Investigation: How Governor Emefiele-Led Central Bank Of Nigeria Failed To Keep Records Of Funds Recovered Under Buhari Government From 2016 To 2019 – SaharaReporters

The newly released Auditor-General for the Federation Annual Report for 2019 has revealed that Governor Godwin Emefiele-led Central Bank of Nigeria failed to keep records of recovered funds between 2016 and 2019.

The audit report, a copy of which was obtained by SaharaReporters, queried why Emefiele and the CBN claimed zero recovery within the four years despite the “various public statements of recovered funds by the Economic and Financial Crimes Commission (EFCC) and other agencies of government.”

The report titled, “Auditor-General for the Federation’s Annual Report on the Federal Government of Nigeria Consolidated Financial Statements for the year ended, December 31, 2019,” mandated Emefiele to “furnish reasons for the nil recovery records between 2016 and 2019, and otherwise, apply sanction relating to gross misconduct specified in paragraph 3129 of the Financial Regulations.”

The report partly reads, “Audit observed from the review of Recovered Funds component of Inflows of Foreign

Reserves that: CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2019 CENTRAL BANK OF NIGERIA (CBN); At the Central Bank of Nigeria (CBN), the following observation was made;

ISSUE 1 NON-DISCLOSURE OF RECOVERED FUNDS FROM 2016 TO DATE

Paragraph 112 (i)(l) of the Financial Regulations (FR) states “The functions of the Accounting Officer shall include …ensuring that any revenue collected is not spent but remitted to the appropriate authorities promptly”. Furthermore, Paragraph 112 (i)(f) of FR states “The functions of the Accounting Officer shall include …ensuring accurate collection and accounting for all public money received and expended…”.

“Audit observed from the review of Recovered Funds component of Inflows of Foreign Reserves that: i The sum of $40,502,645.06 (Forty million, five hundred and two thousand, six hundred and forty-five dollar, six cents) was reported in the Summary of Monthly Foreign Exchange Cashflows last in December 2015. ii No amount was shown as Recovered Funds between 2016 and 2019, and iii There was no justification for the nil recovery between 2016 and 2019 despite various public statements of recovered funds by the Economic and Financial Crimes Commission (EFCC) and other agencies of government.

“The above anomalies could be attributed to weaknesses in the internal control system at the Central Bank of Nigeria. Risks; i Incomplete report. ii Misinformation of the public.

Management’s Response; There was no inflow for the period January 2016 – December 2019. However, a review of the account showed credit interest for the period. Kindly find attached a summary of the review. Recommendations; The CBN Governor is requested to: i Furnish reasons for the nil recovery records between 2016 and 2019, and ii. Otherwise, apply sanction relating to gross misconduct specified in paragraph 3129 of the Financial Regulations, and relating to failure to collect and account for Government Revenue as in FR 3112(ii).”

SaharaReporters had in several investigations uncovered how the Emefiele-led CBN has been subject of various multi-billion fraud investigations and how the bank had played to major influences in the government to frustrate the probes.

SaharaReporters had on October 5, 2021, reported that the EFCC began an investigation into an alleged multi-billion naira fraud at the CBN which centred on the disbursement of a loan facility being managed by the Director in charge of the CBN agricultural loans.

SaharaReporters had learnt that the CBN Governor was jittery and fighting hard to stop the probe through the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), who would expectedly wade into the EFCC investigation of the CBN director of Development Finance Department (DfD), Yila Yusuf.

Yila’s DfD is in charge of agricultural loans at the CBN.

The latest investigation by the EFCC only adds to the growing list of atrocities and scandals that the lavish CBN governor, Emefiele, is enmeshed in.

SaharaReporters had on September 20 reported that the Arewa Youth Assembly, a socio-economic and socio-political group, called for the resignation or sacking of Emefiele.

According to the northern group, doing so will save the nation from further economic meltdown.

They had insisted that the sum of N500 billion which was stolen in a private Dubai investment towards the end of 2018 should be investigated as well as other funds that went missing during Emefiele’s administration.

SaharaReporters had in May 2019 made public a phone conversation of Emefiele; his deputy, Edward Lametek Adamu; Director for Finance, Dayo M. Arowosegbe and one of the Special Advisers to the CBN Governor, Emmanuel Ukeje discussing how to cover up the loss of over N500 billion stolen from the CBN in a private investment that collapsed.

Two audio files, exclusively obtained by SaharaReporters, revealed how the governor and top officials of the apex bank discussed plots to conceal the loss of huge sums of money in a Dubai investment.

The CBN claimed the audio conversation was genuine but no money was missing from the bank.

Also on September 23, the Peoples Democratic Party (PDP) asked the CBN governor to resign over allegations of overseeing looting of funds in the nation’s apex bank.

According to the PDP, the allegations are based on the affirmations from the Secretary of the National Caretaker Committee of the All Progressives Congress (APC), Senator John Akpan Udoedehe during a Channels TV programme.

“The Peoples Democratic Party (PDP) demands the immediate resignation and prosecution of the Governor of the Central bank of Nigeria (CBN) Godwin Emefiele going by allegations by the All Progressives Congress (APC) that he superintended over massive looting of funds in the CBN.

“Our party calls on the Economic and Financial Crimes Commission (EFCC) to immediately invite Emefiele for questioning over allegations by the National Secretary of the illegal APC National Caretaker Committee, Senator John Akpan Udoedehe, that the CBN governor supervised over the pillaging of the nation’s vaults under his watch,” the party had said.

“Our party insists that beyond Akpan Udoedehe’s allegation, the tenure of Emefiele as CBN governor under the APC administration has witnessed colossal failures of monetary and fiscal policies, requiring him to vacate the office and hand himself over for investigation.

“It is instructive to note that when Emefiele took over office as CBN Governor in 2014, naira exchanged for N164 to a dollar. Today, in the hands of Emefiele and the APC, the naira has tumbled to a near N600 to a dollar, putting the nation’s economy on its knees.

“Painfully, under the leadership of Emefiele, the CBN has failed in its core mandate of managing the economy and took a dive into propaganda with claims that do not reflect the harsh economic reality on the ground.

“The PDP, therefore, urges the EFCC not to allow this revelation to be swept under the carpet as it borders on serious economic sabotage for which sanctions are clearly spelt out under our laws,” it had added.

On September 16, a coalition of civil societies backed the Arewa Youth Assembly, calling for the resignation of Emefiele.

Seven different groups joined others who wanted the governor to resign over his alleged inability to stabilise the country’s bleeding economy.