EFCC Interrogates Former CBN Governor Emefiele over Alleged Financial Misconduct

The Economic and Financial Crimes Commission (EFCC) has commenced an inquiry into the actions of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, with a particular focus on an alleged $15 billion foreign debt. Sources reveal that a panel of EFCC investigators has begun questioning Emefiele on multiple allegations, including purported financial irregularities within the CBN.

Among the allegations being probed are the purported spending of N74.84 billion on the redesign and production of Naira notes, suspected fraud in the Anchor Borrowers Scheme, questionable audits of CBN accounts, suspicious acquisitions of bank and Fintech licenses by high-ranking CBN officials, as well as the award of contracts worth billions of Naira under dubious circumstances.

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Emefiele was reportedly apprehended by the EFCC shortly after being released by the Department of State Services (DSS) on Thursday night. According to sources, the DSS lacks the requisite expertise to handle such weighty financial crime allegations, necessitating the case transfer to the EFCC.

Following an advisory from the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), President Bola Tinubu approved the EFCC’s jurisdiction to investigate Emefiele. The move was necessary to ensure a thorough and legally sound inquiry into the allegations.

An anonymous EFCC source confirmed Emefiele’s detention and active cooperation with investigators. However, the Commission refrained from making public statements to avoid jeopardizing the ongoing investigation.

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