Explosive revelations from the federal government’s CBN investigation have sent shockwaves through the nation. Sources close to investigators allege that the former CBN Governor, Mr. Godwin Emefiele, has reportedly refunded a staggering ₦4 trillion to government coffers. This bombshell claim is part of a wider, massive recovery of funds. Furthermore, the probe alleges that officials from the previous administration looted these funds. A special committee, conducting the investigation with quiet efficiency, has also allegedly traced other mind-boggling sums. These include ₦1.5 trillion and a separate $275 million, to Sabiu ‘Tunde’ Yusuf, a personal assistant to former President Muhammadu Buhari. Consequently, the sheer scale of the purported looting and subsequent recoveries lends powerful credence to recent assertions by National Security Adviser, Nuhu Ribadu. Ribadu recently stated that the Tinubu administration inherited a “bankrupt country.”

Emefiele’s Alleged ₦4 Trillion Refund

The allegations against Mr. Emefiele are particularly stunning, especially since he helmed the apex bank for nine years. According to a source intimately familiar with the investigative committee’s findings, the ₦4 trillion refund represents a monumental clawback of what the committee believes are misappropriated funds. However, the claims do not end there. The former banking chief also allegedly relinquished ownership of six banks. Investigators assert a direct link between him and these financial institutions. This development, consequently, points to a complex web of financial dealings that authorities have worked to unravel.

President Bola Ahmed Tinubu suspended Mr. Emefiele from his post shortly after assuming office. This suspension immediately paved the way for a deep-dive investigation into the CBN’s operations and its related entities during his tenure. While the former governor is already facing separate, public charges, these new allegations suggest the scope of financial malfeasance may have been far greater. Indeed, the reported ₦4 trillion sum, if confirmed, would represent one of the largest single recoveries in Nigeria’s history. It also highlights the immense financial leakages that plagued the nation’s financial apex.

Probe Widens to Include Deputy Governor

The investigation’s dragnet has apparently extended beyond just the former CBN governor. In a related development, the same source revealed that a former CBN Deputy Governor, Mr. Tunde Lemo, also reportedly refunded an enormous sum. The source quantified this sum at $500 million, all in connection with the probe. This allegation, therefore, implicates another high-ranking official within the bank’s leadership. It strongly suggests a potentially systemic pattern of embezzlement at the highest levels of the institution.

The institution’s primary task was to safeguard the nation’s wealth. Yet, the alleged return of half a billion dollars by a single deputy governor further compounds the scale of the financial hemorrhaging. The president appointed the special investigator specifically to uncover this damage. Consequently, these recoveries, which came from top-tier banking officials, paint a grim picture of the activities that transpired under the previous administration. These officials allegedly diverted funds that should have gone to critical national infrastructure, healthcare, and education.

Shocking Discovery in Buhari Aide’s Family

However, perhaps the most shocking discovery the source reported concerns Sabiu Yusuf. Mr. Yusuf, more commonly known as ‘Tunde,’ served as a Personal Assistant to former President Muhammadu Buhari. Investigators reportedly unearthed a bank account belonging to Yusuf’s six-year-old son, which contained an astonishing $275 million. The mechanism by which a minor could be the named holder of an account with such a vast sum, equivalent to the entire budget of several states, has raised profound questions.

Furthermore, it raises serious questions about the complicity of financial institutions and the sheer impunity of these alleged acts. The discovery is a chilling illustration of the sophisticated methods they allegedly used to conceal illicit wealth. For instance, it appears they used proxies as unsuspecting as a young child. This single finding has reportedly stunned both the investigative committee and senior members of the current administration.

The financial trail linked to Mr. Yusuf did not stop with his son’s account. In fact, the source detailed that the committee also traced another ₦1.5 trillion to the personal accounts of the former presidential aide. This sum almost defies comprehension. Mr. Yusuf, while an influential member of the Buhari government, held an ostensibly modest title. The alleged discovery of a combined sum far exceeding ₦1.7 trillion ($275 million plus ₦1.5 trillion) linked to a single personal assistant has thus become the focal point of the **CBN investigation**. It symbolizes the “large scale looting” that NSA Ribadu lamented. Indeed, tying such audacious figures to an aide, rather than an elected official or minister, suggests a complete breakdown of financial controls. This development has understandably drawn comparisons to a kleptocracy, where proximity to power apparently granted unfettered access to the treasury.

Investigator’s Sweeping Probe Recovers ₦12 Trillion

These stunning revelations are the product of the Special Investigator, Mr. Jim Osayande Obazee, whom President Bola Ahmed Tinubu personally appointed. Mr. Obazee, the former CEO of the Financial Reporting Council of Nigeria (FRC), received a sweeping mandate. His mandate tasked him with investigating the activities of the CBN and its related entities under Mr. Emefiele. His committee has reportedly been meticulous, digging through complex financial records. According to the source, the committee’s efforts have, in total, allegedly recovered over ₦12 trillion. The source claims members and associates of the former President Buhari’s administration primarily looted this sum. This total figure, if accurate, would be transformative for Nigeria’s strained finances. As a testament to the sensitive nature of their work, the source also claimed that Mr. Obazee and his committee have rejected numerous bribe offers. Some of these offers had values in the millions of Dollars, coming from individuals desperate to thwart the investigation.

Tinubu Navigates Political Fallout

The political ramifications of these findings are immense. The CBN source indicated that President Bola Ahmed Tinubu is currently in a delicate position, especially given the explosive nature of the discoveries related to Sabiu Yusuf. The president is reportedly “negotiating” the return of the funds. Reports say this negotiation involves several influential Nigerians acting as intermediaries. The alleged aim is to secure the full refund of the traced funds “without public exposure.” This suggests a high-stakes political maneuver. Consequently, the administration must balance the need for public accountability against potential instability. Such instability could arise from exposing the full rot within the previous administration, which was of the same political party. This quiet diplomacy aims to achieve the primary goal of recovering the assets. It is a pragmatic approach, given the deep-seated connections of the individuals involved.

This entire investigative effort finds its context in the dire economic situation the Tinubu administration claims it inherited. Only recently, the National Security Adviser, Nuhu Ribadu, publicly lamented that the new government inherited a “bankrupt country.” Speaking at a high-level event, Mr. Ribadu stated that the administration was facing severe financial constraints. He attributed this directly “due to the large scale looting that occurred” under the Buhari government. At the time, the statement was a stark admission. Now, in light of the alleged ₦12 trillion recovery and the specific, astronomical sums that investigators tied to Emefiele and Yusuf, Ribadu’s lament appears to be a direct reference to these very findings. The recovered trillions are no longer an abstract figure. Instead, they are the very funds whose absence, as Ribadu noted, left the country struggling. The Obazee probe, therefore, is not just an anti-corruption crusade; it is a desperate, necessary effort to salvage the nation’s finances.