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Emefiele, Ex-Minister, 14 Others To Face Trial For N26.6trn CBN Fraud

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Former Central Bank Governor Godwin Emefiele and a minister are to face trial over the scandal that rocked the apex bank in the last one year, it was learnt yesterday.

After a five-month probe, Emefiele, the minister and 14 others who have been implicated in over N26.6 trillion fraud, have been recommended for trial.

Those implicated include former and serving top officials of the apex bank.

No fewer than 16 former government and CBN officials were alleged to have indulged in fraudulent use of ‘Ways and Means,’ which stood at N26.627 trillion.

Also, a former influential aide of former President Muhammadu Buhari may be arraigned with Emefiele.

In September 2022, the aide had allegedly told Emefiele to proceed with the naira redesign.

The printing of the new notes cost N61.5 bilion out of which N31.79 billion has been paid.

There were indications that the aide also sold a “dummy” to the former president.

Preliminary investigations into the activities of the CBN and related entities revealed many infractions, including the violation of the apex bank’s Act, alleged looting, diversion of funds and sidelining of the Board of Directors.

Other allegations were lack of presidential approval, extra budgetary spending, forgery, concealment, stealing, conspiracy and fraud.

Unauthorised investments

Some documents available to The Nation, based on the report by the Office of Special Investigator, gave insights into how the rot in the CBN was perpetrated.

The Special Investigator on CBN and Related Entities, Mr. Jim Obazee, was appointed in July, 2023.

He submitted an Interim Report on December 9, 2023.

It was learnt that the final report was submitted to the President on the December 20.

The investigations exposed what a source described as a “monumental scandal”

Some documents, available to The Nation, contain some highlights of the first phase of the probe of accounts and operations of the CBN.

It was discovered that Emefiele invested public money (billions of dollars) in 593 accounts in the United States, China and the United Kingdom without authorisation.

In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorisation by the CBN Board and the Investment Committee.

Also, about N1.7 trillion spent on COVID 19 intervention management did not get to the right beneficiaries.

Ways and Means

A major breakthrough in the probe of the CBN was the manipulation of “Ways and Means” by Emefiele and his team.

Investigations showed that the former CBN governor and those who worked with him could not produce evidence of “Ways and Means,” which now stands at N26.627trillion.

It was found out that there were instances of arbitrariness where there was no presidential approval, but billions of Naira were taken out from the nation’s Consolidated Revenue Fund (CRF) account.

Some of the findings were as follows: “The CBN officers and even the then Acting CBN Governor could not produce the presidential approval of most of the expenses described as “Ways and Means”.

“When confronted to provide the breakdown of the supposed N22,719,703,774,306.90 that was presented to the 9th National Assembly to illegally securitise as “Ways and Means” financing, they were only able to partially explain a total of N9,063,286,720,318.92 or N9,258,040,720,318.92 (depending on which official you are considering his submission) and an unreasonable attribution of non-negotiated/unadvised interest element of N6,678,874,321,541.97. This shows the point where the officers of the immediate past administration as well the erstwhile CBN governor and others connived, defrauded and stole from the common wealth of the country with the aid of civil servants.

“The true position of the “Ways and Means” as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4, 449, 149, 411. 584.54. This may have been the main reason the past administration hurriedly sought that the advances of N22,719,703,774,306.90 be securitised by the 9th National Assembly on the 19th December 2022; which they also hurriedly did despite the fact that it contravenes Section 38 of the CBN Act, 2007.”

“The probe showed that the CBN Governor on the 19th December 2022 “ signed an advice to the former President Muhammadu Buhari to restructure “Ways and Means” of N23,719,703,774,306.90, despite presenting a different figure to the National Assembly on the same date.

“The fact that the balance of the “Ways and Means” was documented as N26.63 trillion as at June 8, 2023 by the erstwhile CBN Governor shows an unrepentant attitude of the management of the CBN because they continued to carry the “Temporary Advances to the Federal Government” as a running current account, despite the obvious contravention of Section 38 of the CBN Act, 2007, which they swore to uphold,” the document said.

Naira redesign

Obazee, who worked with different teams of crack detectives, also uncovered the intrigues behind the naira redesign, which almost led to the collapse of the nation’s economy.

The outcome of the investigation confirmed that an ex-presidential aide gave the directive to Emefiele.

Section 19(1) of the CBN Act requires that “Naira notes and coins shall be of such forms and designs and bear such devises as shall be approved by the President on the recommendation of the Board of the CBN.”

It was unclear the circumstances under which the former presidential aide allegedly gave instructions to Emefiele.

A document said: “The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law. Buhari only tagged along. Sometimes in September 2022, the erstwhile Governor of the CBN claimed that during his visit to the Presidential Villa, one of the presidential aides told him to go and consider redesigning the Naira.

“On 6th of October, 2022, Emefiele wrote Buhari seeking approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari approved the proposal same day. But Buhari approved the currency be printed in Nigeria.

“On that 6th October 2022, former President Muhammadu Buhari approved Emefiele’s request and directed that he should redesign and reconfigure the four denominations of the Naira notes as prayed, but should print them locally.

“Emefiele did not consult with the management of the CBN or seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.

“Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations

“Emefiele took the redesigns, a mere change of colour to De La Rue in UK for a fee of £205,000. Only N1, 000, N500 and N200 were redesigned.

“As at August 9, 2023, N769 billion of the new notes were in circulation. The printing cost was N61.5 billion, out of which N31.79 billion has been paid.

In a separate document, the probe confirmed the investment of billions of dollars in 593 foreign accounts in the United States, China and the United Kingdom without approval from the board or the President.

“The former governor of the CBN invested Nigeria’s money without authorisation in 593 foreign accounts in the United States, China and the United Kingdom while he was in charge.

“All the accounts where the billions were lodged have all been traced by the investigator, In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorization by the CBN board and the Investment Committee of the bank,” the document added

COVID-19 intervention funds

Another scandal which was unearthed was the inability to trace about N1.62 trillion COVID-19 intervention funds.

It was discovered that “the N1,622,119,412,095.16 was surreptitiously transferred to the following individuals and organizations: Police Trust Fund(N29,750,000,000.00); Companies and individuals (N22,680, 275, 135.45); borrowed for salaries (N720, 682,827,000.00); Donations to public (N40,000,000,000.00); Office of Accountant-General of the Federation (N196, 190,789,994.72); MDAs (N303,514, 294,725.21); and others (N293,986, 243,831.39).

Diversion of N17b by DMB

On the Nigeria Electricity Supply Industry (NESI), the former CBN Governor was accused of unlawful manipulation of the approval of the President.

Investigation indicated that 14 Deposit Money Banks (DMB) were involved in what is termed “criminal diversion of N17, 232,349, 193.55.

But the list of the 14 banks was still kept under wraps as at press time.

A source said: “We have the list which includes some rated banks. But at the appropriate time, Nigerians will know them.”

Two of the banks are to refund over N3 billion each.

The least amount to be refunded is N8, 902, 081 by a reputable bank.

Also a web management firm is to refund N4.8 billion, being the sum said to have been illegally diverted from NESI Stabilisation Strategy Limited.

Explaining what Emefiele did, the synopsis of the investigation on NESI was as follows: “The Presidential Approval granted by the then President Goodluck Jonathan was rightly stated by him that NESI should be a Company Limited by Guarantee, but the Committee of Governors misled the Board of the Central Bank of Nigeria by inter-alia:

“Relying on a non-existent advice by the Office of the Attorney General and Minister of Justice, to incorporate a Company Limited by Shares for which the Allotted Share Capital exceeded the Authorized Share Capital (See 380% Meeting of the Committee of Governors held in January 2015); and

”Allotting unauthorised share capital without lawful approval by the President of the Federal Republic of Nigeria.

Investigation also spotted illegal Issuance of Debentures by NESI Stabilisation Strategy Limited.

“There was misrepresentation of Presidential Approval (NESI Stabilisation Strategy Limited). NESI, as approved by former President Goodluck Jonathan, was supposed to be an SPV limited by Guarantee, but Emefiele, relying on a non-existent advice, made it a company limited by shares.

“By law, an SPV cannot issue Debentures, as it is precluded from forming a Debenture Trust. Worse still, a virgin entity without any operational track record cannot issue Debentures as it has no trading or earnings history to justify the requirements of the Debenture issue.

“Despite these, the Committee of Governors of the Central Bank of Nigeria on the date of its Meeting of 21st January 2015, caused a violation of Section 31 of the CBN Act, 2007 by authorising the issuance of Debentures by NESI Stabilization Strategy Limited to which the initial sum of N64,861,954,000.00 (Sixty Four Billion, Eight Hundred and Sixty One Million, Nine Hundred and Fifty Four Thousand Only), was diverted from Public Funds under the guise of Debenture issuance. This practice has grown to N952,414,745,000 (Nine Hundred and Fifty Two Billion, Four Hundred and Fourteen Million, Seven Hundred and Forty Five Thousand Naira Only) by the Financial Year end 2021”, the document added.

“N1.325billion was stolen pre-incorporation and the money was funneled to four companies, including a legal firm which got N300 million.”

The note on the allegations against some banks read: “A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 percent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation facility.

“The fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial] Statement of NESI Stabilisation Strategy Limited.”

Also, a firm linked with some CBN officials was paid N4, 897,789,000 allegedly “illegally diverted from NESI Stabilisation Strategy Limited.”

 

 

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Ramadan 2026: Saudi Arabia Sights Crescent Moon, Holy Month Begins Wednesday

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Saudi Arabia has officially confirmed the sighting of the crescent moon on Tuesday, 17 February 2026, meaning the holy month of Ramadan 1447 AH will begin on Wednesday, 18 February 2026.

The Saudi Supreme Court announced the sighting following verified reports from moon-sighting committees. Consequently, Taraweeh prayers began on Tuesday night across the Kingdom.

A post by @Muslim on X read, “BREAKING: Saudi Arabia announces the first day of fasting for Ramadan to begin on Wednesday, February 18, 2026.

“Taraweeh will begin tonight on the first evening of the blessed month.

“It’s recommended to follow the fasting time designated by your local community and country.”

Muslims in Saudi Arabia, Nigeria, Qatar, the United Arab Emirates and some other parts of the world will begin their first day of fasting at dawn on Wednesday, ushering in a month dedicated to prayer, reflection and devotion.

In Japan, however, Ramadan 2026 will begin on Thursday, February 19. The Hilal Vision Committee confirmed the decision after the crescent moon was not sighted.

Muslims across the country will observe their first fast on Thursday, marking the start of the holy month of fasting and prayer.

Meanwhile, Iran, Oman, Singapore and Turkey have also officially announced that Thursday, February 19, will mark the first day of Ramadan 2026.

The decision was made after the crescent moon was not sighted, in line with their traditional lunar observation processes. Muslims in these countries will begin fasting on Thursday as the holy month commences.

Ramadan is the ninth month of the Islamic lunar calendar, which has 12 months and lasts 354 or 355 days. Because it follows the lunar cycle, the start date of Ramadan changes every year.

Fasting during Ramadan is one of the five pillars of Islam and is compulsory for healthy adult Muslims. However, exemptions are granted to young children, the sick, travellers and women who are pregnant, nursing or menstruating.

The sighting of the crescent moon is a long-standing tradition used to determine the beginning of Ramadan and the major Islamic festivals of Eid al-Fitr and Eid al-Adha.

During the holy month, working hours and school schedules are often shortened in many Muslim-majority countries to allow more time for worship and family activities.

More than 1.8 billion Muslims worldwide are expected to observe the month of fasting from sunrise to sunset each day.

 

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DSS Witness Details How ISWAP Unit Planned And Executed Owo Church Massacre

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A DSS lead investigator testified at the Federal High Court in Abuja regarding the funding, arming, and mobilization of terrorists for the June 5, 2022, attack on St. Francis Xavier Catholic Church in Owo.

The witness detailed the roles of the defendants and stated that over 40 people died and more than 100 individuals sustained various injuries.

The prosecution also tendered what it described as a comprehensive investigation report on the incident, in court on Tuesday, which the court admitted in evidence in the absence of objection from the defence.

The witness, who was identified simply as SSI and featured as the ninth prosecution witness (PW9) testified at the resumed hearing in the trial of five men accused of complicity in the attack.

The five men are: Idris Abdulmalik Omeiza (25 years), Al Qasim Idris 20 years), Jamiu Abdulmalik (26 years), Abdulhaleem Idris (25 years) and Momoh Otuho Abubakar (47 years). They are being prosecuted by the DSS.

Led in evidence by prosecuting lawyer, Ayodeji Adedipe (SAN), the witness said he is the Deputy Director in charge of Counter Terrorism Investigation and led the investigation team.

He said his team was mandated to unravel the perpetrators, the cause of the incident, their sponsors and any other findings that may arise .

SSI said: “With that, we proceeded to gather intelligence and also exploited technical resources, which eventually led us to the arrest of five persons in the month of August 2022.

“The arrest occurred both in Kogi and Ondo states and the persons we arrested were Al-Qasim Idris (2nd defendant) and his brother Abdulhalid Idris (4th defendant), then Omaiza Abdulmalik (1st), then his brother, Jamiu Abdulmalik (3rd),” he said, and gave the name of the fifth defendant as Momoh Otuho Abubakar.

The witness added: “Our investigation found out that the persons we arrested were members of Islamic State West African Province (ISWAP), a proscribed terrorist group, who belong to a cell that operated around Okene/Adavi Local Government Area of Kogi State, as well as Omielafa and Omielege in Ose Local Government Area of Ondo State under the coordination of one Odoba.

“Odoba usually hibernate around Ogaminana in Adavi LGA of Kogi State,” he said.

Giving details of how the attack was planned, the witness said: “On the 30th of May, 2022, Odoba called a meeting of some of the group’s members, who are members of his ISWAP cell. They go with alliance, Al-Shabab.

“So on the 30 of May, 2022, they met at the Government Secondary School, Ogaminana where Al-Qasim Idris was present in the meeting and Odoba passed the instruction for them to prepare to attack the Catholic Church Owo.

“And, his instruction was clear that they should attack on Sunday and ensure that they kill the priest. So when Al-Qasim returned to Omilafia, he gathered some of the cell members, including Abdulhalid (4th defendant), his brother, Jamiu (3rd defendant) and all the four were in the meeting, except the 5th defendant.

“There was equally one Kabir, who is a cousin to Al-Qasim and Addulmalik. The meeting was held after the jumaat prayer at the mosque where the Idris bothers’ father is the Chief Iman.

“He (Al-Qasim) told them (those at the meeting) to be prepared for the attack as instructed by Odoba. He only told them they will be getting two other persons to reinforce the team

“The names of these individuals (the other two) are Mohammed and Abdullahi. On Saturday, the next day, being the 4th of June, 2022, Abdulhaleem Idris (4th) travelled to Adavi, where he hired a Volkswagen Golf 3 car.

“He proceeded to lead Odoba, who supported them with five AK47, 10.magazines, rounds of ammunition and improvised explosive devices (IED) for the planned attack,” he said.

The PW9 said by evening of the same day, they all gathered in Abdulhaleem’s house in Omilafia, where Al-Quasim allegedly, reviewed with the others, the attack plan and subsequently engaged in some dry practice.

When asked to explain what he meant by dry practice, the witness said it is the practice done with weapon, without live rounds, to reorient oneself on the safety precaution of the weapons

He added that at the end of the dry practice, they all spent the night in Al-Quasim’s room, adding that on the night of June 4, Al Qasim took a motorbike belonging to his father, which he rode most of the time, to deliver items to Mohammed and Abdullahi, to facilitate their movement for surveillance on the church and also during the attack.

Giving a graphic detail of how the attack was carried out, the witness said: “The next morning, 5th of June, the first to 4th defendants and Kabir, now at large, were driven in the Golf car, with the weapons concealed in sacks, to the church about 8 to 8:30 am.

“They met Abdullahi and Mohammed. The got to the church, removed the sacks and pulled out their weapons. Two of them sat with a woman roasting corn.

“They bought some corns. A young man hawking stuff was observing them. One of them (the attackers) went and whispered to the hawker. When he was about leaving after being whispered to, he was shot dead instantly.

“This triggered chaos in front of the church. In the midst of that, they accosted a man coming from the Deeper Life Bible Church in a Nissan Sunny car. They snatched his car and drove into the church premises.

“Under Al Qasim’s directive, they proceeded in the directions he had told them to take. Abdulhaleem was carrying the bag containing the improvised explosives.

“They shot sporadically in the church’s sanctuary, outside and all over, including worshippers trying to escape.

“Abdulhaleem, who had the bag containing IEDs, detonated at least three explosives. Other attackers engaged the worshippers with gunshots.

“40 people, including women and children, died at the Federal Medical Centre (FMC). 23 were wounded and rushed to the hospital.,” he said.

The witness added that apart from the 40 church members, who were killed, a non-member was the first to be killed by the attackers in front of the church, adding that some of the 40 deceased were taken to the hospital dead.

The prosecution subsequently tendered a medical report, signed by one Dr Ayodeji O.O, in respect of which the witness said: “We have made effort to see how the doctor could come but was not possible.”

The prosecution equally tendered 30 photographs taken from the incident’s scene by investigators, which the court admitted as Exhibit M – M30.

SSI told the court that at the end of the investigation, his team made a comprehensive investigation report.

On whether the fifth defendant played no role, since he spoke extensively about the first four defendants, the witness said it was an oversight that he did not speak about the fifth defendant.

He then proceeded to give details of the role the fifth defendant allegedly played in the whole incident.

The witness said: “Investigation revealed that the 5th defendant worked in tandem with the 1st to 4th defendants .He was operating a Point of Sales (POS) units in five deferent locations.

“About two to three weeks prior to the attack, his account was credited at two different instances with 800k. He used the POS machine to distribute the money to the individuals, who aree members of the Al-Shabab Unit of ISWAP, and the defendants were beneficiaries of this money, with no evidence of business transactions between them.”

PW9 added that technical evidence established that the fifth defendant was in communication with them (the other four), within the period of the attack.

He confirmed that autopsy examination was conducted on some of the dead bodies and a report was generated. The prosecution tendered the report which was admitted in evidence without objection from the defence.

The court also admitted in evidence, the comprehensive investigation report on the attack, which the prosecution tendered through the witness.

The defence lawyer, Abdullahi Mohammad said he would not object to the tendering of the report, but would require time to study it, because it was served on his team few days ago.

He sought an adjornment to enable him study the investigation report before he could cross examine the witness.

In the absence of objection from the prosecuting lawyer, the court adjourned further proceedings till Wednesday, February 18 at 11am.

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Lagos DSVA Appeals For Help To Reach Survivor After Viral TikTok Rape Allegation

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The Lagos State Domestic and Sexual Violence Agency (DSVA) is seeking public assistance to identify and locate a TikTok user known as Mirabel (@mirab351).

The appeal follows a viral video posted on February 15, in which she tearfully recounted being sexually assaulted in her apartment by a stranger.

The agency shared this appeal in a statement on its official social media accounts on Tuesday, confirming active efforts to contact the survivor amid widespread concern.

Following the viral video, the hashtag #StopRapingWomen has taken over X (Formerly Twitter), with thousands of users calling for urgent action against sexual assault and greater protection for survivors.

The survivor, identified as Mirabel (@mirab351 on TikTok), posted on Monday about the assault occurring Sunday, February 15.

She explained suffering from insomnia, drinking to sleep around 6 a.m., then hearing knocks at 9 a.m.

“I thought it was my neighbour… immediately I opened the door, I got pushed back, I hit my head on the fridge and passed out,” she said.

Regaining consciousness, “There is a man over me, there is cloth stuffed in my mouth, I was just there mumbling… it is Sunday, most people had gone to church… Later, he left. I was bleeding… He used a face blade to cut me.”

Mirabel initially mistook the bleeding for her period, but received a message request from the suspect identified as “Priston”, who confessed:

“I’m sure you don’t know me because you decided to close ur eyes even after waking up… we have met twice, and you kept ignoring me… I had to pay boys to stop the empty bike… You complimented the way I speak, and you said I smell nice, but you still refuse to give me ur number.”

He graphically described the attack, her body, using fingers and a blade to “I use the face blade cut you to simulate me being the first person there,” and warned:

“My father has the money to bury the case right before it gets to court… You can’t find me, and you don’t even have the money… You gats dey knack often make man dey pound you cause why you go get baby punani… in the nearest future, maybe 4 to 5 years we would meet again and we would date… I love you, don’t see me as a bad person, okay, you turned me down twice.”

In her most recent video on Tuesday, a crying Mirabel revealed attempting suicide by drinking Sniper toxin, crediting a friend for rushing her to the hospital.

“I am too tired, I can’t respond to the message. I will respond when I get better, thank you,” she stated.

The Lagos Domestic and Sexual Violence Agency (DSVA) said it had “taken note of the multiple tags and public concerns regarding a video currently circulating on social media,” in which a young woman shared her alleged experience of sexual assault.

The agency emphasised that its team was “actively making efforts to reach the survivor to offer immediate support and appropriate intervention, and ascertain her location.”

It urged the public to assist in the search, adding: “If anyone has credible information that can help us reach her directly and safely, please contact the Agency by sending us a DM on any of our official social media channels.”

DSVA also reaffirmed the Lagos State Government’s commitment to protecting survivors, stating: “Sexual assault is a crime, and every survivor deserves protection, care, support and justice. Reports are treated with utmost confidentiality and urgency.”

For those seeking assistance or wishing to report cases, the agency provided multiple contact channels, including phone numbers 0813-796-0048 and 0-8000-333-333, USSD *6820# (MTN), WhatsApp 0812-893-7058, and its official website at https://ekoselfreport.ng.

The incident comes barely a week after another TikTok user, Fems (@femsbaby_x), reported being raped alongside a friend following a modelling shoot. After sharing her harrowing experience on TikTok, she was able to receive guidance and support to pursue the case.

On February 12, Fems said she was referred to the Ikeja Gender Unit by the daughter of Fuji star Wasiu Ayinde Marshall (K1), Barr. Dami Marshall, who also provided legal assistance after their initial report to another station was ignored.

She added that the case is now “being taken very seriously” and expressed gratitude to the community for their support, while also appealing for financial assistance to help cover legal and related expenses.

Reacting to both incidents, Lagos State Police Command spokesperson SP Abimbola Adebisi said the posts had been forwarded to the Command’s Gender Unit and added, “I have also reached out to her through her TikTok handle. I sincerely hope she responds so as to assist the Police in conducting a thorough investigation.”

 

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