Economy
Emefiele Kept £543.4m in Fixed Deposit, Operated 593 Bank Accounts, Manipulated Exchange Rate—Investigator
By Adedapo Adesanya
Nigeria’s embattled former central bank governor, Mr Godwin Emefiele, has been accused of operating 593 bank accounts located in the United States, United Kingdom and China in which the Central Bank of Nigeria (CBN), under his supervision, kept Nigerian funds without authorisation by the Board and Investment Committee of the bank.
The findings were made by the Special Investigator probing the CBN, Mr Jim Obazee, who was appointed by President Bola Tinubu to look into the books.
The investigator also discovered how billions of Naira were allegedly stolen by Mr Emefiele and other officials from the CBN’s accounts, including a “fraudulent cash withdrawal of $6.23 million” – about N2.9 billion at the then official exchange rate of N461 to a dollar.
Mr Obazee disclosed these in his report in which he recommended the prosecution of Mr Emefiele and at least 13 other individuals, including his deputy governors, for alleged gross financial offences.
The Special Investigator also identified other offences, including fraudulent use of Ways and Means to the tune of N26.627 trillion; fraudulent intervention programmes, fraudulent expenditures on COVID-19, and misrepresentation of presidential approval on the NESI Stabilisation Strategy Limited.
In the UK alone, the Special Investigator said his probe led him to £543.4 million kept by Mr Emefiele in fixed deposit accounts. He also said Mr Emefiele manipulated the Naira exchange rate and perpetrated fraud in the e-Naira project of the CBN.
In his report, which was submitted to President Tinubu on December 9, the Special Investigator said the Naira redesign policy introduced in October 2022 “was neither recommended by the Board of the CBN nor approved by the then President, Muhammadu Buhari, contrary to the provisions of Section 19 (1) of the CBN Act, 2007,” adding that, “It was a conspiracy against the Nigerian people and specifically the political class by the then CBN Governor (Mr Godwin Emefiele) and one of the erstwhile CBN Deputy Governor (Mr Folashodun Shonubi).
He claimed that the idea was that of Mr Shonubi (claiming interwoven challenges) and Mr Godwin Emefiele designed and approved the currency on October 19, 2022.
“It was indeed meant to frustrate the political class and make their election agenda very difficult. It turned out to be a huge punishment to Nigerians and the Nigerian economy coincidentally.”
Mr Obazee said the CBN printed the new N200, N500 and N1000 notes at a total cost of N61.5 billion, out of which it has paid N31.8 billion to the contractor, even though the total value of the new notes in circulation as of August was only N769.6 million.
“The sum of N1,727,500,000 was also spent on questionable legal fees on 19 cases that are directly traceable to the Naira Redesign and reconfiguration agenda,” Mr Obazee said in the report.
Mr Obazee said the immediate past Director of Currency in the CBN, Mr Ahmed Umar, who was under the supervision of Mr Shonubi, wrote a memorandum on August 25, 2022, to the committee of Governors (CBN), advising the redesign of the currency.
The next month, Mr Emefiele claimed that a presidential aide, Mr Tunde Sabiu, told him during a visit to the Presidential Villa to consider redesigning the Naira, and on October 6, the CBN governor wrote President Buhari seeking approval for the exercise.
“Mr Emefiele did not consult with the management of the CBN nor seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007,” the report said.
However, on the same October 6 2022, President Buhari approved the request but directed that the notes be printed locally.
It was established that the Nigerian Security Printing and Minting Plc said it would be time-consuming to redesign and reconfigure the notes because of the new features contained in the design due to the positioning of the watermark, presence of QR codes, different numbering styles and other complex security features, Mr Emefiele took the job to the UK firm, which varied the colours of the old notes and got paid £205,000 for the “redesign effort.”
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
