Emefiele: ‘CBN Fires 16 Directors Following Implementation Of Obaze Report’

The Central Bank of Nigeria (CBN) has reportedly disengaged sixteen of the twenty-nine directors heading different units at the apex bank.

The disengagement comes following the implementation of some of the recommendations by Jim Obazee, the special investigator probing the activities of the apex bank under the stewardship of the embattled ex-governor of the apex bank, Godwin Emefiele.

It would be recalled that President Bola Tinubu appointed Obazee last July to investigate the activities of the CBN and other related entities under the leadership of Emefiele.

According to the report submitted to the president in December 2023, the investigation accused the former CBN governor of several wrongdoings, including keeping £543.5 million in fixed deposits in the UK without seeking the consent of the bank’s board of directors and investment committee and a “fraudulent cash withdrawal of $6.23 million.”

Emefiele was also said to have invested Nigeria’s money without authorisation in 593 foreign bank accounts in the UK, the US and China, manipulated the exchange rate and committed fraudulent acts in the CBN’s e-Naira project.

The report accused the ex-CBN governor of “stealing of public funds through government advances otherwise known as Ways and Means” to the tune of N17.37 trillion.

According to PREMIUM TIMES sources familiar with the operations in CBN confirmed the disengagement of the sixteen directors, stating that only nine departmental directors are left at the regulatory institutions, and the most senior deputy directors in affected departments are now in charge.

The insiders said the directors were relieved of their duties following the implementation of the CBN special investigator’s report, which accused several of the bank’s staff of conniving with Emefiele to allegedly loot the bank.

Also, another CBN official who confirmed the development to the aforementioned publication said the specific allegations against the disengaged staff members have not been disclosed, and law enforcement agencies might prosecute some of the officials.

The disengaged directors include the following,