Emefiele Suspends CBN Deputy Governor, 4 Others

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Godwin Emefiele
The CBN governor, Mr. Godwin Emefiele

Mr. Godwin Emefiele,

Anayo Okolie

In a hard-line decision, a deputy governor of Central Bank of Nigeria and four deputy directors have been suspended by the apex bank Governor, Mr. Godwin Emefiele, for failing to follow financial regulations and due process, leading to the scamming of the bank by fraudsters.

THISDAY gathered last night that the suspended Deputy Governor, Financial System Surveillance, Joseph Nnanna, responded to some spam emails without first cross-checking the authenticity of the mails and following CBN stringent payment process before authorising the release of funds when the governor and several senior officials of the bank were on a flight to China last month.

The names of the affected deputy directors could not be ascertained but they include the deputy director in charge of payment, the deputy director trade and exchange department, and the deputy director in the office of the governor, who heeded Nnanna’s directive to pay when they themselves ought to know CBN’s payment due process.

THISDAY gathered that $441,000 was initially lost to the scammers. $251,000 was however blocked and recovered, leaving a balance of $190,000, which had already been cashed by the fraudsters.

Two of the scammers were however caught in Dubai, United Arab Emirate and are currently being questioned by investigators.
From their modus operandi, the scammers apparently timed the execution of the fraud to take place when the CBN governor and other deputy governors were out of the country.

Emefiele was said to have wielded the big stick by suspending the affected top officials because the CBN has laid-down procedures for the release of funds, none of which was followed in this particular case.
Sources within the bank said following the incident, the governor had warned that henceforth any such infraction would be summarily dealt with.

A statement posted on CBN website only stated that the bank had uncovered and aborted fraud without giving details.
The four-paragraph CBN statement signed by the Ag. Director, Corporate Communications, Isaac Okoroafor, and titled, ‘CBN Uncovers and Aborts Fraud,’ reads: “A highly sophisticated plot to defraud the Central Bank of Nigeria (CBN) by some criminal minded elements has been uncovered and aborted by the bank.

“Although preliminary investigations so far have not revealed any accomplices within the CBN, management has decided to place all key personnel involved in the transaction on suspension. “This is to ensure a full and unfettered investigation.
“This incidence has been reported to relevant authorities. The CBN wishes to assure the general public that the security of the bank remains intact.”

Hackers have been on the prowl lately breaching accounts of banks around the world. Recently, hackers breached Bangladesh Bank’s systems and attempted to steal nearly $1 billion from its account at the Federal Reserve Bank of New York. Though a typo error by the hackers aborted their $1billion heist, they however netted more than $80 million before the cyber heist was uncovered.
The hackers appeared to have stolen Bangladesh Bank’s credentials for the SWIFT messaging system, which banks around the world use for secure financial communication.

They then bombarded the Federal Reserve Bank of New York with about three dozen requests to move money from the Bangladesh Bank’s account there to entities in the Philippines and Sri Lanka.
Four requests to transfer a total of about $81 million to the Philippines went through, but a fifth, for $20 million, to a Sri Lankan non-profit organisation was held up because the hackers misspelled the name of the NGO, Shalika Foundation, prompting a routing bank, Deutsche Bank, to seek clarification from the Bangladesh central bank, which stopped the transaction.

  • Nkem

    Emefiele, the kind of system that allowed Dasuki to walk into CBN and walk out with $47 million dollars in a brief is the kind of system that bred this type of misdemeanour. So stop acting as if you are surprised, sir.

    • T george

      Well, that is change for you.
      Ordinarily, it would not have been a big deal but now, he must save his head

    • vic

      it calls for immediate suspension of cbn governor, who is blind to all frauds in the cbn, he is good -for- nothing.

  • Spoken word

    Rubbish.one day one scandal

  • vic

    AND BUHARI SHOULD SUSPEND THE CBN GOVERNOR GODWIN EMEFIELE FOR THE INVESTIGATION TO TAKE ITS RIGHTFUL COURSE. THE INVESTIGATION SHOULD BE INDEPENDENT AWAY FROM THE SHADOWS OF THE HIGH-RANKING BANK OFFICIALS’

    IT IS BEST IF THE INQUIRY IS HANDLED BY MR MAGU HIMSELF THE ACTING CHAIRMAN OF THE EFCC AND NOT BY THE FRAUDULENT BANKERS THEMSELVES AT THE CBN.

    PRESIDENT BUHARI, PLEASE TAKE A NOTE OF THIS.

    • Steve

      How reasonable do you sound when you want Buhari to suspend the CBN Governor because of loss of $199,000? Do you know what that suspension will cause the economy of this nation? I do not know what Emefiele did to you but you should not carry your personal war unto the national theatre. We are looking for ways to get out of our present problem and ways to take us further back. Please, leave Emefiele alone!

      • D Oladapo

        Emefeile ought to have been arrested by the usel ess Nigerian Police for interrogation. I am certain dump CBN Governor ought to have been arrested

      • vic

        thank you steve for your comment.

        please trust me, i am not against the cbn governor, mr godwin emefiele personally but as the chairman of the bankers committee, cbn governor is aiding and abetting forex fraud in these banks which as you know, buy dollars from cbn at one dollar equal to 197 naira and then go on to sell the same to their unsuspecting customers at N320-350 per dollar.

        cbn governor is the mother of all forex fraud and other frauds happening at the central bank. he must be investigated by the efcc. he must go.

      • vic

        that suspension will cost the nation nothing. it is only figment of your imagination.

  • vic

    GODWIN EMEFIELE, DO NOT MAKE THESE PEOPLE YOUR SCAPE GOATS. IF ANYBODY HAS TO GO FROM THE CBN THEN THAT PERSON IS YOU AND YOU ALONE UNDER WHOSE AUTHORITY THE CBN HAS BEEN LOOTED MERCILESSLY BY THE JONATHAN GOVERNMENT AS IF CBN WAS HIS PIGGY BANK AND YOU JONATHAN’S OBEDIENT HOUSE BOY WHO DELIVERED TO JONATHAN BILLIONS OF DOLLARS AT HIS HOME BECAUSE YOU WERE HIGHLY OBLIGED TO HIM FOR THE CBN GOVERNORSHIP JOB HE GAVE TO YOU TO ACHIEVE HIS SELFISH ENDS, VIZ, RAW LOOTING OF THE CENTRAL BANK UNDER YOUR VERY NOSE.

    MR EMEFIELE DO NOT THINK EVEN FOR A MOMENT THAT BUHARI IS A FOOL, YOU WILL SOON BE REMOVED AS THE GOVERNOR OF CENTRAL BANK. WE WANT A STRONG MAN AT THE HELM OF AFFAIRS OF THE CENTRAL BANK NOT CORRUPT AND DUBIOUS ECONOMIC ILLITERATES LIKE YOU. DO YOU GET MY POINT?????

    • The Trib3sman

      Foolish comment. Typical of an empty headed buharist.

      • vic

        are you then beneficiary of cbn governor, mr emefiele or from his tribe???

  • vic

    CLEARLY, THE GOVERNOR AND THE DIRECTORS OF THE CBN ARE CONNIVING HERE TO PASS THE BUCK ON TO THEIR DEPUTY GOVERNOR AND THE DEPUTY DIRECTORS AMONG OTHERS. ALONG WITH THEM, THE CBN GOVERNOR AND THE DIRECTORS MUST ALSO BE SUSPENDED. THE BUCK STOPS WITH THE SENIOR OFFICERS OF THE BANK.

    IT SEEMS THE WHOLE CENTRAL BANK IS THE CENTER OF FRAUD. THERE NEEDS TO BE SERIOUS OVERHAUL OF THE CENTRAL BANK AND ALL THESE CORRUPT DIRECTORS WHO ARE SIMPLY DIRECTING FRAUD IN THE CBN MUST GO ALONG WITH THE ROTTEN HEAD, THE CBN GOVERNOR, MR GODWIN EMEFIELE.

  • vic

    AND THOSE SCAMMERS IN DUBAI MUST BE NIGERIANS COLLABORATING WITH THE SENIOR OFFICIALS OF THE CENTRAL BANK INCLUDING THE CBN GOVERNOR AND OTHERS AT THE CBN.

    THE QUESTION IS, FOR HOW LONG THIS HAS BEEN GOING ON AND WAS IT NOT IN COLLABORATION WITH THE CBN GOVERNOR AND OTHERS ACCOMPANYING HIM TO CHINA TO MAKE IT LOOK LIKE AS IF THIS SCAM WAS WITHOUT THEIR KNOWLEDGE????

    IT APPEARS THIS IS JUST THE TIP OF THE ICEBERG, BIGGER CBN SCAMS INVOLVING THE CBN GOVERNOR, DIRECTORS AND DEPUTY DIRECTORS ARE YET TO BE EXPOSED AND REVEALED. THE SCAMS SEEM TO BE MASSIVE AND REQUIRE INDEPENDENT INVESTIGATION HEADED BY MR MAGU, THE EFCC CHAIRMAN. IN THE MEANTIME, ALL SENIOR MANAGEMENT OF THE CBN NEEDS TO BE SUSPENDED AND THE ACCOUNTS DOCUMENTS SEALED FOR THE CBN OFFICIALS NOT TO PLAY ANY FOUL GAMES WITH THE FRAUD RELATED TRANSACTION DOCUMENTS. AFTER ALL, ALL THESE SCAMMERS ARE NIGERIANS BASED HERE IN NIGERIA, DUBAI AND ELSEWHERE. IN THE WORLD!!!!!!

    I HAVE BEEN WARNING PRESIDENT BUHARI ABOUT THESE SCAMMERS AND FRAUDSTERS IN THE CENTRAL BANK ON THESE COLUMNS BUT BUHARI HAS NOT BEEN LISTENING TO MY LONE VOICE. NOW, HERE WE GO.

  • RICHARDSON

    The contributors on this forum appear not to have digested that US$81m was siphoned by hackers From the Federal Reserve Bank of New York. Also, investigations are ongoing regarding this US$199,000.00 that was stolen from the CBN.
    I beg to disagree with them and caution that this sack syndrome should not be encouraged but ought to be the last resort and even that, after due consideration of the report.

    • Techo

      The issue here is that they did not follow due process before releasing the money. No system is 100% foolproof but procedures are put in place (and should be reviewed regularly) to check the frequency of failure, in this case to make it difficult for any fraud attempt.

    • Bakwus

      They brought in the story of Bangladesh to make us feel ours is small. We ‘re not fools pls. The process that enabled usd10k may just as well accommodate the lose of usd81m . They are playing on our intelligence by introducing another country’s issue here.

  • YK

    Without an internal collaborator, an external aggressor is ineffective. This case is straight forward, how could senior officers in the rank of directors have authorized the huge sum without seeking clarification especially when the top shots of the bank were away on jamboree in China? This is not strange, the bank should just do the needful by making scapegoat out of them.

  • D Oladapo

    Where are IGP, AIG, DIG and rest of useless nNigerin Police? lice Officers? Has useless Nigerian Police forcegot no fraud dep?
    These CBN officers ought to have been arrested for questioning and interrogation, pure and simple. So the bunch of these Nigerian police are laying in street extorting mone.
    This is a shame that the scammed went away with the money

  • Evon Jones

    Nigerians and other foreigners try to scam on anybody. You lie about your identity just to get money from others, and it is so sad. Desmond O. Perry claim to be an attorney lied just to get my inheritance money. Now, he is too coward to talk. He is a scammer and lied because he is not an attorney. You people need to get a life, find a job and stop freeloading off of other people. Nigerian country is corrupted from the head to the lowest level. You are some”sick-minded” people. You tell all sorts of lies just to get others money and you have been doing this for YEARS. Everybody who has done scamming on others just go to jail and repay the persons. SICK COUNTRY!!! SCAM/FAKE COUNTRY!