The Economic and Financial Crimes Commission (EFCC) of Nigeria has recently made a significant discovery of fraudulent activities involving the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and others, resulting in the realization of N70 billion.
This revelation sheds light on a forex differential fraud scheme orchestrated by Emefiele in collusion with Alhaji Aminu Yaro, the Sarkin Hausawa of Lagos, and his wife. The EFCC’s investigation into corruption and abuse of office prompted President Bola Tinubu to suspend Emefiele and initiate further interrogations.
According to Sahara Reporters, Emefiele allegedly exploited the privileges of his position by engaging in forex differential fraud, where he sold foreign currency to individuals at the official rate on paper. Under this arrangement, Emefiele colluded with the buyers to sell the currency at the black market rate once the CBN credited the buyers’ banks.
The profits from this scheme were then transferred to Aminu Yaro’s account on behalf of Emefiele. The investigation has thus far traced approximately N70 billion to this account.
It is worth noting that Aminu Yaro’s wife, who is employed by the CBN, also serves as a signatory to the account where the illicit funds were deposited. The EFCC has summoned her for questioning in relation to this matter.
However, sources have expressed concerns about the compromised nature of the case due to the involvement of individuals close to influential figures in power. Although the EFCC has initiated legal action against Yaro’s wife for Special Control Unit Against Money Laundering (SCUML) offenses, the primary fraud case involving the forex exchange malpractice has been overlooked.
President Tinubu, in a bid to reform the financial sector, has directed the unification of foreign exchange rates, eliminating the multiple exchange regimes implemented during the previous administration of President Muhammadu Buhari. This move aims to restore stability and transparency to Nigeria’s forex market.
Furthermore, it is crucial to mention that President Tinubu has recently suspended Abdulrasheed Bawa, the chairman of the EFCC, indefinitely, following allegations of abuse of office. This suspension will allow for a thorough investigation into Bawa’s conduct during his tenure.
In a separate development, it has come to light that Emefiele has implicated Bawa in the Naira redesign scam that rocked Nigeria.
Both Emefiele and Bawa are currently being detained by the Department of State Services (DSS), Nigeria’s secret police, for questioning.
The DSS invited Bawa for interrogation after President Tinubu suspended him indefinitely.
Emefiele alleges that Bawa played a role in raising a memo to former President Buhari, advocating for the redesign of the Naira to combat money laundering during the 2023 election.
Bawa, in response, claims that Emefiele and the former Attorney-General of the Federation, Malami, urged him to submit the memo due to suspicions of large cash holdings by Bola Tinubu.
It should be noted that Emefiele’s suspension, based on ongoing investigations and planned financial sector reforms, was confirmed by the Director of Information for the Secretary to the Government of the Federation, George Akume.
This recent development follows previous attempts by the DSS to arrest Emefiele, which were thwarted by the Chief of Defence Staff, Gen. Lucky Irabor, who deployed soldiers to protect the governor’s residence and office.
The DSS investigation has intensified, focusing on Emefiele’s alleged involvement in financing “unknown gunmen” responsible for unrest in the Southeast region of Nigeria. The probe indicates that Emefiele utilized funds intended for his unsuccessful presidential campaign in 2022 and diverted public funds to support these groups.
