GROSS ABUSE OF OFFICE ALLEGATION AGAINST THE CBN GOVERNOR EMEFIELE

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George Uboh submitted petition to the Code of Conduct Bureau (CCB) Chairman on January 5, 2022 against the CBN Governor Emefiele for discountenancing and denigrating the promissory notes approved by the President thus breaching section 13 of the CCB Act. Please read the full petition below:

PETITION AND URGENT REQUEST TO ARREST AND PROSECUTE MR. GODWIN EMEFIELE, CBN GOVERNOR; DIRECTOR, BANKING SERVICES DEPARTMENT AND MRS JOSEPHINE AJALA FOR OVERWHELMING CHARGE OF ABUSE OF OFFICE PREMISED BY GROSS UNREPENTANT ACTS OF INSUBORDINATION

ECONOMIC CHAOS LOOMS IN NIGERIA IF THE CCB DOES NOT PERFORM ITS STATUTORY FUNCTION ON THIS MATTER IN THE NATIONAL INTEREST

This petition is borne out of the State House APPROVAL by the President and Commander-in-Chief, Federal Republic of Nigeria, dated January 11, 2021 with reference No. SH/COS/01/B/142 to pay Category A Paris/London Club Judgment creditors with promissory notes, approval which was communicated through the Chief of Staff to the President to the Minister of Finance, Budget and National Planning. Please see Exhibit A.

The DIRECTIVES in the said APPROVAL by the President and Commander-in-Chief who heads the executive branch of government were heeded, obeyed, and completely complied with by all affected ministries, departments and agencies, except for the Central Bank of Nigeria (CBN) as demonstrated below:

1) Based on the said approval, the Attorney-General of the Federation and Minister of Justice wrote a letter to the Minister of Finance dated July 12, 2021 expressing in clear and unambiguous terms the need to issue the promissory notes citing and relying on the said Presidential State House approval dated January 11, 2021 with reference No. SH/COS/01/B/142. Please see attached Exhibit B.

2) On August 12, 2021, the Federal Ministry of Finance heeded and complied with the President’s directive via a letter to the Debt Management Office (DMO) with the caption: “AUTHORIZATION TO ISSUE PROMISSORY NOTES IN FAVOUR OF CATEGORY “A” JUDGMENT CREDITORS”. Please see Exhibit C.

3) On September 27, 2021 the DMO heeded and complied with the President’s directive by issuing promissory notes to a) Ned Nwoko for $68,658,172:83 less N300,000,000:00 to Gregory Lar; b) Riok Nigeria Limited for $142,028,941.95, Prince Orji Nwafor Orizu for $1,219,440.45, and Barr. Olaitan Bello for $215, 195.36; c) Dr. Ted Iseghiohi Edwards for $159, 000,000:00; and d) Panic Alert Security Systems Limited for $47,831,920:00) signed by Honorable Minister of finance, witnessed by the DG, DMO. Please see attached sample of promissory notes-Exhibit D.

4) On November 19, 2021 the CBN Governor Godwin Emefiele acting through his subordinates (director, banking services department and Josephine Ajala) boldly, clearly and unambiguously denigrated and discountenanced the promissory notes in flagrant disregard for the President’s DIRECTIVE and APPROVAL exhibited above. The letter, signed by Josephine Ajala, written to Keystone Bank, states in pertinent part: “we are unable to accede to your request because currently, Foreign Currency Denominated Promissory Notes are not admissible or registerable on the Scripless Securities Settlement System (S4) and as such, only Promissory Notes issued in Naira are registered and dematerialized on S4…you may wish to inform DMO accordingly.” Please see Exhibit E.

Charge of Abuse of Office: CBN’s malicious denigration and wanton discountenancing of promissory notes approved by the President, approval which the chief of staff to the President transmitted (obeyed), upon which the attorney-general of the federation hinged his letter to the ministry of finance to issue same promissory notes (obeyed), upon which the ministry of finance hinged her directive to the debt management office to issue same promissory notes (obeyed), upon which the DMO hinged the issuance of the same promissory notes (obeyed), upon which the minister of finance derived her power to sign the same promissory notes (obeyed again), and upon which the DG DMO derived her power to sign same promissory notes as witness (obeyed again), make an air-tight charge of abuse of office/gross insubordination against Godwin Emefiele and his aforementioned subordinates who carried out his ill-conceived intent in writing.

Looming Economic Chaos: It is on record that the Debt Management Office (DMO) set up a sinking fund with the central bank of Nigeria via the accountant-general’s office as a condition precedent before the promissory notes were issued. The sinking fund account is to warehouse monthly FAAC deductions from the 36 states (judgment debtors) for 10 years to accommodate the 10-year promissory notes as at when due for cashing. Given the fact that the CBN was aware of the promissory notes approved by the President with the attendant directives, and was aware of the predicate sinking fund account the DMO set up with the CBN/Accountant-General, the CBN’s subsequent denigration and discountenancing of same promissory notes can only be construed as a premeditated deliberate act perpetrated to sabotage Nigeria’s economy; because, in failing to honor promissory notes (sovereign debt) approved by the President, the CBN has sent shock waves in the financial sector locally and globally which will eventually lead to the downgrading of Nigeria’s credit rating; and, the local and global financial community will certainly start shying away from any instrument issued by or emanating from the Nigerian government in the future: this is the long term economic effect of CBN’s action which is tantamount to premediated economic sabotage against the Nigerian State, which will lead to economic chaos.

CBN Governor’s Recalcitrance and Unrepentant stance is a Brazen Attach on the President.

It is on record that post-November 19, 2021 after the CBN wrote the exhibited letter, the President/Presidency and all the President’s cabinet members have supported and promulgated the said approval and promissory notes payment except for the CBN Governor who is functioning under the same government. On January 3, 2022, the Nation Newspaper’s front page boldly displayed: “Buhari: States Fighting Lost Battle over $418M Paris Cash”. Exhibit F. CBN Governor’s refusal to correct its position in the face of the President/Presidency’s repeated statements post-November 19, 2021 CBN letter shows the CBN Governor’s recalcitrance and unrepentant stance which can only be construed as brazen attack on the President with ulterior motives thus aggravates the act of abuse of office herein.

Consequently, we invoke all relevant portions of the Code of Conduct Act, including but not limited to section 13, and ask, based on the exigent nature of this matter, that the Code of Conduct Bureau swiftly arrest and commence the prosecution of Mr. Godwin Emefiele and the two subordinates through whom he acted, to wit: Director, Banking Services Department and Mrs. Josephine Ajala. We remain,

Yours in anti-corruption services,

Dr. George Uboh
Chief Executive Officer

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