Ex-CBN Governor Godwin Emefiele Implicates Traditional Rulers, Military, Judges In Corruption Scandal


Jun 22, 2023

The suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, currently in the custody of the Department of State Services (DSS), has reportedly disclosed the involvement of several high-ranking officials, including traditional rulers, army generals, and judges, as his accomplices.

The revelation was made by sources within the DSS who spoke exclusively to Adulawonews.

According to the sources, Emefiele has been cooperating with investigators, providing detailed accounts of instances where he allegedly gave money to these influential figures during his tenure. This information is believed to shed light on the extent of corruption and mismanagement within Nigeria’s apex bank.

The suspension of both Emefiele and Abdulrasheed Bawa, the former Chairman of the Economic and Financial Crimes Commission (EFCC), by President Bola Tinubu’s administration came after allegations of corruption and abuse of office. Both men are currently under detention as investigations continue.

Furthermore, Emefiele has implicated Bawa in a scandal involving the redesign of Nigeria’s currency, the Naira. The DSS sources suggest that Emefiele’s cooperation has led to significant revelations, exposing major accomplices in the mismanagement of the country’s apex bank.

The sources quoted one of them as saying, “As per Emefiele, he is cooperating with investigators and revealing a lot. Emefiele corrupted and bribed almost every major traditional ruler, army generals, some judges, and clerics. Almost all the CBN directors are also being quizzed, and they too are cooperating.”

One notable incident that emerged during the investigation is the redesign of the N200, N500, and N1,000 Naira notes, which was announced by then-President Muhammadu Buhari and Emefiele in 2022. This policy led to a cash crisis, causing a shortage of Naira notes and long lines at banks and ATMs.

Emefiele and former Attorney-General of the Federation, Abubakar Malami, allegedly approached Bawa with the suggestion to redesign the Naira as a measure to prevent potential money laundering during the 2023 election. They suspected that the ruling All Progressives Congress’ presidential candidate, Bola Tinubu, had amassed large cash reserves that could aid money laundering.

A source familiar with the matter revealed, “Emefiele, who is currently detained by the DSS, is the reason behind the overnight detention of the EFCC chairman. Emefiele, who is cooperating with the DSS, claimed that Bawa was the one who raised a memo to former President Muhammadu Buhari, proposing the redesign of the Naira to curb money laundering during the 2023 election. Bawa confronted him, stating that Emefiele and the former Attorney-General, Malami, were the ones who approached him with the memo, suspecting Tinubu of hoarding vast amounts of Naira notes in warehouses.

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