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EFCC grills Emefiele over alleged $15b foreign debts, new currency

The Economic and Financial Crimes Commission (EFCC) yesterday began a full-scale probe of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with alleged $15 billion foreign debts topping the investigation.
Emefiele will also account for how the apex bank spent N74.84 billion to produce and roll out currencies, including new naira notes.
The allegations are in addition to alleged fraud uncovered by the Special Investigator, Jim Obazee, who is looking into the activities of the CBN.
Obazee, whose committee is collaborating with the Federal Bureau of Investigation of the Nigeria Police, has also submitted an interim report on the CBN to President Bola Ahmed Tinubu.
It was learnt yesterday that the ex-CBN governor was transferred from the Department of State Services (DSS) to the EFCC because the fresh investigation is not covered by the mandate of the security agency.
The DSS does not have the core competence to investigate the weighty allegations of financial crimes against Emefiele, a highly placed source said yesterday.
There were fears that if the DSS continues with the investigation, the ex-CBN governor might win in court on technical grounds.
The source said only the EFCC can put Emefiele on trial, not the DSS, based on the findings made so far.
Emefiele was transferred (technically released) to EFCC on Thursday afternoon to allow for in-depth investigation and trial.
The swap was kept under wraps in order to avoid what the source described as a “distraction.”
Having appraised the allegations against Emefiele and the interim report on the ongoing probe of the CBN, the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN) sent an advisory to the President that the EFCC is the right agency to probe Emefiele, it was learnt.
“As a man of due process, the President approved the advisory of the AGF. It was on this basis that the DSS handed over Emefiele to the EFCC on Thursday,” The Nation learnt yesterday.
About two to three weeks ago, the Special Investigator on CBN activities, Jim Obazee, submitted an interim report to the President with a lot of findings requiring in-depth investigation. This was another reason the AGF was very strong in his opinion that the EFCC should manage the ongoing probe.
“The truth is that such an investigation is not within the mandate of the DSS. Or else, if Emefiele is put on trial by the DSS, he will win on technical grounds,” the highly placed source said.
At press time, it was confirmed that a panel of EFCC operatives had started grilling Emefiele on the allegations against him, including the following:
•Alleged foreign debts of $15 billion
•Spending of N74. 84 billion on Naira redesign, production and roll out of currencies
•Alleged fraud in Anchor Borrowers Scheme
•Suspicious audit of CBN accounts
•Acquisition of bank, Fintech licences by some top officials of CBN
•Award of suspicious billions of Naira contracts
Another source in EFCC added: “Emefiele is in our custody and he is already responding to issues or allegations raised for him from a team under the supervision of the Director of Operation, Abdulkarim Chukkol.
“As a commission, we won’t talk on his case in order not to compromise ongoing investigation.”
The Head of Media and Publicity of EFCC, Mr. Dele Oyewale, was yet to pick his call at press time.
News
Soldier Who Rejected Kidnapper’s N500,000 Bribe Rewarded With Same Amount
A Soldier, Private Utim Terwase, has bagged a monetary reward of N500, 000 for turning down a bribe of the same amount, from a suspected kidnapper,
The reward is in recognition of his honesty and commitment to duty.
The soldier, who reportedly rejected the money offered in exchange for the suspect’s release, has been rewarded with N500,000 by the Commander of Operation Enduring Peace (OPEP), Maj. Gen. Maxwell Dangana.
Terwase was said to have apprehended the suspect following an attempted escape. When the suspect allegedly offered him N500,000 to secure his freedom, the soldier turned down the offer and handed him over to the appropriate authorities.
Impressed by his conduct, Dangana approved a cash reward equivalent to the amount he had refused to collect, describing his action as an example of the integrity, discipline and professionalism expected of military personnel.
The development was disclosed in a statement issued at the weekend by the Media Information Officer of the Joint Task Force, 3 Division, Nigerian Army, Rukuba Barracks, Jos, Capt. Chinonso Polycarp Oteh.
Presenting the reward through the Commander of Sector 6, OPEP, Col. Philimon Malgwi, Dangana said Terwase’s decision to resist the temptation of personal gain reflected the highest standards of military professionalism, loyalty and commitment to duty.
He said the soldier had demonstrated that his responsibility to the nation and the values of the military were more important than personal financial benefits.
According to him, the commendation is intended to encourage other personnel to uphold similar standards of honesty, accountability and selfless service.
Oteh said the reward also sent a strong message that integrity and professionalism remained values worthy of recognition, particularly at a time when corruption continued to undermine public trust.
He described Terwase’s action as proof that integrity was a personal choice, even when faced with temptation.
“A soldier who refused N500,000 in dirty money has earned N500,000 in honour. Indeed, integrity pays,” he said.
News
Two To Die By Hanging For Killing Housewife, Six Children
A Kano State High Court on Friday sentenced Umar Auwalu and Yakubu Dayyabu, to death by hanging for the gruesome murder of a housewife, Fatima Abubakar, 35, and her six children at Dorayi Chiranchi Quarters, Kano.
The court also sentenced the two convicts to life imprisonment with hard labour each for conspiracy and armed robbery.
The third defendant, Isyaku Yakubu, 21, of Sabon Gida Sharada Quarters, was, however, discharged and acquitted for lack of credible evidence linking him to the murder.
Justice Nasiru Saminu found the two person guilty of the two count charges filed against them, insisting the prosecution proved charges against them beyond reasonable doubt.
Justice Saminu described the killing of the housewife and her six children as a horrific crime that challenged the conscience of the society.
He said the victims were entitled to the protection of their home but were attacked by people who ought to have protected them, particularly as the first defendant, Auwalu, was a nephew of the deceased.
Justice Saminu lamented that seven lives, which could have grown into responsible members of society, had been permanently lost.
“How I wish there is a punishment heavier than this. My emphasis is not to administer vengeance but justice,” the judge said.
On the third defendant, Justice Saminu held that although there were telephone conversations between him and the first and second defendants, the prosecution failed to establish the contents of the conversations or demonstrate that they amounted to conspiracy.
The judge further noted that evidence before the court showed that Isyaku was attending a Qur’anic graduation ceremony at the time of the incident.
Earlier, the prosecution counsel and Attorney-General of Kano State, Abdulkarim Kabiru-Maude, told the court that the defendants committed the offences on January 17, 2026, at about 11:30 a.m. at Dorayi Chiranchi Quarters, Kano.
He said the defendants allegedly conspired, armed themselves with sticks, iron rod and a sharp cutlass before trespassing into the residence of Fatima. According to him, they robbed the deceased of two mobile phones, an Infinix and an Itel, as well as N200,000 in cash.
The Attorney-General told the court that the defendants attacked Fatima with sticks and iron rod, hitting her on the neck before striking her head with a sewing machine, which resulted in her death.
He further alleged that the defendants attacked her six children, identified as Maimuna, 17; Aisha, 16; Bashir, 13; Abubakar, 10; Faruk, seven; and Abdulsalam Haruna, a toddler, with sticks, knives and cutlasses, inflicting injuries on their faces, bodies and heads.
The prosecution said Faruk and Abdulsalam were subsequently thrown into a well within the premises after the attack.
During the trial, Auwalu pleaded guilty to the charges but denied throwing the children into the well, while Dayyabu and Isyaku pleaded not guilty.
The prosecution presented eight witnesses and tendered 30 exhibits, including medical reports from Murtala Muhammad Specialist Hospital, Kano, confessional statements, a bloodstained broken iron rod, a stool, bloodstained trousers, N200,000 cash, two mobile phones and a flash drive containing audio-visual recordings.
The prosecution maintained that the offences contravened Sections 97, 221 and 298(c) of the Penal Code.
News
Tinubu: Any Money Recovered By EFCC Will Go Into NELFUND
President Bola Tinubu says all funds recovered by the Economic and Financial Crimes Commission (EFCC) will be channelled into the Nigerian Education Loan Fund (NELFUND).
The president spoke on Friday at the launch of Arise Palm Resort in Uyo, the Akwa Ibom state capital.
Tinubu said the decision was informed by the need to ease the burden of tuition fees on parents and ensure equal access to education for all Nigerians.
“I feel your pain and share in the difficulty, and that’s why I decided to take away the responsibility of tuition fees from parents and equal opportunities for everyone who wants to read, taking education as the greatest weapon against poverty,” he said.
“And creating opportunities for those who are still coming behind. From today on, as we are fighting corruption, any money recovered by EFCC will be dumped into that education programme. It will be. No one can reverse it.”
On August 19, the president directed the EFCC to channel all recovered funds into NELFUND.
Tunji Alausa, minister of education, announced the development while answering questions from State House correspondents shortly after the weekly federal executive council (FEC) meeting that day.
He said the FEC also approved the allocation of all unclaimed dividends in the Capital Market Trust Fund and funds in the Dormant Account Trust Fund to the student loan scheme to expand its reach and improve its efficiency.
Speaking at a press briefing in Abuja on August 31 to highlight the commission’s achievements under his leadership, Ola Olukoyede, EFCC chairman, said the federal government had allocated N100 billion from funds recovered by the anti-graft agency to the student loan scheme since 2024.
He noted that when “recovered criminal value” helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.
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