The country’s former central bank head, Godwin Emefiele, kept money belonging to the state in 593 bank accounts in the UK, US and China, according to Nigerian investigators.
Emefie is alleged to have stolen the money on February 7 and 8 this year. The investigation file shows that the former central bank chief hid money worth 543 million pounds (625 million euros) in the United Kingdom alone, the Times reports.
Emefiele headed the Central Bank of Nigeria from 2014 to June this year. From 2015 to May 2023, Nigeria was led by President Muhammadu Buhari, and the former central bank governor had very close relations with the government. After Emefiele was sacked by the new president, Bola Tinubu, who succeeded Buhari, it was revealed that the Central Bank of Nigeria was illegally financing large sums of public spending. The latter was accompanied by an increase in the country’s debt burden and inflation.
Emefiele imposed several official exchange rates to control inflation, which only encouraged the proliferation of black market transactions. The former central bank chief also banned rice imports to encourage local production, but this only led to rising prices and food shortages.
One of the biggest scandals of the former central banker was the attempt to replace old large-denomination banknotes with new ones. The scrapping of old banknotes has led to a shortage of paper money that has damaged the economy, fueled inflation and allegedly led to people being unable to pay for essential medical services.
The shortage of paper money has also led to an increase in the popularity of electronic payment solutions. In the summer, the new management of the Central Bank decided to once again recognize the old banknotes as a valid means of payment.
In the investigation file, the former central bank head is accused of implementing monetary reforms without the approval of the government and the president, of granting loans on false bases during the coronavirus pandemic and of corruption.
According to Emefie, the allegations against him are fabricated and designed to defame him. The former central bank chief was released on bail last week.
2023-12-26 07:38:00
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