EFCC Launches Probe into Ex-CBN Governor Godwin Emefiele’s Alleged Financial Misconduct

EFCC Commences Investigation into Former CBN Governor Godwin Emefiele

The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with allegations of a $15 billion foreign debt being a primary focus.

Diverse Allegations Being Explored

The EFCC is scrutinizing Emefiele on a range of allegations, which include suspected foreign debts amounting to $15 billion, the expenditure of N74.84 billion on the redesign, production, and rollout of the Naira, alleged irregularities in the Anchor Borrowers Scheme, and an examination of the audit of CBN accounts.

Additionally, the acquisition of bank and Fintech licenses by certain high-ranking CBN officials and the award of contracts worth billions of Naira are also subjects of interest in this investigation.

DSS Handover and AGF’s Recommendation

Emefiele was taken into custody by EFCC operatives less than an hour after being released by the Department of State Services (DSS).

The move to transfer the investigation to the EFCC was prompted by concerns that the DSS might not possess the required expertise to handle the complex financial crime allegations against Emefiele.

In the course of an investigation conducted by Special Investigator Jim Obazee, who is probing CBN activities, suspected financial misconduct came to light.

This has led to Emefiele being called upon to provide an account of how the CBN expended N74.84 billion on currency production, including the introduction of new naira notes.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has reportedly sent an advisory to President Bola Tinubu, asserting that the EFCC is the appropriate agency to investigate Emefiele in line with due process.

Emefiele in EFCC Custody

Emefiele is now in the custody of the EFCC, where he is responding to the various allegations and questions raised regarding his conduct during his tenure at the CBN.


This development signifies a significant step in the ongoing investigation into alleged financial irregularities surrounding Godwin Emefiele’s tenure as the CBN Governor.

The involvement of EFCC, a specialized financial crimes investigative agency, underscores the gravity of the accusations and the need for a thorough and impartial inquiry.

The multiple allegations against Emefiele, including the large sum of alleged foreign debt, raise questions about financial management and accountability in the country’s central bank.

As the investigation proceeds, it will be essential to ensure transparency, due process, and the protection of Emefiele’s legal rights.