Alleged N4 Trillion Refund, Bank-Control Surrender and Offshore Discoveries Shake Up CBN Probe
By Kelechi Ugo
An investigative committee led by Jim Osayande Obazee has reportedly uncovered major financial irregularities within the Central Bank of Nigeria (CBN) and affiliated institutions, including alleged refunds and asset relinquishments by senior former officials.
Sources close to the panel say that Godwin Emefiele, former Governor of the CBN, has refunded about N4 trillion to the coffers of the federal government and relinquished ownership of six banks linked to him. The sources also allege that former CBN Deputy Governor Tunde Lemo returned US$500 million of taxpayer funds.
In a related development, the committee is said to have traced US$275 million in a bank account held in the name of the six-year-old son of Sabiu Yusuf (also known as “Tunde”), a former Personal Assistant to ex-President Muhammadu Buhari. The source further states that another N1.5 trillion was traced to the personal account of Yusuf himself.
According to the source:
“The special investigator and his committee discovered US$275 million in an account in a new-generation bank belonging to the six-year-old son of Sabiu Yusuf. Another N1.5 trillion also allegedly traced to Yusuf, a very influential member of the former President Buhari’s government.”
The source added that the federal government, under President Bola Ahmed Tinubu, is negotiating through “some influential Nigerians” to arrange refunds of the funds without causing further exposure.
At the same time, the National Security Adviser, Nuhu Ribadu, reportedly lamented that the administration inherited a country “bankrupt” as a result of large-scale looting during the previous government.
The investigation stems from President Tinubu’s July 2023 appointment of Jim Obazee as Special Investigator to probe the CBN and related entities, with a mandate to block financial leakages and recover public wealth. According to the presidency, the assignment formally concluded on 31 March 2024 with a comprehensive report submitted.
While the claims of refunds and bank-account revelations are dramatic, none of them appear to have been publicly verified in full detail by independent agencies. For example, former CBN Governor Emefiele has publicly challenged earlier findings in the Obazee report as “false and malicious”.
- If validated, the alleged refund of N4 trillion and relinquishment of multiple banks would mark one of the largest recoveries in Nigeria’s recent history.
- The alleged offshore account transactions (US$275 m in a child’s name, N1.5 trillion traced to a former presidential aide) raise serious questions about financial safeguards, disclosure and enforcement.
- The government’s indication of “negotiating refunds without exposure” may prompt public scrutiny over transparency and accountability in any deal-making.
- Regulatory and law-enforcement agencies will need to determine the legitimacy of the claims, the accuracy of traced amounts, and ensure that any recovered funds are clearly tracked and repatriated.
The allegations, if substantiated, represent a major chapter in Nigeria’s ongoing efforts to recover public funds and strengthen institutional integrity. However, until independent verification is published or court processes begin, the story remains in the realm of potent claims rather than settled fact.
