Alleged N500billion CBN Scandal: CACOL Reacts To Claims Against Emefiele, Tells EFCC What To Do

The tapes revealed how the top officials managing Nigeria’s central bank connived and conspired to cover up financial fraud which has affected the Nigerian economy.

CBN Governor, Godwin Emefiele

The Centre for Anti-Corruption and Open Leadership, CACOL, has requested an independent probe into a story of huge financial fraud, theft and official documents manipulation to the tune of about N500bn which was purportedly ploughed into a Dubai investment and had gone awry.

The media has been awash with so many revelations concerning Emefiele, ranging from the role he played in the money ‘illegally‘ approved for a former National Security Adviser (NSA), Col. Sambo Dasuki to the recent revelation by Dr George Uboh-led Whistleblowers Network, where it was alleged that $2.5billion disappeared under his watch.

But in a release issued by its Executive Chairman, Debo Adeniran, CACOL stated, “We would recollect how a popular Online Newspapers, reported a scoop involving Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN, and his Deputy Edward Lametek Adamu and the Director for Finance Dayo M. Arowosegbe including one of the Special Advisers to the CBN Governor, Emmanuel Ukeje who were caught on tape discussing how to cover up the loss of over N500billion stolen from the apex bank in a private investment that went bust.

“According to the online newspapers, ‘In the two authentic telephone audio tapes exclusively obtained by Sahara Reporters, the governor and top officials of the Central Bank of Nigeria haggled over plots to conceal the loss of huge sums of monies in a Dubai investment according to sources at the bank. Emefiele is heard saying in the audio to the deputy governor Adamu: “To avoid any serious problem is just, the government just needs to agree to give us at least 100 billion cash but the government will not agree. They will kick against it.’

“The tapes revealed how the top officials managing Nigeria’s central bank connived and conspired to cover up financial fraud which has affected the Nigerian economy.

“As conversation rages on about the heist and Emefiele was discussing extensively with top officials of the bank to conceal the loss made with the shareholders’ funds from commercial banks (the monies were reportedly diverted to invest in Dubai to the tune of N500 Billion sometimes towards the end of 2018 and they reportedly lost that investment), Sahara Reporters quoted their CBN sources that, Mr. Emefiele and others in the bank eventually found a way out of their dilemma by diverting funds in possession of the CBN and also printed hard cold cash.

“Though, the CBN, through one Issac Okorafor, its director, corporate communications, has confirmed the authenticity of the ‘selective conversation’ which it claimed was just a routine ‘conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that’, there are threads of conversation in the tape that simply does not tally with such hand waive of the CBN Management, especially coming against the backdrop of widespread allegations of financial scams including foreign currency manipulation, money laundering and round-tripping to favor a group of politically exposed persons close to the Presidency.
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“Hence, CACOL’s calls for the two anti-graft agencies, the Economic and Financial Crimes Commission, EFCC, and Independent Corrupt Practices and other Related Offences Commission (ICPC) to immediately wade into the matter by thoroughly investigating all allegations surrounding this story and bringing culprits (if any) into justice so as to save this nation from further embarrassment and arrest the drift into financial chaos which the alleged heist was capable of throwing the country into.”