President Bola Tinubu suspended Godwin Emefiele shortly after he took office in late May. The central banker was arrested soon afterward on charges including fraud and taken into custody. Tinubu subsequently ordered an investigation of the monetary authority’s operations and instructed it to work with security and anti-corruption agencies. The Special Investigator probing the Central Bank of Nigeria, Jim Obazee, says former CBN Governor Mr Godwin Emefiele and others embezzled billions of naira and committed other gross financial offences. The findings include that Emefiele who was in office from June 2014 to June 2023, was engaged “in fraudulent cash withdrawal of $6.23 million”, and perpetrated fraud in the redesign of the naira, while Emefiele kept 543.4 million pounds in the United Kingdom.
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