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CBN Governor, Godwin Emefiele Purportedly Caught On Tape Discussing Tow To Cover Up N500Bn Allegedly Stolen From The Bank

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CBN governor, Godwin Emefiele purportedly caught on tape discussing how to cover up N500bn allegedly stolen from the bank

A purported audio tape of Central Bank of Nigeria governor, Godwin Emefiele, discussing how himself and some of his senior executives would cover up a N500 billion allegedly stolen from the apex bank, has surfaced online.

 

Sahara Reporters  shared the audio tape online with claims that Emefiele and his Deputy Edward Lametek Adamu alongside the Director for Finance in the apex bank, Dayo M. Arowosegbe as well as one of the Special Advisers to the CBN Governor, Emmanuel Ukeje, were discussing on how to cover up the loss of over N500billion stolen from the CBN in a private investment that flopped.

 

Below is how Sahara Reporters shared the story

Two authentic telephone audio tapes exclusively obtained by SaharaReporters reveal how the governor and top officials of the Central Bank of Nigeria haggled over plots to conceal the loss of huge sums of monies in a Dubai investment according to sources at the bank.

Emefiele is heard saying in the audio to the deputy governor Adamu: “To avoid any serious problem is just, the government to have to agree to give us at least 100 billion cash but the government will not agree.They will kick against it”.

Expressing fear over what the opposition will say about the loss of the money which will slip Nigeria into hard times, the CBN governor can be heard in the audio saying: “How do I handle this? to which the deputy governor replied “we have to rack our brain and do something out because we can’t afford it at all, not at this time. Emefiele replies “the implication for the economy is, no no, no”.

“The opposition will say it should have depreciated in the project.

The tapes revealed how the top officials managing Nigeria’s central bank connived and conspired to cover up financial fraud which has affected the Nigerian economy.

Mr. Emefiele a former Managing Director of Zenith Bank of Nigeria was appointed by former President Goodluck Jonathan to head the CBN in June 2014.

Since assuming the governorship of the Central Bank taking over from now embattled Emor of Kano, Lamido Sanusi, it has been reported that the Central bank Governor has engaged in a series financial scams including foreign currency manipulation, money laundering and roundtripping to favor a group of politically exposed persons close to President Muhammadu Buhari.

He was the governor of the Central Bank when Nigeria slipped into the worse recession in 29 years.

Last week, Mr. Emefiele was renominated for a five-year tenure by President Buhari.

These audio clips show Emefiele discussing extensively with top officials of the bank to conceal the loss made with the shareholders’ funds from commercial banks, the monies were reportedly diverted to invest in Dubai to the tune of N500 Billion sometimes towards the end of 2018 and they reportedly lost that investment.

Emefiele repeatedly lamented the hopelessness of a way out of the problem: “I’ll have to think of a way out because we cannot afford it at all.

“The implications are just too many to even think about and damaging. We cannot allow this like this, we cannot” he said.

In the discussions captured on tape, top financial officers at the CBN blamed one Arowosegbe and at several points contemplated cooking up the books, discarding several ideas.

At some point in the conversation, they plotted to ask the federal government for the shortfall through the Ministry of Finance but decided against it to limit outside exposure.

As the conversation went on they didn’t know what to do to avoid a negative balance sheet for the shareholders’ fund entrusted to the apex bank.

SaharaReporters sources at the CBN say Mr. Emefiele and others in the bank eventually found a way out of their dilemma by diverting funds in possession of the CBN and also printing hard cold cash.

 

Listen to the audio below…

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From Studio to Spotlight: Meet Espago, the 2025 Breakout Artist Shaping Afro‑Fusion

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At 31, Lagos-born Espago is redefining what it means to be a late bloomer in the Nigerian music
space. After spending years as a chef, designer, and farmer, Espago turned to music just a year
ago on a journey sparked by deep loss, life experience, and self-discovery.
What makes him different? It’s not just his sound, it’s his story. Espago brings a calm but
confident energy that mirrors his Lagos upbringing: a blend of vibrant Fuji rhythms and soulful
Afrobeat traditions like King Sunny Ade, shaped by global legends like Michael Jackson and
Celine Dion. His voice? Professionally trained. His brand? Stylish, grounded, and intentional.
Espago didn’t wait for the industry to find him; he found his own way in, teaching himself,
searching out producers, and building his identity from scratch. With no major label backing and
no big-name features, he has still built a brand marked by boldness, emotion, and Lagos street
authenticity.
He’s not just making music; he’s building a lifestyle brand. His creative roots are in food,
fashion, and music fused into something richer than just a “sound.” It’s a full experience. While
he hasn’t performed live yet, he’s putting in the work behind the scenes, mentoring new artists,
recording regularly to sharpen his voice and brand for bigger stages ahead.
In a scene dominated by speed, Espago’s journey is about intentional growth, honest
expression, and emotional connection.
As the new class of Afro‑HipHop begins to take shape, Espago stands out not just for what he’s
making, but for who he is becoming.

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Edo Phenom Derriq Wants to Put Benin City on the Global Map

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Rising artist Derriq isn’t just making music for entertainment; he’s building a legacy rooted in culture, resilience, and pride. The Lagos-based Afro-soul and Afrobeats singer has his eyes set on something bigger than streaming numbers: putting his hometown of Benin City on the global creative map is his dream.
A native of Edo State, Derriq’s musical journey began as a child organizing school parties just for the chance to perform. Since then, he’s gone from studio assistant to full-fledged artist, releasing impactful tracks like “Position,” “Vibration,” and “Confidence.” His sound, described as smooth, calm, and party-ready, reflects the duality of his personality: laid-back yet determined, quiet but powerful.
Derriq is more than just a promising name on Nigeria’s growing music roster; he’s a symbol of the next generation of artists who blend regional identity with global appeal using his distinctive voice, a strong sense of direction, and his signature slang “Yehboo! Yezaiii!” making waves among fans, Derriq is proving that cultural authenticity still cuts through the noise.
His next single, “Omo n’ Ogie,” is a tribute to his heritage and a signal that he’s just getting started. Keep your eyes on Derriq, he’s not just singing for the moment, he’s singing for a movement.
Follow @DerriqMusic on all social platforms
For interviews and press: derriqmusic@gmail.com

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The Newspapers – Things You Need To Know This Sunday

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Good morning! Here is today’s summary from Nigerian Newspapers:

1. President Bola Tinubu will address the nation in a broadcast today, Sunday, August 4, 2024. Mr Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday, saying the broadcast would hold at 7am.

2. The Commissioner of Police in Borno State, Yusuf Lawal, on Saturday confirmed the killing of four persons along Baga Road in Maiduguri, Borno State during the nationwide #EndBadGoverment protest. He said Boko Haram elements infiltrated the protesters and killed four persons on Thursday with explosives at a filling station.

3. Many persons have been feared killed while others sustained injuries as hoodlums clashed with security operatives in Kano. It was gathered that Rijiyar Lemo, Kurna to Bachirawa areas in Fagge Local Government, Kofar Nassarawa in Kano municipal and Unguwa Uku area of Tarauni Local Government are the worst hit areas.

4. The leadership of the organised labour, on Saturday, warned the Nigeria Police Force and other security forces to stop what it described as a “massacre” of protesters carrying out nationwide demonstrations against hunger in the land.

5. Leading Human Rights group, Amnesty International Nigeria, has said over 50 protesters were arrested in Abuja on the third day of the demonstration against hardship in the land.

6. Former Vice-President Atiku Abubakar has urged the police and other security agencies to stop shooting and killing protesters demanding good governance in Nigeria. Atiku in a statement on Saturday, questioned the professionalism of the security agencies in the handling of the ongoing demonstrations.

7. Some of the organisers and supporters of the ongoing protest have set up pages to raise over N4bn through GoFundMe, a popular online crowdfunding platform. A check on Saturday showed that a total of N4.1bn had been benchmarked to be donated through accounts created by three GoFundMe users.

8. Tragedy struck again in Imo State on Saturday evening when some gunmen reportedly shot dead the President-General of Umucheke Okwe autonomous community in Onuimo Local Government Area of Imo State, Hyginus Ohazurike. Six village heads from the autonomous community were also allegedly killed by the gunmen.

9. The Federal Capital Territory Commissioner of Police, Bennett Igweh has said his men were not responsible for the death of a teenager in the Kubwa area of the FCT. In a viral video, a man claimed that police, while dispersing protesters, shot dead a teenager in the Kubwa area.

10. The Minister of Budget and Economic Planning, Atiku Bagudu has said President Bola Tinubu is keeping an eye on the ongoing #EndBadGovernance demonstrations across the country.

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