‘Whistleblower’ accusing CBN governor of fraud sent to prison

A man who accused the governor of the Central Bank of Nigeria,
Godwin Emefiele, of fraud has been remanded in prison after he said
Mr Emefiele should not be given another term.

The accuser, George Uboh, who heads the nongovernmental George
Uboh Whistleblowers Network, was remanded on May 23 in Suleja
prison following a defamation suit filed by Mr Emefiele.

Mr Uboh was arrested as he was leaving the court after being
granted bail in another matter last week, his lawyer, JohnMary
Jideobi, said.

Mr Uboh was the first to file a suit against Mr Emefiele at the
Federal High Court, Abuja, challenging the federal government’s
plans to extend the appointment of Mr Emiefele.

Mr Uboh, in the suit marked: FHC/ABJ/CS/419/2019, wanted the
court to stop the re-appointment.

Despite an exparte order, Mr Emiefiele was yet to answer the
pending case when the Senate confirmed him for a second term in
office.

In the suit brought before the Federal High Court, Abuja
division, Mr Uboh said the federal government could not ask the
Senate to confirm Mr Emiefele’s reappointment “when a matter
challenging his stewardship at the Central Bank before the court
had not been decided.”

According to copies of the suit seen by our correspondent, Mr
Uboh accused the CBN governor of conniving with the leadership of
the Nigerian National Petroleum Corporation (NNPC) to defraud
Nigerians.

In an affidavit deposed to by Martin Okoye, a lawyer at the
chambers of Mr Jideobi, the applicant said Mr Emefiele connived
with the NNPC to divert $24 million from funds which accrued to
Nigeria through the sale of petroleum products in the country.

“In January, 2016, NNPC issued an instruction to the CBN; headed
by the Defendant to transfer $162, 064, 237.46 to CBN/JV Cash Call
Account 001-1-658-366 with JP Morgan and Debit CBN/NNPC Crude Oil
Revenue Domiciliary Account No. 400941775.

“That a closer scrutiny of “Exhibit GUWN 8” and “Exhibit GUWN 9”
clearly shows that while revenue from gas may have been correctly
stated, that of crude oil was understated to the tune of Twenty
Four Million United States Dollars [$24, 000, 000.00].

“That the instruction of the NNPC directing the CBN to remit
$162, 064, 237.46 instead of the $186, 327, 246.02 it generated
clearly reveals the collusion of the Defendant with the NNPC to rip
the Treasury of the Federal Government and the FAAC of $24, 263,
008.56. Now shown to me and marked as “Exhibit SUIT 1.”

The applicant also said Mr Emiefele diverted over $760 million
from foreign exchange earnings.

“In 2017, the Central Bank of Nigeria (CBN) confirmed to have
sold forex to Bureau De Change (BDCs) at four (4) different
locations across the Federation, namely Lagos, Kano, Abuja and
Awka. The Apex Bank further confirmed that a total sum of Four
Billion, One Hundred and Fifty Nine Million, Nine Hundred and
Sixteen Thousand United States Dollars [$4, 159, 916, 000.00] were
sold to the BSCs in 2017.

“That despite the Apex Bank selling forex to the BDCs at the
rates of N360.00 to N381.00 per Dollar in 2017, it never declared
more than N304-N305 per dollar. This occasioned a huge loss of over
N232 billion (which is an equivalent of $760 million) to the
Federal Government’s Treasury from the forex sales of BDCs alone,
representing exchange gains which should have been disclosed to the
Federation Accounts Allocation Committee [FAAC].”

With the pending suit filed against him, which he was yet to
respond to, Mr Emefiele ensured Mr Uboh’s arrest and
prosecution.

Mr Uboh was arrested by operatives of the Police Force Criminal
Investigations Department (FCID).

Subscribe ToNairalaw News!