Emefiele, Mustapha, TIG tackle CBN investigator
Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday denied opening 593 foreign accounts during his tenure.
He said the fixed deposits in the foreign accounts were outside his knowledge.
According to him, the relevant departments of the CBN had the authority to open such accounts.
Emefiele also said he got approval from ex-President Muhammadu Buhari last year to redesign some Naira denominations.
He said he handed over the same approval to the Special Investigator into CBN activities, Jim Obazee, appointed by President Bola Ahmed Tinubu.
On the withdrawal of $ 6.3 million from the CBN vault, the former CBN Governor said he did not know of such a directive from the former president and the former Secretary to the Government of the Federation, Mr. Boss Mustapha.
He accused Obazee of hatching a satanic agenda against him.
Also, the former SGF asked the Federal Government to conduct a thorough and transparent investigation into the $6.3milion scandal.
Also yesterday, the Tropical General Investment Group (TGI) said it did not acquire the Union Bank of Nigeria as a proxy for Emefiele.
It faulted “the assumptions” by Obazee which linked Emefiele to the ownership of Titan Trust and Union Banks.
The knocks and protests followed the scooping of some snippets from the “Report of the Special Investigation on Central Bank of Nigeria and Related Entities.”
Obazee, the Special Investigator on CBN and Related Entities, was appointed in July. He submitted an Interim Report on December 9.
It was learnt that the final report on the CBN probe was submitted to the President on December 20.
While some aspects of the report were in the public domain, Emefiele was battling to fulfil his bail conditions from the Kuje Correctional Centre in the Federal Capital Territory(FCT).
But barely 48 hours after his release, the ex-CBN Governor kicked against some of the findings of the Special Investigator, who he accused of a satanic agenda.
Emefiele, who broke his silence in a statement on some of the allegations against him, said he was prepared to clear his name.
His statement reads: “After my release on bail from the correctional centre, Kuje, my attention was drawn to publications released by some mainstream and online news platforms.
“The sources of the information published by both media houses were credited to a certain report prepared by Mr. Obazee, who was appointed by the President as a private investigator.
“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 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 address 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 authorized and approved the Naira redesign.
“I am, therefore, at a loss as to why Mr. Obazee will mislead Nigerians that there was no presidential approval.”
On the withdrawal of $6.3million, Emefiele said he did not know of such a directive from the former president and the ex-SGF
He added: “The report also claimed that the sum of $6.23 million was withdrawn from the CBN vault based on a false presidential directive bearing the signature of the former President Buhari, and that of the former SGF, Mr. Boss Mustapha.
“About two weeks ago, Obazee in the 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 stated verbally and in writing that I have no knowledge of such directive from the former president and the former SGF.
“In fact, I told them that that was the first time I would be seeing the documents. On this, I challenge Obazee to publish the said documents and also the statements that I made to them.”
Regarding the opening of 593 foreign accounts, Emefiele said he was not involved.
He said the fixed deposits in those foreign accounts were outside his knowledge.
He said: “The final issue that I would 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.
“Meanwhile, I have instructed my lawyers to immediately commence the legal process to clear my name from the defamatory statements contained in the report and by extension the publications.”
Boss Mustapha denies involvement
Toeing the same line, the immediate past Secretary to the Government of the Federation, Boss Mustapha, denied involvement in the alleged illegal withdrawal of $6.3 million from the CBN during Muhammadu Buhari’s administration.
In a statement in Abuja, Mustapha described the allegation as “outrageous and unsubstantiated.”
He also said he did not know of the purported “Presidential Directive” for the withdrawal of the cash.
He said he was never involved in discussions or transactions related to any payments for foreign election observers.
He asked for a thorough and transparent investigation into the matter.
Mustapha said: “The article hinges on the dubious premise of forged documents and a misleading narrative.
“It claims that $6.3 million was withdrawn from the CBN vaults based on a purported ‘Presidential Directive’ bearing the signature of President Buhari.
“This document, unsurprisingly, has not been presented for public scrutiny. In fact, I have no knowledge of such a directive, nor was I ever involved in any discussions or transactions regarding the alleged payment to foreign election observers.
“I demand a thorough and transparent investigation into this matter. Let the relevant authorities probe the source of these fabricated documents and expose those responsible for this malicious attempt to damage my reputation. I have nothing to hide and welcome any legitimate investigation that sheds light on the truth.
“Throughout my career in public service, I have always upheld the highest standards of integrity and ethical conduct.
“I have served with dedication and transparency, and my record speaks for itself. I will not allow this baseless and defamatory attack to go unchallenged. I will defend my reputation vigorously and ensure that the truth prevails.
“This is not just about me; it is about upholding the integrity of public service and safeguarding the reputation of those who have served this country with honour.
“I trust that the Nigerian people will see through this orchestrated attack and recognize it for what it truly is: a desperate attempt to silence a voice of reason and integrity.”
TGI faults report
Another knock against the probe report came from the Tropical General Investment Group (TGI) which bought the Union Bank of Nigeria.
The company said it did not acquire the Union Bank of Nigeria as a proxy for Emefiele.
It said the USD500 million capital used to pay for the transaction was transparent and unimpeachable.
TGI said it has been doing business in Nigeria for 45 years.
It said Union Bank was not owned by the government and no government money (CBN or AMCON) was used to buy it.
It said the entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank.
It said with about 20,000 workers and over N3.75trilllion in assets, its annual revenues as of 2022 stood at over N1.74 trillion.
It said its owner, Mr. Cornelius Vink, has been doing business in Nigeria since 1978 and was never a proxy to anyone or group.
TGI said it was part of Mr. President’s private sector delegation during his visit to Germany where the group signed a USD500 million contract for renewable energy in Nigeria.
The group made the clarifications in a statement by its Head of Corporate Communications, Ms. Rafiat Gawat
The statement said: “Our attention has been drawn to media reports emanating from purported documents allegedly submitted to the President by the Special Investigator probing the activities of the Central Bank of Nigeria, where he linked our ownership of Titan Trust and Union Banks to former CBN Governor, Godwin Emefiele.
“We want to categorically state that some of the assumptions made in the purported document were incorrect, thereby resulting in a conclusion that may not necessarily reflect the actual reality.
“The true facts of the case are as follows: Tropical General Investment Group (TGI) is the majority owner of Titan Trust and Union Banks.
“We have been doing business in Nigeria for close to 45 years and have evolved into one of the largest companies in West Africa.
“Today, TGI employs over 20,000 people spread through the length and breadth of Nigeria. We have over N3.75trilllion in assets and as of 2022, our annual revenues stood at over N1.74 trillion.
“Our companies and entities are exemplary corporate citizens of Nigeria and pay over N50 billion annually in taxes to the government.
“The acquisition of Union Bank by Titan Trust Bank followed all the laid down rules and regulations.
“The approximately USD500 million capital used to pay for the transaction was transparent and unimpeachable.”
TGI explained what transpired between it and Obazee.
The statement said: “This clearly illustrates our credentials as a leading private sector partner to the Nigerian government.
“The investigator’s claim that Union Bank did not respond to his request for information was misleading as all the information requested was submitted on the 1st of September 2023.
“It’s a well-known fact that Mr. Vink, who has been in Nigeria since 1978, is an elderly person and has recently been medically advised to limit his movements. This was duly communicated to the investigator with supporting documents.
“TGI’s capital, ownership and selling of Chi to a multinational such as Coca-Cola are proof that Mr. Vink is not a proxy.
“The Group’s ability to engage and work with reputable international financial advisors and bankers attests to the Group’s global credibility.
“Union Bank was not owned by the government and no government money (CBN or AMCON) was used to buy it. The process was diligently followed as captured in the report of the investigator.
“As responsible corporate citizens, we are always willing, ready, and able to support stakeholders including regulators to learn and understand our Group and its operations.”
The group, which gave insights into how the Union Bank was acquired, clarified that it was not a shelf company.
TGI said apart from operating in 13 countries, it has been in partnership with Lagos, Ogun, Kebbi and Jigawa states.
The statement added: “The entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank.
“And like most major acquisitions, the process took years to complete.
“A USD 300 million loan was sourced from African Export-Import Bank (Afrexim) and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.
“The purported investigation report recommended that the Federal Government should take over the banks.
“Such declarations based on incorrect assumptions portray Nigeria negatively, especially when the President is tirelessly seeking and courting foreign investments into the country.
“TGI operates in 13 countries, including Nigeria, India, Morocco, Germany and the United Arab Emirates in agribusiness, industrial chemicals, real estate development and financial services.
“The opening of our USD75 million dairy factory in Dubai in November 2023 is further testimony to our international status and proof of our presence in the country, contrary to the alleged claim by the purported report.
“TGI’s commitment to Nigeria’s economic development and President Bola Ahmed Tinubu’s Renewed Hope agenda is evident in our activities across the country.
“We are a partner with the Lagos State government on the 32 metric-tonne Imota Rice Mill in Ikorodu and was also the sole supplier of paddy rice to the Lagos-Kebbi Lake Rice project.
“TGI also partners with Edo State Government to run their fertilizer blending plant, where we are the only producers of the chemical blend of NPK fertiliser that millions of Nigerian farmers use every season.
“Additionally, we have state-of-the-art rice Mills and Sesame factories in Kebbi and Jigawa states; foods and agrochemical production lines in Ogun and Lagos, and recently, signed a N50 billion financing agreement to support agricultural initiatives in Niger state which is projected to provide tens of thousands of jobs to the locals and improve food security in the country.
“Only last month, TGI was part of Mr. President’s private sector delegation during his visit to Germany (November 2023) and where Union Bank signed a USD500 million contract for the development of renewable energy projects with German DWS entities.”
