Former CBN Governor and Deputies Face Allegations of Salary Increase Without Approval
In a recent development, it has been revealed that the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and his ex-deputies reportedly approved an increase in their salaries without obtaining the necessary presidential approval.
The disclosure comes from the CBN Special Investigator, Jim Obazee, in a report submitted to President Bola Tinubu.
The alleged decision took place during the 758th meeting of the Committee of Governors held on September 14, 2022. The investigation suggests that the salary review did not receive approval from President Muhammadu Buhari or the Revenue Mobilisation Allocation and Fiscal Commission, the body responsible for overseeing fund disbursement from the Federal Account.
This revelation follows previous reports that Emefiele purportedly lodged public funds in 593 bank accounts across the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.
Furthermore, there are concerns that these findings might exacerbate the legal troubles of the ex-CBN governor, who is currently facing prosecution for alleged N1.2 billion procurement fraud.
In a letter dated July 28, 2023, President Tinubu appointed the former Executive Secretary of the Financial Reporting Council of Nigeria, Jim Obazee, as the CBN special investigator. Obazee’s report recommends charging Emefiele, the Deputy CBN governors, and directors with various criminal offenses related to the salary increase.
The report also sheds light on other allegations, including the unauthorized printing of money by the CBN and its conversion for internal use. It points out discrepancies in the financial statements, suggesting the existence of secret reserves not disclosed in official reports.
Emefiele’s legal counsel, Matthew Burkaa, SAN, was unreachable for comment at the time of reporting.
Former CBN Deputy Governor Kingsley Moghalu, in a statement on the X platform, criticized Emefiele as the “worst and most damaging Central Bank Governor in Nigeria’s history.” Moghalu cited concerns about Emefiele’s handling of the naira exchange rate, inflation, illegal lending to the government, an attempt to run for president, and the mismanagement of the naira redesign policy.
As this unfolds, the allegations against Emefiele are expected to have significant implications, raising questions about the transparency and integrity of the financial institutions in Nigeria.
