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EFCC Detains Emefiele After DSS Release

The Economic and Financial Crimes Commission (EFCC) has initiated a comprehensive investigation into the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. This investigation revolves around alleged foreign debts of $15 billion and the utilization of N74.84 billion for the production and circulation of new naira notes. These allegations complement the existing fraud probe led by Special Investigator Jim Obazee, who is scrutinizing CBN’s activities.

Jim Obazee’s committee is collaborating with the Federal Bureau of Investigation of the Nigeria Police and has submitted an interim report on CBN to President Bola Ahmed Tinubu. Emefiele was transferred from the Department of State Services (DSS) to the EFCC due to the fresh investigation’s scope, which is beyond the DSS’s mandate. Only the EFCC can legally prosecute Emefiele based on the findings to date.

Emefiele was transferred to the EFCC on Thursday for an in-depth investigation and eventual trial. This transition was discreet to avoid any distractions. Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, recommended the EFCC for the investigation, which the President approved.

A panel of EFCC operatives is currently questioning Emefiele on the allegations, which include alleged foreign debts, currency spending, fraud in the Anchor Borrowers Scheme, suspicious audit of CBN accounts, acquisition of bank and Fintech licenses by CBN officials, and awarding of large contracts.

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