By Louis Achi
The embattled immediate past Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, may be out for blood amid his ongoing trial for alleged fraud and official misconduct during his time as CBN boss.
Against the background of the invasion of Aliko Dangote’s office by operatives of the Economic and Financial Crimes Commission (EFCC), speculations are rife that the man hitherto regarded as Africa’s richest billionaire may have been thrown under the bus by the former CBN boss, Emefiele, who reportedly had a chummy relationship with Dangote
Sources close to the duo alleged that the EFCC’s three-hour invasion and thorough search of Dangote’s office and archives, thursday may be connected with his rumoured falling out with Emefiele, and the later’s reported decision to spill the beans on certain forex transactions!
As the sotry goes, dring his ordeal in detention, Emefiele was said to have reportedly reached out unsuccessfully to Dangote, reportedly to help facilitate his bail.
It is alleged that Dangote persistently snubbed attempts by the ex-CBN governor to get his attention; likewise he reportedly snubbed members of Emefiele’s family who tried to seek his assistance for their breadwinner who is currently facing trial for alleged financial misappropriation, including an alleged major forex transaction repoetedly involving Dangote, during Emefiele’s tenure as CBN governor.
Reportedly frustrated, Emefiele allegedly started spilling the beans to the anti-graft agency, implicating a lot of his cronies and associates – “many of whom apparently have abandoned him in his hour of need”.
Thus, when the EFCC operatives stormed the Lagos head office of the Dangote Group to conduct a search on forex allocations to the company during the tenure of Emefiele as CBN governor, many concluded that it was Emefiele taking his pound of flesh from Dangote, who allegedly betrayed him. Some blogs report that Dele Oyewale, spokesman of the EFCC confirm the raid and related Matters.
It would be recalled that, on June 9, President Bola Ahmed Tinubu suspended Emefiele from office with immediate effect. This was disclosed in a press statement from Willie Bassey, the Director of Information for Secretary to the Government of the Federation, George Akume.
Emefiele’s suspension followed an ongoing investigation of his office and the planned reforms in the economy’s financial sector. Emefiele’s suspension and subsequent trial have been linked to a significant scandal involving the borrowing of $1 billion that occurred just before the inauguration of the new administration of President Tinubu.
Startling revelations emerged, shedding light on Emefiele’s actions in obtaining the funds. It is alleged that on April 24, 2023, after the elections and in preparation for the May 29 inauguration, Emefiele borrowed $1 billion from Afrexim Bank.
Within two days of reportedly receiving the money, $750 million was allegedly swiftly transferred to a Dubai account allegedly linked to Dangote, reportedly using a Form A transaction. The New Diplomat gathered that these revelations which have sent shockwaves throughout the nation, have further raised concerns about integrity, collusion, and potential abuse of power during Emefiele’s time as CBN givernor.
It is claimed that Tinubu then the new President-Elect, who should ordinarily be briefed having won the election, was , however, kept in the dark
Sources within the CBN suggest that Emefiele sold the dollars to a firm witj links to Dangote at an exceptionally low rate of N445 Naira to the dollar.
Sources at CBN reveal that on April 24, 2023, $1 billion was reportedly deposited into the CBN JP Morgan account from Afrexim Bank om account of the $1bn loan. Curiously, within two days, $750 million was also allegedly transferred to a firm’s account, Bluestar Dubai account reportedly using a“Form A” transaction method, bypassing the fundamentals of a Letter of Credit. Sources at the CBN reveal that Bluestar has, indeed, reportedly had connections to Dangote since 2007.
While some CBN officials expressed deep concerns about these transactions, further investigations show that the revelations might possibly underline a potential for inappropriate money transfer or what is referred to as alleged money laundering within Nigeria’s financial system. Going by the fact that Emefiele bypassed acceptable metrics and internal governance mechanisms, truly cast a shadow on the CBN’s integrity during Emefiele’s tenure, some analysts have declared.
It would be recalled that Tinubu suspended Emefiele and initiated a thorough investigation of his tenure as CBN governor. Emefiele, who is repirtedly seeking a plea bargain in the criminal suit filed against him by the federal government, is facing a 20-count charge over an alleged conspiracy to carry out procurement fraud, among others.
