E-Financial
$3.4Bn Forex Fraud: CSO Alleges Death Threats on Obazee, Others over Probe
Coalition for Transparency and Economic Reforms (COTER), pro-transparency group, has raised the alarm on a thick plot to derail the ongoing probe by the Federal Government into illegal foreign exchange deals and money laundering running to a whopping $3.4billion.
Jim Obazee, special investigator
The administration of President Bola Tinubu Tinubu appointed Jim Obazee, special investigator, to unravel the $3.4billion allegedly perpetrated by a major player in Nigeria’s private sector under the Godwin Emeifele-led Central Bank of Nigeria over the past 10 years.
The group in a statement signed by Dr. Peter Chima, its president on Thursday said there is a syndicated plot to truncate the probe following the submission of the findings of the special investigation team to President Tinubu.
COTER even alleged that Obazee and other members of his team have been receiving threat messages from anonymous callers.
In the statement, COTER claimed it was reliably informed that Obazee and members of his household have since his appointment been getting death threats from some faceless vested interests, “including some members of the powerful Aso Rock cabal.”
The group further alleged that “but the threat to his life, family and committee members was intensified in the last few days that the investigation into latest petition against a major private sector player in the Nigerian economy began in earnest. The death threats, it was learnt, had been coming through direct calls to their phones and SMS messages.
“The anonymous callers, we were informed have been demanding that Obazee and members of his team turn their searchlight away from the allegations against the private conglomerate and other high profile cases.
“We further learnt that Obazee, members of his investigating committee and even family members have in the past few days continued to receive fresh death threats from these anonymous callers, asking them to immediately stop the ongoing probe by the Obazee-led panel or risk losing their lives and those of their loved ones.
“They were also said to have boasted about plans to “handsomely” induce Presidency and other senior Federal Government officials to influence the stoppage of the ongoing investigations by Obazee and his team.
“The cabal, prominent Nigerians, business moguls and some top aides of the President, it was learnt, have since Obazee’s appointment been making efforts to either blackmail him or induce him to compromise his investigations of some high profile cases. But the Special Investigator, it was learnt, has continued to resist them by blocking all avenues through which they can reach him.”
According to the group, Obazee’s “obstinacy and stubbornness” have been creating fears in the minds of top officials of some Federal Government agencies and those of several other GBEs, as well as some highly placed Nigerians on the ongoing probe of the apex bank and the GBEs.
“They are said to have been reaching out to powerful politicians in the Presidency to save them and their organisations from being exposed by the Special Investigator.
“But having failed in their bid to intimidate and blackmail Obazee to submission, it was gathered that some of the officials, who had allegedly collected huge sums of money from some of those being investigated by Obazee with the promise to ensure the Special Investigator is stopped from further probing them, have lately been cooking up a narrative to discredit Obazee before President Tinubu.
“The cabal recently deliberately started to spread a rumour that that Obazee had got N8 billion largesse from the embattled ex-CBN Governor, Emefiele, through a serving Senator from one of the South-East states.
“This rumour, we learnt, is aimed at threatening the Special Investigator to back down on the high profile cases of corruption he’s currently handling or giving those they had collected bribes from a clean bill of health to eventually get them off the hook.
“But since the Special Investigator is not yielding to their pressures and demands, while it has also become practically impossible for them to refund the money collected as bribes, the cabal and other powerful persons have resorted to bringing down Obazee and members of his team at all cost and influence the President to disband the committee in order to cover up their misdeeds.
“They intend to put this together and package same as a report they’ll send to President Tinubu with the ultimate aim of getting him to disband the Obazee-led investigating team,” the statement read.
COTER said all these are being done to ensure that the Special Investigator does not eventually submit his full reports, which President Tinubu promised during his maiden Independence Day broadcast on October 1, 2023.
But the group interestingly noted that the Special Investigator team’s work has been applauded by even the international community.
“Sources had revealed that the humongous frauds allegedly perpetrated under the immediate past CBN governor, Emefiele, in many of these GBEs, which are now already being unearthed by the Obazee-led Committee would shock Nigerians to their bone marrows.
“The Special Investigator has recently traced about N8trillion of the funds looted from the vaults of the CBN and the Government Business Entities (GBEs) to various bank accounts operated by some individuals and private business organisations.
“According to sources, this and other revelations are contained in the preliminary report already submitted by the Special Investigator to President Tinubu.
“About N400 trillion looted from the CBN is expected to be recovered by the Obazee-led team of investigators.
“However, the alleged illegal forex deals by the the private sector Group, it was gathered, was allegedly perpetrated by the company with the active connivance of the Central Bank of Nigeria under sacked governor Godwin Emefiele and some major commercial banks in the country (names withheld).
“CBN under Emefiele and the commercial banks, it was learnt, had been aiding the Group to repatriate proceeds from its illegal forex deals amounting to $3.4 billion out of the country to personal accounts abroad in the past 10 years.
“The Special Investigator’s launch of the probe of the Group, on Sunday, followed a petition received by the panel from a concerned Nigerian and social justice advocate, Ahmed Fahad against the Group on how the Emefiele-led CBN and some commercial banks illegally transferred a whopping $3.4billion to the private company in the past 10 years,” it added.
COTER president, wondered Nigerians should be hell-bent on stopping the good job being done by the Special Investigator and members of his team in stopping corruption and other financial malfeasance in the country.
He, therefore, urged the Special Investigator and his team not to cave in to blackmail from any quarter, no matter how highly placed but to forge ahead as his name and integrity are at stake.
“Nigerians and the entire world are watching as the Committee is being considered as one of the positive decisions the President has taken so far. And this has greatly improved the image of the country and government,” he said.
The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Programme.
According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.
It also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.
According to the World Bank, the program represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy.
By channeling resources directly to underserved communities, the project should alleviate the burden of rising living costs while fostering sustainable growth.
The $500 million loan is not the only financial commitment Nigeria anticipates this week as two additional funding packages are in the pipeline, awaiting final approval.
One of the loans is valued at $80 million and will focus on accelerating nutrition outcomes across the country.
The second, worth approximately $552 million, is designed to enhance access to quality basic education nationwide as both projects are scheduled for final clearance on March 31, 2025.
These loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, most especially in areas such as healthcare, education, and poverty alleviation, while the institution emphasized the importance of implementing these programs efficiently to ensure maximum impact.
While the loans aim to address urgent socio-economic needs, Nigeria’s rising debt profile has raised concerns among stakeholders. Under the President Bola Tinubu’s leadership, the country has received approvals for 11 World Bank projects totaling 7.45 billion in less than two years. However, data from the Debt Management Office (DMO) reveal that only 774.99 million (about 16% of the approved amount) had been disbursed as of July 31, 2024.
This slow pace of disbursement has sparked debates about the efficiency of project execution and fund utilization
Depositors of Heritage Bank (in-liquidation) with balances exceeding the insured sum of ₦5 million will be paid from the sale of physical assets and debt recovery efforts soon, the Nigeria Deposit Insurance Corporation (NDIC) announced on Sunday.
With substantial progress recorded in asset realization, the first tranche of liquidation dividends will be paid to uninsured depositors in April 2025 on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which prioritizes claims.
The clarification follows concerns raised by depositors regarding the status of their uninsured funds.
A statement issued by Hawwau Gambo, acting head of Communication & Public Affairs, NDIC, reiterated the Corporation’s commitment to ensuring timely payments.
Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.
In line with its statutory mandate, the Corporation immediately commenced the bank’s liquidation process, including the verification and payment of insured deposits.
Providing an update on the ₦5 million maximum payout per depositor, the NDIC noted significant progress while acknowledging some challenges affecting certain depositors, including issues related to Bank Verification Numbers (BVN), Post No Debit (PND) restrictions, and Know Your Customer (KYC) limitations.
“Significant progress has been made in reimbursing insured deposits up to the ₦5 million limit per depositor.
“However, depositors yet to receive payments are largely those without Bank Verification Numbers (BVN) or alternate accounts in other banks, which are required to process payments through the Nigeria Inter-Bank Settlement System (NIBSS). Others have Post No Debit (PND) restrictions on their accounts.
“Additionally, some accounts have KYC limitations, such as Tier 1 accounts that restrict maximum lodgment of funds, while others have name mismatches requiring resolution.
“Some depositors who have already been paid may also be unaware due to a lack of mobile transaction alerts on their alternate accounts where the NDIC deposited their insured funds.
“Therefore, depositors are advised to check their alternate bank accounts, as some payments may have been processed without their immediate awareness,” the statement read.
Regarding payments to uninsured depositors, the Corporation explained:
“While depositors with balances above ₦5 million have received their insured sums, the remaining amounts will be paid as liquidation dividends, in accordance with the Corporation’s statutory mandate.
“The NDIC has made substantial progress in selling the bank’s physical assets and recovering debts to ensure that depositors with balances above the insured limit receive their payments as soon as possible.
As a demonstration of this commitment, the Corporation began realizing physical assets and investments while aggressively recovering outstanding risk assets, alongside verifying and paying insured sums.
“To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, major national newspapers, and through radio and television announcements.”
The NDIC emphasized that its simultaneous approach of paying insured depositors while aggressively pursuing asset sales and debt recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.
“With the significant progress recorded in asset realization, the Corporation will declare the first tranche of liquidation dividends in April 2025, to be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which governs the priority of claims.”
For clarity, the referenced section states:
“Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be available to meet its deposit liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution.”
Consequently, other claimants of the failed Heritage Bank, including creditors and shareholders, will only be considered for liquidation dividend payments after all depositors have been fully reimbursed, the NDIC added.
E-Financial
NDIC Fixes April as Time Uninsured Depositors of Heritage Bank will Receive Liquidation Dividends
Depositors of Heritage Bank (in-liquidation) with balances exceeding the insured sum of ₦5 million will be paid from the sale of physical assets and debt recovery efforts soon, the Nigeria Deposit Insurance Corporation (NDIC) announced on Sunday.
With substantial progress recorded in asset realization, the first tranche of liquidation dividends will be paid to uninsured depositors in April 2025 on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which prioritizes claims.
The clarification follows concerns raised by depositors regarding the status of their uninsured funds.
A statement issued by the NDIC’s Acting Head of Communication & Public Affairs, Hawwau Gambo, reiterated the Corporation’s commitment to ensuring timely payments.
Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023.
In line with its statutory mandate, the Corporation immediately commenced the bank’s liquidation process, including the verification and payment of insured deposits.
Providing an update on the ₦5 million maximum payout per depositor, the NDIC noted significant progress while acknowledging some challenges affecting certain depositors, including issues related to Bank Verification Numbers (BVN), Post No Debit (PND) restrictions, and Know Your Customer (KYC) limitations.
“Significant progress has been made in reimbursing insured deposits up to the ₦5 million limit per depositor.
“However, depositors yet to receive payments are largely those without Bank Verification Numbers (BVN) or alternate accounts in other banks, which are required to process payments through the Nigeria Inter-Bank Settlement System (NIBSS). Others have Post No Debit (PND) restrictions on their accounts.
“Additionally, some accounts have KYC limitations, such as Tier 1 accounts that restrict maximum lodgment of funds, while others have name mismatches requiring resolution.
“Some depositors who have already been paid may also be unaware due to a lack of mobile transaction alerts on their alternate accounts where the NDIC deposited their insured funds.
“Therefore, depositors are advised to check their alternate bank accounts, as some payments may have been processed without their immediate awareness,” the statement read.
Regarding payments to uninsured depositors, the Corporation explained:
“While depositors with balances above ₦5 million have received their insured sums, the remaining amounts will be paid as liquidation dividends, in accordance with the Corporation’s statutory mandate.
“The NDIC has made substantial progress in selling the bank’s physical assets and recovering debts to ensure that depositors with balances above the insured limit receive their payments as soon as possible.
As a demonstration of this commitment, the Corporation began realizing physical assets and investments while aggressively recovering outstanding risk assets, alongside verifying and paying insured sums.
“To ensure transparency and compliance with legal requirements, the NDIC has widely advertised the asset disposal process on its official website, social media platforms, major national newspapers, and through radio and television announcements.”
The NDIC emphasized that its simultaneous approach of paying insured depositors while aggressively pursuing asset sales and debt recovery is designed to accelerate the liquidation process and ensure that all depositors receive their funds without unnecessary delays.
“With the significant progress recorded in asset realization, the Corporation will declare the first tranche of liquidation dividends in April 2025, to be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023, which governs the priority of claims.”
For clarity, the referenced section states: “Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be available to meet its deposit liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution.”
Consequently, other claimants of the failed Heritage Bank, including creditors and shareholders, will only be considered for liquidation dividend payments after all depositors have been fully reimbursed, the NDIC added.
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