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Whistleblowers Accuse Emefiele, MTN, Standard Bank, Stanbic-IBTC, Others, Of Stealing $25b


THE George Uboh Whistleblowers Network [GUWN] has revealed evidence showing how the governor of the Central Bank of Nigeria [CBN], Mr. Godwin Emefiele, in collusion with other CBN officials, telecommunication giant, MTN, Standard Chartered Bank and Stanbic-IBTC Bank, and other eminent Nigerians, stole a whopping $25 billion from the coffers of the national treasury.

It could be recalled that ElombahNews recently reported that GUWN indicted Mr. Emefiele in the disappearance of a separate $2.5 billion [over 500 billion Naira] from the apex bank in collusion with other persons.

GUWN chairman, Dr. George Uboh made the revelation during a press conference held in Abuja on May 6.

Dr. Uboh, during the conference, revealed that the said monies were stolen in connivance with top government officials besides CBN personnels.

GUWN chairman, Dr. George Uboh during a press conference held in Abuja on Tuesday, July 10, 2018

Those fingered in the collusion include officials of the Nigerian National Petroleum Corporation [NNPC], as well as other unnamed officials of the President Muhammadu Buhari-led administration.

In this latest report, the GUWN chairman revealed in graphic details in an executive summary on depletion of Nigerian external reserve, how MTN, Standard Chartered Bank and Stanbic-IBTC Bank, in collusion with Emefiele and other CBN officials as well as other eminent Nigerians stole the sum of $25,634,128,947.89 with forged and irregular documentation.

Dr. Uboh revealed that Standard Chartered Bank and Stanbic-IBTC Bank colluded with Emefiele and moved very large sums of money in favour of MTN Nigeria Ltd between 2005 and 2015.

Other eminent Nigerians fingered in the scandal include:

  • The former CEO of Diamond Bank, Dr. Paschal Dozie
  • The current Minister of Trade and Commerce, Dr. Okechukwu Enelamah
  • Alhaji Ahmed Dasuki
  • Gbenga Oyebode
  • Babatunde Folawiyo
  • Mohammed Sanni Bello
  • Victor Odili, et al.


Return Stolen $2.5b Stolen Under Your Watch, Whistleblower Tells Emefiele

Despite overwhelming evidence of corruption against him, however, President Muhammadu Buhari extended Emefiele’s tenure for another five years term.

In fact, the Senate on Tuesday, May 14, mandated its Committee on Banking, Insurance and other Financial Institutions to screen Emefiele as governor.

The Tenure of CBN governor is expected to end on June 2, before President Buhari reappointed him as CBN governor.

See attached documented details of the transactions showing how $25,634,128,947.89 were moved by the above-mentioned persons and corporations below:

In swift response, however, the Central Bank of Nigeria (CBN) has declared that no money is missing or stolen from the bank’s coffers.

Its Director Corporate Communications, Mr. Isaac Okoroafor, clarified this in a statement on Sunday, while reacting to a recent article and audio clips in which the CBN Governor and other senior officials were heard discussing discrepancies in the bank’s accounts.

Okoroafor said that the audio was distorted in a manner which creates a different impression of the matter being discussed, which was to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

“As publicly known the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council chaired by the Vice President, to assist State Governments with Conditional Budget Support.

“This happened in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

“In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9 per cent with a two-year grace period to 35 States of the Federation.

“These monies were distributed to the states monthly with documented approval of the Federal Ministry of Finance and the Presidency.

“In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

“The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it.

“Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

“The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid.

“On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs,” he said.

Okoroafor urged Nigerians to disregard the audio and continue to trust that the Bank is doing everything it could to represent their interests in the best possible way.

“Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies.

“The integrity of the CBN Governor remains unassailable. He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever.

“The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

” The Bank will pursue every legal means to bring the perpetrators to justice,” he said.

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