EXCLUSIVE: Godwin Emefiele Arrested For Alleged Involvement In Several Crimes

The suspended Governor of Central Bank of Nigeria, Godwin Emefiele, has been arrested by DSS.

He was arrested by DSS on Friday. The arrest was reported shortly after President Bola Tinubu suspended Emefiele. According to the president, Emefiele was suspended due to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Prior to Emefiele’s suspension, the DSS, on December 7, 2022, in an exparte application with reference no: FHC/ABJ/CS/2255/2022, sought an order to arrest the CBN Governor.

The security agency accused Emefiele of financing terrorism, fraudulent activities and economic crimes of national security dimension.
The Chief Judge of the Federal High Court, Justice J.T Tsoho, however, refused to grant the application of the DSS. The court said such an application should have been accompanied with the presidential approval because of the grave implications for the Nigerian economy if the CBN governor is arrested and detained.

Emefiele’s Alleged Involvement With Funtua ⬇️

The Funtua group purchased Etisalat, despite not having met the conditions set by NCC, they edged out one Adrian Woods out of the management and turned him into an insignificant shareholder.


Investigations into the deal reveal the following that Mubadala Development Company, a subsidiary of United Arab Emirates Sovereign Wealth Fund, (major shareholders of Etisalat Nigeria) pulled out from Etisalat Nigeria sometime in May 2017.


Etisalat was indebted to a syndicate of about 13 Banks in Nigeria to the tune of $1,200,000,000.00.USD, $1.2billion (secured by shares of Etisalat) and could not meet its financial obligations to its creditors.

The Banks, according to investigations, attempted to take over Etisalat Nigeria and place the company under receivership but for Nigeria Communication Commission (NCC) and Central Bank of Nigeria (CBN) intervention, the old board was dissolved, and an interim board set up.


Investigations revealed that it was while the interim board was still in place that the shares of 9Mobile were transferred and kept under trusteeship with United Capital Trustees Ltd. The syndicate Banks also appointed Barclays Africa now ABSA group to help them oversee the sale of Etisalat Nigeria shares to new investors.


During the sale process, five major companies were selected among fifteen. They include Airtel Nigeria, Smile Nigeria, Teleology Nigeria Ltd, Globacom, and Helios Investment Partners. Out of the five companies shortlisted Teleology Nigeria Ltd emerged as the preferred bidder while Smile Nigeria Ltd became the reserved bidder.


Investigations reveal that the CBN Governor pressured the Nigerian Communications Commission, NCC, to approve the sale at all costs without meeting 90% of the conditions of the NCC. NCC board was coerced by the CBN Governor using maximum pressure on the excuse that Isa Funtua was of the presidency and that they should oblige.


Investigations reveal that at this point Teleology Nigeria Ltd was asked to pay a total sum of $301,100,000.00 USD, ($301.1million). Teleology Nigeria Ltd sourced the sum of $251, 100,000.00 USD from Afrexim Bank, while the balance of $50,000,000.00 was paid through their local account.


The critical question which beats one’s imagination is the voodoo method adopted by Godwin Emefiele to facilitate the sourcing of the $50,000,000.00 deposit paid by Teleology Nigeria Ltd. The investigation into this carefully crafted fraud will reveal the true ownership of 9-Mobile.

Emefiele’s Alleged Involvement With Titan Trust Bank ⬇️

Titan Trust Bank (TTB) is a relatively new banking brand with only two active offices in Lagos, Nigeria’s commercial nerve centre, as at the time it acquired Union Bank Plc.

Agreeably, miracles still happen in this “wonderful” part of the world. However, it is also a fact that Titan Trust Bank’s sudden rise to the point of acquiring Union Bank Plc, a massive banking brand with a whopping significantly large asset size of about $4.9 billion (N2.59 trillion) according to its FY2021 audited financial statements, remains a mystery and an algebra without mathematical solution.

Titan Trust Bank is barely three years. More so, the bank is just finding its feet in the highly competitive Nigerian banking industry. As such, some people wondered where it could possibly get funds to facilitate the planned acquisition could actually come to fruition.

On June 6, 2022, the African Export Import Bank (Afreximbank) announced that it had disbursed the sum of $300 million to help complement the total amount needed by Titan Trust Bank to finalise the acquisiton of Union Bank. Afreximbank noted that the said fund was disbursed under its Intra-African Investment Financing Facility.

But from all calculations, it appears as if all the companies involved in acquisition have not exactly disclosed how much it had actually cost Titan Trust to acquire Union Bank. As we pointed out earlier, Union Bank had a total asset value of $4.9 billion as of December 2021.

So even with the $300 million from Afreximbank, a lot more money would have still been needed to facilitate the deal. And it’s most likely that Titan Trust secured funding from other sources besides Afreximbank which it deliberately refused to mention.

The fact that Titan Trust Bank’s National Banking License is the first National Banking License that the Central Bank of Nigeria has granted in the last ten years, since former Central Bank Governor Chukwuma Soludo enacted the N25 billion capitalization funds directive for National banks in Nigeria, is one of such factors that also warrants further investigation.

The above is a question most netizens including those in the banking industry have been asking since Titan Trust Bank miraculously acquired Union Bank.

However, according to an ongoing investigation by an online newspaper, current Central Bank Governor Godwin Emefiele is the owner of Titan Trust Bank and has allegedly put in the hands of his cronies to run.

Also, there are also strong indications that the CBN Governor who is also allegedly among the highest shareholders in Union Bank Plc may have played major role in the acquisition of the bank’s shares by TTB.

The Question now is , are all these accusations true? Although at this point DSS has refused to confirm or deny Emefiele’s Arrest.

Below are some alleged crimes on Godwin Emefiele;

Money laundering, fraud, mismanagement of interventionist funds. The SSS also accused Mr Emefiele of “fraud, money laundering, round tripping and conferment of financial benefit to self and others.

Culled from Cutie Juls