Godwin Emefiele

How I Collected $3m Cash For Emefiele – CBN Employee Tells Court

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Eko Hot Blog reports that a Central Bank of Nigeria (CBN) employee has disclosed how he collected $3m cash for Emefiele According to NAN, the witness, Mr Monday Osazuwa, on Friday told an Ikeja Special Offences Court how the former apex bank governor, Godwin Emefiele, on different occasions, directed him to collect three million dollars … Read more

EFCC Files 26 Fresh Count Charge Against Emefiele

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Count Charge Against Emefiele

EFCC files 26-count charge against former CBN governor Godwin Emefiele, including abuse of office and corruption. Charges set to be addressed before Justice Rahman Oshodi at Lagos High Court on April 8. Emefiele accused of illicit activities such as accepting gratification, corruption, and arbitrary allocation of foreign exchange. EKO HOT BLOG reports that the Economic and … Read more

CBN Clears $7 Billion Foreign Exchange Backlog, Boosts Market Confidence

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog which was pending when Yemi Cardoso took over as the Governor of the apex bank. This development was announced in a statement on Wednesday by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali. … Read more

Emefiele Faces Fresh Charges, Moves Out Of CBN Governor’s Quarters In Lagos

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Emefiele

EKO HOT BLOG reports that  Embattled ex-Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is currently in the process of vacating the official CBN Governors’ quarters in Lagos, amid unfolding legal challenges and fresh accusations against him. According to reliable sources from The Nation, Emefiele was seen moving his personal belongings from the residence … Read more

CBN To Stop Ways And Means Loans To FG – Cardoso

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Eko Hot Blog reports that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the apex bank will halt its Ways and Means loans to the Federal Government. Cardoso made this known on Friday during an appearance before the Senate Committee on Banking, Insurance and other Finance Institutions, in Abuja. Ways … Read more

Startling Revelation: CBN Uncovers $2.4b Invalid FX Claims

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Eko Hot Blog reports that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has disclosed that $2.4 billion, out of the reported $7 billion in outstanding foreign exchange liabilities of the federal government, cannot be considered valid for settlement. Cardoso made this revelation in an interview with Arise Television on Monday. He … Read more

CBN Bans Use Of Foreign Currencies For Transactions

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has warned against the use of foreign currency as a medium of exchange in the country. The apex bank gave the warning in a statement on Sunday which was signed by its Director of Corporate Communications, Ibrahim Muazu. Editor’s Picks  Prof Anthony Ani Wins … Read more

Financial Stability: CBN Introduces Fresh Cash Reserve Measure

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Eko Hot Blog reports that the Central Bank of Nigeria (CBN) on Friday said that it will no longer be debiting daily amounts from the Cash Reserve Ratio and will instead be implementing an improved Cash Reserve Requirement method.

CBN Governor, Michael Cardoso

This development will make it easier for banks to plan, monitor, and align their records with those of the central bank, according to the CBN.

This directive was issued by the CBN on Friday in a circular titled “Cash Reserve Requirement Framework Implementation Guidelines,” which was signed by Dr. Adetona Adedeji, acting director of the department in charge of banking supervision.

The Cash Reserve Ratio is the proportion of required cash held in reserves to total deposits made by the bank.

A methodical approach, as delineated by the CBN, shall be employed in the execution of the new framework for cash reserve requirements.

The statement read, “The determination of the segment of deposits subject to sterilisation with the CBN as CRR will follow the processes outlined below:

Central Bank Of Nigeria

“Phase 1 – Utilisation of the Incremental Approach: The extant ratios (commercial banks 32.5% and merchant banks 10%) will be applied to increases in the banks’ weekly average adjusted deposits.

“Phase 2 — CRR levy of 50% of the lending shortfall will be enforced for banks that do not meet the minimum Loan to Deposit Ratio (LDR) as per our correspondence to all banks referenced BSD/DIR/GEN/LAB/12/049 dated September 30, 2019.

The CBN further stated that banks will receive information about the levies imposed and the reasoning behind them.

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Naira Plunges To All-time Low, Falls By 50% On Official Window

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Eko Hot Blog reports that Nigeria’s currency, the Naira, fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange. Monday’s official … Read more

Dangote Refinery Turns To US For ‘Budget-Friendly’ Crude Oil Supply

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Eko Hot Blog reports that Dangote refinery is set to import crude from the United States of America in the coming months. According to Bloomberg, Trafigura Group is expected to sell 2 million barrels of WTI Midland to the Dangote refinery for end-February delivery, quoting traders with knowledge of the matter. With the development, sources … Read more

BREAKING: Court Orders FG To Pay Emefiele N100m Over Unlawful Detention

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Eko Hot Blog reports that a High Court of the FCT has awarded a cost of N100m against the federal government of Nigeria for violating the right to personal liberty of former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The cost was awarded on Monday by Justice Olukayode Adeniyi while ruling on … Read more

Emefiele Hit With Fresh Charges As Dangote Denies Wrongdoing In Forex Scandal

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Eko Hot Blog reports that the former Governor of the Central Bank of Nigeria, Godwin Emefiele, has found himself entangled in a renewed controversy, facing fresh charges in an ongoing forex scandal investigation. According to PUNCH, the Economic and Financial Crimes Commission (EFCC ) has written to over 85 entities comprising corporate organisations and individuals … Read more

BREAKING: FG Moves To Seize Control Of Union Bank, Titan Trust Bank Over Link With Emefiele

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Eko Hot Blog reports that the Federal Government has reportedly initiated actions to take control of Union Bank Limited and Titan Trust Bank Limited, intending to oust their respective boards next week. This development stems from the findings of Special Investigator Jim Obazee, appointed by President Bola Tinubu in July 2023, to scrutinize the operations … Read more

EFCC Extends Forex Scandal Inquiry, Summons Dangote Officials To Abuja

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Eko Hot Blog reports that the Economic and Financial Crimes Commission has invited some officials of the Dangote Group to Abuja to come along with detailed documents on foreign exchange transactions by the conglomerate covering the last nine years. Operatives of the EFCC had on Thursday stormed the headquarters of Dangote Industries Limited in Ikoyi, … Read more

EFCC’s Sweep: BUA Cement’s Office Raided In Forex Probe

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EFCC in BUA

EKO HOT BLOG reports that Operatives of the Economic and Financial Crimes Commission (EFCC) have reportedly stormed the office of BUA cement in relation to an investigation on the forex transactions of the company. This online media platform understands the EFCC besieged the BUA Towers located at PC 32, Churchgate Street, Victoria Island, Lagos State, on … Read more

BREAKING: EFCC Operatives Storm Dangote Head Office Over Forex Transactions With Emefiele

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Eko Hot Blog reports that operatives of the Economic and Financial Crimes Commission (EFCC) on Thursday, stormed the Lagos Head Office of the Dangote Group.

According to The Cable, the EFCC operatives are conducting a search on forex allocations to the company during the tenure of Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).

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When contacted for confirmation, the EFCC spokesperson, Dele Oyewale, declined comments on the happening.

Godwin Emefiele

However, a Dangote employee confirmed that EFCC operatives were at the company’s head office.

“They asked for documents on forex transactions with the CBlN,” the employee said.

Recall that Emefiele was released from Kuje Correctional Centre on December 23 after meeting his bail conditions.

The embattled former governor of the central bank was granted a N300 million bail by on 22 November. The bail conditions required him to produce two sureties in like sum. The sureties must have certificates of occupancy and titles of properties within the Maitama district of Abuja.

EFCC Operatives

Mr Emefiele was also mandated to deposit all his travel documents with the registrar of the court and remain within the Abuja Municipal Council.

He was on 18 November arraigned on six counts of procurement fraud.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totaling N1.2 billion from 2018 to 2020.

Further Reading 

Mr Emefiele was arrested by security operatives in June after President Bola Tinubu suspended him from his position as the CBN governor.

Peter Afunanya, the SSS spokesperson, said Mr Emefiele was arrested for some investigative reasons.

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CBN Investigator Summons Lemo, Others Over Union Bank Acquisition

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Eko Hot Blog reports that the Special CBN Investigator, Jim Obazee, has summoned the Chairman of Titan Trust Bank, Babatunde Lemo, in connection with the acquisition of Union Bank of Nigeria Plc by Titan Trust Bank The TTB chairman, a former deputy governor of the Central Bank of Nigeria, was directed to report at the … Read more

Nigerian Bank Allegedly Owned By Emefiele Opens Up On Acquisition Process

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Eko Hot Blog reports that Titan Trust Bank has reacted to the special investigative report by the Jim Obazee-led panel into the activities of the Central Bank of Nigeria (CBN) under Godwin Emefiele, stating that there was no fraud in the acquisition of Union Bank. Obazee submitted the report of his investigation into acquiring Union … Read more

Buhari Approved Naira Redesign Policy Himself – Emefiele Reveals

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Naira redesign Policy

EKO HOT BLOG reports that the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said former President Muhammadu Buhari approved the Naira redesign programme. Emefiele stated this in a statement on Sunday titled, “Re; Emefiele, other stole billions, illegally kept Nigeria’s funds in foreign banks” in response to the publication of the … Read more

17 Damning Allegations Against Emefiele In EFCC Investigator’s Report

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Eko Hot Blog reports that Jim Obaze, the special investigator appointed by President Bola Tinubu on the activities of former CBN Governor Godwin Emefiele, has submitted his report. In the report submitted to President Tinubu on December 20, Obaze outlined 17 allegations against Emefiele. These include details on the acquisition of a bank in 2019, … Read more

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