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Emefiele Sues CBN Investigator To Court Over Alleged Frauds

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Godwin Emefiele, the  former Governor of the Central Bank of Nigeria (CBN) has instituted a  court action against Mr. Jim Obazee, the former Chief Executive Officer of the Financial Reporting Council of Nigeria, who was appointed by President Bola Tinubu as a private investigator to probe CBN over alleged gross financial frauds.

Emefiele, in a statement minutes ago , seen by Ohibaba.com, said that the media reports headlined “Re: EMEFIELE , OTHERS STOLE BILLIONS, ILLEGALLY KEPT NIGERIA’S FUNDS IN FOREIGN BANKS,” published in the Punch Newspaper and Premium Times online news platforms, and credited to Mr. Jim Obazee, are ” false, misleading and calculated to disparage my person, injure my character and to serve the selfish interest of the private investigator.”

” I have instructed my lawyers to immediately commence legal process to clear my name from the defamatory statements contained in the report and by extension the publications,” he said . 

He explained: ” I have gone through the publications, and I say boldly that the contents of the said publications
are ” false, misleading and calculated to disparage my person, injure my character and to serve the selfish interest of the private investigator.

” Because of my present situation, I have been advised by my lawyers not to say anything in respect of the matters which have been submitted to the court for adjudication.

However, I need to addressed some of the issues raised in the publication which are barefaced lies told by the investigator in order to achieve his satanic agenda. 

First, it was reported that, contrary to the provision of the CBN Act 2007, there was no presidential approval for the Naira redesign.

I wish to state unequivocally that there was indeed a presidential approval, and the said approval was handed over to the same Jim Obazee during the process of his investigation in the presence of senior CBN officials and his own investigative team.

Moreover, the former President Muhammadu Buhari GCFR has stated on a number of occasions that he authorised and approved the Naira redesign. 

I am therefore at a loss as to why Mr. Jim Obazee will mislead Nigerians that there was no presidential approval.

The report also claimed that the sum of 6.23 million dollars was withdrawn from the CBN vault based on a false presidential directive bearing the signature of the former president Muhammadu Buhari GCFR, and that of the former secretary to the government of the federation (SGF), Mr. Boss Mustapha.

About two weeks ago, Jim Obazee in company of a certain Deputy Commissioner of Police from Force CID came to Kuje to ask me questions in respect of the said document in the presence of my lawyers. 

I am therefore at a loss as to why Mr. Jim Obazee will mislead Nigerians that there was no presidential approval.

I stated verbally and in writing that I have no knowledge of such directive from the former president and the former SGF.

Infact, I told them that that was the first time I would be seeing the documents.

On this, I challenge Jim Obazee to publish the said documents and also the statements that I made to them. 

The final issue that I will like to respond to is the issue of the 593 accounts which were purportedly opened in different parts of the world.

I state categorically that I am not involved in the opening of these accounts and I do not have knowledge of their openings. 

The fixed deposits in those foreign accounts are definitely outside my knowledge. 

However, let me state clearly, that the relevant departments of the CBN have the authority to carry out such activities in line with their lawful mandate within the CBN.

I therefore join well-meaning Nigerians who have spoken on this matter and have demanded a thorough and transparent investigation of all these alleged frauds.

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Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

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The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

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UBA commits $102m direct investments in Chad’s securities

Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.

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•Oliver Alawuba, GMD UBA

United Bank for Africa (UBA) Plc has announced a $102 million direct investment in the State of Chad’s securities in an efforts to strengthen economic growth and financial inclusion across Africa.

The announcement was made by UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, during his keynote address at the UAE–Chad Trade and Investment Forum held on Monday, November 10, 2025, in Abu Dhabi, United Arab Emirates.

Themed “Financing African Competitiveness – Building Bridges, Powering Progress,” the forum highlighted investment opportunities under Chad’s $30 billion Tchad Connexion 2030 development blueprint.

According to Alawuba, the $102 million investment underscored UBA’s confidence in Chad’s economic potential and demonstrates its long-term commitment to financing sustainable development on the continent.

“At UBA, our commitment is two-fold: we are both architects of national infrastructure and champions of grassroots financial inclusion,” he said. “Here in Chad, this is not a promise; it is a proven track record.”

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Dangote Fertiliser Limited Partners German’s Firm to License Four Urea Granulation Units

Commenting on the partnership, Nadja Haakansson, CEO of thyssenkrupp Uhde, said: “This partnership with Dangote Fertiliser Limited underscores our shared vision for sustainable industrial development and global food security.

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Thyssenkrupp Uhde Fertilizer Technology (UFT), a subsidiary of thyssenkrupp Uhde, has entered into a strategic agreement with Dangote Fertiliser Limited (DFL) to license its advanced UFT Fluid Bed Granulation Technology for four new urea granulation units in Nigeria.

The agreement includes the provision of the technology license, a comprehensive Process Design Package (PDP), and the supply of proprietary equipment such as granulators and scrubbers.

Each of the four new units will have a nameplate capacity of 4,235 metric tons per day, significantly boosting DFL’s annual urea granule production from approximately 2.65 million tons to over 8 million tons.

These units will be constructed in Lekki, adjacent to DFL’s existing fertilizer complexes, which have been operating with UFT technology since 2021 and produce 3,850 metric tons per day each.

The new facilities will incorporate UFT’s energy-efficient scrubbing system, designed to minimize pressure drop while effectively controlling dust and ammonia emissions to meet stringent environmental standards.

Additionally, the plants will feature the Ammonia Convert Technology (ACT), which integrates ammonium sulfate byproducts into the urea granules, eliminating waste streams and offering logistical and commercial advantages.

Commenting on the partnership, Nadja Haakansson, CEO of thyssenkrupp Uhde, said: “This partnership with Dangote Fertiliser Limited underscores our shared vision for sustainable industrial development and global food security.

By deploying our proven UFT®️ Fluid Bed Granulation Technology, we are setting new standards in efficiency and environmental stewardship in fertilizer production. We are proud to support DFL in building resilient and future-ready value chains.”

In the same vein, President of Dangote Group, Aliko Dangote, said: “We are pleased to deepen our collaboration with thyssenkrupp Uhde Fertilizer Technology for the expansion of our fertilizer operations in Lekki.

This initiative reflects our commitment to agricultural self-sufficiency and industrial progress across Africa.

With UFT®️ technology, we are ensuring the production of high-quality urea fertilizer that meets global standards while reducing environmental impact.

This investment further positions Nigeria as a leading fertilizer producer.”

Dangote Fertiliser Limited is one of Africa’s largest fertilizer producers, committed to enhancing agricultural productivity and supporting food security across the continent while thyssenkrupp Uhde’s UFT®️ Fluid Bed Granulation Technology is recognized globally as one of the most advanced solutions for producing urea granules.

Currently, over 70% of the world’s urea granule output is produced using this technology, contributing significantly to global food supply while maintaining emissions well below regulatory limits.

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