CBN Governor, Emefiele, Deputy Governor, Adamu, Others, In Big Trouble, Over Missing N500 Billion

By Post-Nigeria: May 12, 2019 16:36

CBN Governor, Emefiele, Deputy Governor, Adamu, Others, In Big Trouble, Over Missing N500 Billion

Godwin Emefiele, the Governor of the Central Bank of Nigeria, CBN, his Deputy, Edward Lametek Adamu, the Director for Finance, Dayo Arowosegbe, including one of the Special Advisers to the CBN Governor, Emmanuel Ukeje, have been caught on tape allegedly discussing how to cover up the loss of over N500 billion, missing from the CBN, in a private investment that went bust.

Two authentic telephone audio tapes exclusively obtained by Sahara Reporters, revealed how the Governor and top Officials of the Central Bank of Nigeria, haggled over plots to conceal the loss of huge sums of monies, in a Dubai investment, according to sources at the Bank.

Emefiele was heard saying in the audio to the Deputy Governor, Adamu: “To avoid any serious problem, is just the government to have to agree to give us at least 100 billion cash, but the government will not agree. They will kick against it.”

Expressing fear over what the opposition will say about the loss of the money, which will slip Nigeria into hard times, the CBN Governor can be heard in the audio saying: “How do I handle this? To which the Deputy Governor replied: “We have to rack our brain and do something out, because we cannot afford it at all, not at this time. Emefiele replied: “The implication for the economy is no, no, no.”

“The opposition will say it should have depreciated in the project.”

The tapes revealed how the top Officials managing Nigeria’s Central Bank, connived and conspired to cover up financial fraud, which has affected the Nigerian economy.

It has been reported that the Central Bank Governor has engaged in a series financial scams, including foreign currency manipulation, money laundering, and round tripping, to favour a group of Politically Exposed Persons, PEPs, close to President Muhammadu Buhari.

Emefiele was the Governor of the Central Bank, when Nigeria slipped into her worst recession, in 29 years.

Last week, Emefiele was renominated for a 5-year tenure by President Buhari.

These audio clips show Emefiele discussing extensively with top Officials of the Bank, to conceal the loss made with the Shareholders’ funds from commercial Banks; the monies were reportedly diverted to invest in Dubai, to the tune of N500 billion, sometime towards the end of 2018, and they reportedly lost that investment. 

Emefiele repeatedly lamented the hopelessness of a way out of the problem, saying: “I will have to think of a way out, because we cannot afford it at all.

“The implications are just too many to even think about, and damaging. We cannot allow things like this, we cannot”, he said.

In the discussions captured on tape, top Financial Officers at the CBN, blamed one Arowosegbe, and at several points contemplated cooking up the books, discarding several ideas.

At some point in the conversation, they plotted to ask the Federal Government for the shortfall, through the Ministry of Finance, but decided against it to limit outside exposure.

As the conversation went on, they did not know what to do to avoid a negative balance sheet for the Shareholders’ fund entrusted to the Apex Bank. 

Sahara Reporters’ sources at the CBN, revealed that Emefiele and others in the Bank, eventually found a way out of their dilemma, by diverting funds in possession of the CBN, and also printing hard cold cash.

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