a perpetual injunction of general nature against the Commission’s activities.

“The truth about the reliefs sought by our clients is as contained in the Court’s processes filed in the suit in reference.

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“We challenge the Commission to provide evidence of where our client ever sought a perpetual injunction at large or of general nature against it or any other body duly established by law.

“We urge members of the public to disregard in its entirety EFCC’s statement on the subject and be guided in its stead by the facts as contained in the relevant court processes to which this release is attached,” he said.

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Tricycle Riders Sentenced To Five Years Over WhatsApp Group Mobilising Protest Against Nigerian Gov

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Borno State Governor Babagana Umara Zulum has been accused of being power-drunk following allegations that he ordered the arrest and conviction of two members of the ruling All Progressives Congress (APC) and tricycle operators for creating a WhatsApp group to mobilize a protest against his administration.

Crack police operatives carried out the arrests in Maiduguri before the scheduled End Bad Governance protest.

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The two men, identified as Mohammed Bukar (alias Awana) and Ibrahim Mohammed (alias Babayo), were convicted on June 30, 2025, by Hon. Justice A.M. Ali and handed a five-year prison sentence.

Court documents with reference number BOHC/MG/CR/2150/CT10/2024 revealed that the men were accused of creating a WhatsApp group called “Zanga Zanga Group”—translated as Protest Group—to mobilize Keke Napep (tricycle) operators for a planned demonstration against the Borno State Government.

Mohammed Bukar and Ibrahim Mohammed were the 6th and 7th defendants in the case in which Governor Zulum accused them of using videos on the WhatsApp group to instigate Keke Napep (tricycle) operators in Borno State to join the protest against the government.

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READ ALSO:Zulum Calls For Prayers As Over 35,000 Boko Haram, ISWAP Terrorists Surrender

They were also accused of producing videos in Kanuri and Hausa languages, urging tricycle riders to come out en masse, declaring “no going back” on the planned protest against the Borno State Government.

On June 30, 2025, Hon. Justice A.M. Ali sentenced the duo to five years’ imprisonment for allegedly planning the protest on WhatsApp.

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Meanwhile, the seven defendants were charged with two counts: Count 1. That the defendants conspired to form a group named Zanga Zanga group (or protest group) on WhatsApp social media platform wherein they agreed to take up arms, to wit; guns, knives, bows and arrows and all forms of dangerous weapon against the Government thereby committing an offence contrary to Sections 60 and punishable under Section 79 of the Penal Code Laws of Borno State 2023.

Count 2. That the defendants formed a group named Zanga Zanga group (or. protest group) on WhatsApp social media platform and agreed to take up arms, to wit; guns, knives, bows and arrows and all forms of dangerous weapon against the Government thereby committing an offence punishable under Section 79 of the Penal Code Laws of Borno State 2023 All the defendants pleaded not guilty to the charges brought against them at their arraignment on April 11, 2024. The prosecution called four witnesses to prove their case.

However, all defendants pleaded not guilty when arraigned on April 11, 2024.

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The prosecution called four witnesses, including Sgt. Isa Abubakar, an investigating police officer attached to the Crime Squad of the Nigerian Police, Borno State Command.

READ ALSO:Zulum Tasks Nigerian Military To Take War To Boko Haram’s Enclaves

Sgt. Abubakar testified that on July 21, 2024, the 6th defendant used one of the videos as his WhatsApp status to mobilize tricycle riders for the End Bad Governance protest.

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He added that the 6th and 7th defendants also made another video in Hausa, saying, “Allah Yaisa Zulum two Billion Namu,” roughly translating to “May God punish Zulum for our two billion.”

He further testified that he downloaded the videos and arrested the two suspects on July 23, 2024, before handing them over to the Crime Squad office in Maiduguri.

Justice Ali said, “I have considered the pleas for leniency made by each of the convicts and the pleas made on their behalf by their counsel. The 5th convict is 17 years old, the 2nd convict is 14 years old, and the 3rd convict is 15 years old.

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“The 5th, 2nd, and 3rd convicts are therefore young persons within the meaning of the Children and Young Persons Law of Borno State.

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It was held by the Apex court in the case of Aminu Tanko VS the State 2009 Legalpedia SC 61216 that where the sentence prescribed upon conviction in criminal charge is term of imprisonment then some extenuating factors, such as the age of the convict and whether he is a first offender can be taken into consideration in passing the sentence.

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“It is in this regard that, on the 1st count charge, I sentence the 5th, 2nd, and 3rd defendants to community service specifically washing the toilets of General Hospital Maiduguri, for 3 months. Make an order that they be given 20 strokes of the cane each.

“On the 2nd count charge, the 5th, 2nd, and 3rd convicts are sentenced to 6 months’ imprisonment. The 2nd and 3rd convicts are to be held at the children’s remand home, while the 5th defendant is to be remanded at the Maiduguri correctional centre. The period of imprisonment should commence today.”

Regarding the first convict, who is also a young man, he is hereby sentenced to 5 years’ imprisonment. The first convict is sentenced to 5 years’ imprisonment. The 6th convict is sentenced to 5 years’ imprisonment. The 7th convict is sentenced to 5 years’ imprisonment. All sentences should commence today, the 30/6/2025,” Justice Ali added.

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Earlier, SaharaReporters reported that the families of two commercial tricycle operators had accused the state government, led by Governor Babagana Zulum, of ordering their arrest and prolonged detention after they allegedly planned a peaceful protest over the alleged mismanagement of funds contributed by riders.

The detained operators, identified as Muhammed Bukar and Ibrahim Muhammed—both members of the ruling All Progressives Congress (APC)—were arrested by the Police Crack Squad on the alleged orders of Borno State Commissioner for Youth and Sports Development, Saina Buba.

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According to relatives, the riders were detained for three months and two weeks at a police facility before spending an additional two months in prison custody while facing trial.

At the centre of the dispute is a daily N100 ticket fee collected from tricycle operators, supposedly serving as insurance to provide financial support to any operator facing emergencies.

However, the riders alleged that officials managing the fund embezzled the money and failed to assist operators in need, prompting plans for the protest before their arrest.

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