ACCORDING TO CBN GOV. REPORTS, EMEFIELE MISMANAGED N1.6 TRILLION IN COVID-19 INTERVENTION FUNDS.

Babatunji Wusu –

According to a thorough report turned in by Jim Obazee, a special investigator hired by President Bola Tinubu’s administration, the Central Bank of Nigeria (CBN) under former Governor Godwin Emefiele is accused of mismanaging about N1.622 trillion in COVID-19 intervention funds.

The paper focuses on payments and transfers made to different people and organizations without authorization.

According to an earlier report, Emefiele started the process of revamping the nation’s bank notes without getting permission from the CBN Board. Emefiele is presently being prosecuted on six charges of suspected N1.6 billion procurement fraud in an Abuja Federal High Court.

The Special Investigator’s findings show how the former governor of the Central Bank of Nigeria (CBN) manipulated former President Goodluck Jonathan’s directives regarding the establishment of the Nigeria Electricity Supply Industry (NESI) Stabilization Strategy Limited, in addition to the mishandling of COVID-19 intervention funds.

Former President Jonathan approved the organization’s formation as a Special Purpose Vehicle (SPV) limited by guarantee, according to the SaharaReporters investigation.

Nevertheless, Emefiele ignored this instruction and constituted the company as a limited company instead, enabling it to issue debentures even though it was a recently formed corporation.

As a result, the former governor of the CBN laid the groundwork for the corporation to issue debentures valued at over N64 billion.

Although this issuance violates Section 31 of the CBN Act, 2007, it was approved by the CBN Committee of Governors on January 21, 2015.

By the conclusion of the fiscal year 2021, an incredible sum of N952 billion had been siphoned from the CBN’s vaults under false pretenses, according to the findings of the Special Investigator report.

The report goes on to say that N1.325 billion of this misdirected money was given to four firms even before the company was formally constituted.

In addition, the illegal diversion of more than N17 billion from the Nigerian Electricity Market Stabilization Facility was linked to 14 banks.