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Emefiele, Suspended CBN Governor, Implicates Accomplices in Corruption Scandal

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Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN), currently in the custody of the Department of State Services (DSS), has reportedly provided information on his alleged accomplices. According to sources within the DSS, Emefiele, who is said to be cooperating with investigators, revealed that he had given money to monarchs, army generals, and judges at various points during his tenure.

Emefiele’s detention, along with Abdulrasheed Bawa, the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), follows their suspensions by President Bola Tinubu’s administration due to corruption allegations and abuse of office. Earlier this month, SaharaReporters disclosed that Emefiele implicated Bawa in the Naira redesign scam, which rocked the country a few months ago.

DSS sources have claimed that Emefiele is providing valuable information and has named several high-profile accomplices involved in mismanagement at the country’s apex bank. It is alleged that Emefiele engaged in corruption and bribery, influencing major traditional rulers, army generals, judges, and clerics. Furthermore, CBN directors are also being questioned, and they are reportedly cooperating with the investigation.

Emefiele’s suspension came as part of an ongoing investigation into his office and planned reforms in Nigeria’s financial sector. The release announcing his suspension mentioned the need for reforms but did not provide specific details. In 2022, Emefiele, alongside then-President Muhammadu Buhari, introduced new naira notes with the aim of curbing money laundering during the 2023 elections. However, the policy resulted in a scarcity of new notes, causing hardship for Nigerians and leading to cash shortages and long queues at banks and ATMs.

The alleged involvement of Emefiele in terrorism financing and fraud, as well as his refusal to comply with a Supreme Court ruling regarding the legal tender status of old notes, have further exacerbated the scandal. Previous attempts by the DSS to arrest Emefiele were thwarted by soldiers provided by the then Chief of Defence Staff, Gen. Lucky Irabor. The DSS has intensified its investigations to arrest and prosecute Emefiele on allegations related to terrorism financing and fraud.

As the investigation unfolds, the involvement of high-ranking officials in corruption scandals raises concerns about the integrity and transparency of Nigeria’s financial institutions. It remains to be seen how the revelations made by Emefiele will impact the ongoing investigation, as well as the broader efforts to combat corruption and restore trust in the country’s financial system.

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