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Auditor-General indicts CBN over recycled N29.7bn dirty banknotes

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The Office of the Auditor-General of the Federation has accused the Central Bank of Nigeria, under the leadership of the former Governor, Godwin Emefiele, of re-circulating dirty and unfit banknotes valued at N29.77bn in violation of the apex bank’s own Clean Note Policy.

The allegation is contained in the newly released Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses in MDAs for the year ended December 31, 2022, which detailed how several CBN branches issued out banknotes already classified as “Counted Audited Dirty”, a category of notes formally processed and certified as unfit for circulation.

According to the audit report, the CBN released the condemned notes across Abuja, Lagos, Bauchi and Jos branches between April and December 2022. The Abuja branch accounted for the bulk of the re-issued notes, with N28.615bn released between October and December 2022.

The Lagos branch issued N970m in December 2022, while Bauchi released N30m in April of the same year. The Jos branch issued N50m and N100m on May 16 and May 27, 2022, respectively.

The report stated, “Audit observed that Counted Audited Dirty banknotes amounting to N29,765,000,000.00 were re-circulated into the system by the Central Bank of Nigeria,” noting that the action contravened the Clean Note Policy Version 0.1 (2018), which states that only authenticated fit notes may be issued into circulation, while unfit notes must not be released by the CBN or commercial banks.

The audit team attributed the violation to weaknesses in the CBN’s internal control systems. It warned that the irregular release of dirty notes could expose the country to reputational damage and reduce note durability.

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In response, the CBN offered varying explanations for the breach across the implicated branches. The Abuja branch blamed the COVID-19 pandemic for operational disruptions, saying the scarcity of cash at the time forced the bank to supply dirty notes to “meet cash shortfalls.”

The Bauchi branch denied issuing unfit notes, while the Jos branch said the release was necessitated by military cash demands during periods of heightened insecurity. The Lagos branch attributed its action to increased cash demand during the Christmas season.

However, the Auditor-General rejected all explanations, describing them as “not satisfactory.” The report insisted that the findings would remain valid until the CBN implemented corrective measures.

It then recommended that the Governor of the CBN be summoned by the Public Accounts Committees of the National Assembly to justify the breaches. Where such justification fails, it advises the application of sanctions under the Financial Regulations, which prescribe penalties for gross misconduct by public officials.

The PUNCH observed that the recirculation of dirty notes coincided with the CBN’s controversial naira redesign programme, announced on October 26, 2022. The accelerated rollout triggered a nationwide cash crunch, legal disputes, and, eventually, a Supreme Court ruling that extended the validity of old notes after the deadline had collapsed.

The audit document also highlighted a separate concern involving the delayed destruction of unfit notes. It revealed that 997 boxes of N10 notes valued at N99.7m, declared unfit since November 2021, were still in the vault as of October 2023.

Also, 695 boxes of N500 notes valued at N3.475bn, processed between October and November 2022, were yet to be destroyed. In total, N3.57bn in condemned notes had accumulated due to delays in the briquetting and disposal processes.

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The audit warned that the delay created risks of pilferage, loss of public funds, and inefficiency in the bank’s currency management system. The CBN responded that briquetting activities had started and destruction of the notes was ongoing, but auditors again rejected the explanation and maintained their findings.

The revelations add to the scrutiny surrounding Emefiele’s leadership of the CBN. The former governor, who is already facing several corruption and abuse-of-office charges, has been repeatedly accused by government investigators of breaching financial regulations during his tenure.

Although the audit report does not indict him personally, it places responsibility on the CBN management during the period for violating cash-handling protocols and failing to maintain proper internal controls.

However, the Federal Government, through the Economic and Financial Crimes Commission and the Office of the Attorney-General of the Federation, is prosecuting Emefiele in multiple courts, including a major 19-count fraud case in Lagos and an amended 20-count procurement case in Abuja.

Emefiele is also battling several other corruption and forex-allocation charges pending before both the Federal High Court and the FCT High Court. The audit office recommended that the National Assembly should summon CBN officials to defend the breaches.

The PUNCH earlier in April 2023 reported that bank workers and customers lamented the quality of the old naira notes reintroduced into circulation by the CBN, amidst the gradual disappearance of the new notes.

According to the PUNCH report, bank tellers, who pay cash to customers, and workers in bulk rooms, who collect large cash deposits from depositors, were apprehensive that the dirty, mutilated notes could spread diseases.

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Reps order IG to produce fake, PFIPC agency DG Adeyemi within 48 hours

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The House of Representatives Committee investigating the operations of the controversial Presidential Foreign Investment Promotion Council has directed the Inspector-General of Police, Olatunji Disu, to produce the self-acclaimed Director-General of the organisation, Adeyemi Adeniyi, before it on Wednesday.

The directive was issued on Monday during the resumed investigative hearing at the National Assembly Complex, Abuja.

Representing the IG, Assistant Commissioner of Police, Bashir Abdullahi, appeared before the committee and was instructed to ensure Adeyemi’s appearance by noon on Wednesday to assist lawmakers in their ongoing investigation into the activities of the organisation.

The committee is probing the circumstances under which the PFIPC, despite not being legally established, allegedly secured office accommodation in Phase III of the Federal Secretariat Complex in Abuja and received a budgetary allocation of ₦1.32bn in the 2026 Appropriation Act.

The directive followed the Nigeria Police Force’s confirmation of key aspects of its criminal investigation, including petitions from the Office of the Chief of Staff to the President alleging that Adeyemi fraudulently presented himself as the Director-General of both the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council.

The Committee Chairman, Yusuf Gagdi, said Adeyemi’s appearance had become imperative given the seriousness of the allegations and the institutions implicated in the matter.

“This committee clearly needs the suspected DG to appear before this committee. People’s names are involved. People’s integrity are involved. Institutional names are involved. Institutional integrity is involved.

“It is not an option now. We will need him here to confirm some documents to us in such a way that will not undermine our investigation to enable us to submit our report on time,” Gagdi said.

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The committee subsequently directed its clerk to formally communicate its resolution to the Inspector-General of Police.

“The committee hereby resolves that the Inspector-General of Police of the Federal Republic of Nigeria do kindly present Mr Adeyemi on Wednesday by 12 noon. That is the ruling of the committee,” Gagdi declared.

Earlier, ACP Abdullahi informed lawmakers that although investigations were ongoing, the police had already filed an eight-count charge against Adeyemi before the Federal High Court.

“The Nigerian Police Force investigated part of this case late last year and filed eight-count charges before a Federal High Court. The case is ongoing,” he said.

He disclosed that the suspect had been arrested and arraigned, but cautioned against making public disclosures that could prejudice the ongoing investigation or judicial proceedings.

“We don’t want to say things that are under investigation. It is definitely going to prejudice the ongoing investigation and make people have opinions that may prejudge the outcome of an investigation or judicial decision,” Abdullahi stated.

Despite the police’s reservations, the committee sought confirmation of documentary evidence already in its possession.

The police confirmed that on October 17, 2025, the Office of the Chief of Staff to the President petitioned security agencies over allegations against Adeyemi, prompting investigations that culminated in criminal charges bordering on conspiracy and fraud.

Investigators also confirmed receiving another petition alleging that Adeyemi falsely presented himself as the Director-General of both the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council.

According to the police, the petition alleged that Adeyemi used the purported office to obtain accommodation within the Federal Secretariat, sought approval to recruit about 300 personnel, attempted to secure a $1.3 billion allocation in the 2026 Appropriation Act for the non-existent agency, and planned to organise a World Investment Summit under the platform of the purported council.

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One of the highlights of the hearing came when the committee compared signatures on documents allegedly issued from the Office of the Chief of Staff to the President with signatures on authentic official correspondence obtained by the police.

When asked whether the signatures matched, the police witness responded unequivocally,”They are not the same.”

The committee said the discrepancy reinforced concerns that official State House documents may have been forged.

Gagdi further asked, “So, it is not only a letter that was suspected to be forged? We are dealing with documents that include what is said to be a forged Act of the National Assembly in an attempt to establish a fake agency,” he added.

Gagdi disclosed that investigators had identified about 29 allegedly forged documents, including purported approvals from the State House, the Office of the Head of the Civil Service of the Federation, the Office of the Secretary to the Government of the Federation, the Ministry of Finance and several other government institutions.

According to him, representatives of many of the affected agencies had already appeared before the committee and disowned the documents attributed to their offices.

Gagdi, however, stressed that the committee had deliberately avoided compelling the police to disclose information that could compromise ongoing criminal investigations.

“We are avoiding a situation whereby they will be pushed to make statements that will undermine their ongoing investigation,” he added.

He assured that the House investigation would continue independently and that its final report could recommend further action by relevant security agencies.

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Forged state house letter used to create fake PFIPC agency, Acct-General reveals

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The House of Representatives’ investigation into the operations of the controversial Presidential Foreign Investment Promotion Council took a dramatic turn on Monday after the Accountant-General of the Federation, Shamseldeen Ogunjimi, revealed that a forged State House letter was used to obtain official government recognition for the ‘fake’ agency.

Appearing before the House Ad Hoc Committee probing the circumstances surrounding the establishment and operations of the council, Ogunjimi disclosed that the Office of the Accountant-General acted on what appeared to be an authentic correspondence from the presidency requesting the creation of an administrative code for the PIFPC, only for investigations to later establish that the letter did not originate from the State House.

The revelation is the latest in a series of disclosures before the committee, which is investigating how a non-existent presidential agency allegedly secured office accommodation in the Federal Secretariat, sought budgetary allocations, recruited personnel and obtained official government recognition through what investigators believe were forged documents.

Presenting his report, Ogunjimi said the Office of the Accountant-General first interacted with the purported council in November 2024.

According to him, “a letter dated November 7, 2024, bearing a State House reference number, requested the creation of an administrative code for the Presidential Economic Advisory Council to facilitate budgeting, accounting and financial reporting.”

He explained that, in line with established procedures, “the Office of the Accountant-General processed the request, created the administrative code and communicated its approval to the State House,” with a copy sent to the Office of the Auditor-General for the Federation.

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Following that approval, the office received additional requests from the purported council, including applications for self-accounting status, deployment of personnel, opening of Treasury Single Account and domiciliary accounts, as well as funding approvals.

Ogunjimi, however, stressed that although some administrative processes were carried out, no public funds were ever released to the council.

“It is important to note that no funds were released under salaries, overhead, capital, or any form of intervention or special allocation to the council,” Ogunjimi told the committee.

He further disclosed that while the council requested an establishment grant of ₦27.4bn, the application was rejected because there was no budgetary provision for such expenditure.

The Accountant-General also explained that although the Central Bank of Nigeria opened two domiciliary accounts for the organisation to receive inflows, the accounts never became operational because the council failed to satisfy the regulatory conditions required for their activation.

Lawmakers expressed concern over how the purported agency was able to navigate several layers of government bureaucracy without raising suspicion.

Responding, Ogunjimi made what committee members described as one of the most significant revelations of the hearing.

“The letter that was received by the Treasury was respectfully addressed as coming from the State House. That letter was never issued by the State House”, he said

The disclosure prompted members of the committee to conclude that a “hijacked” State House letter had allegedly been used to mislead government institutions into processing official requests for an agency that had no legal existence.

The committee also questioned how civil servants originally posted to the Office of the Chief Economic Adviser to the President eventually became attached to the purported council without the knowledge of the Office of the Accountant-General.

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Ogunjimi explained that two officers deployed to the Office of the Chief Economic Adviser in 2010 and 2013 remained in the office after it was allegedly taken over by the new council, but no formal communication was sent to the treasury notifying it of any change.

“It was never assumed or written to us that those two officers were being taken over. The staff also never reported to the office to say that another council had taken over the office and the name had changed. As far as I was concerned, we were dealing with a new agency, not the Office of the Chief Economic Adviser,” he said.

He further disclosed that when the purported council later requested the deployment of five additional officers, the treasury approved only three after determining that the organisation’s size did not justify the number requested.

“It was when all this matter came to light that I got to know that two of our staff were actually working or being absorbed by the agency. We never knew. We believed, based on the records available to us, that those officers were still with the Office of the Chief Economic Adviser,” he added.

The ongoing House investigation centres on allegations that forged presidential approvals, counterfeit State House correspondence, fake Acts of the National Assembly and other falsified government documents were used to create and operate the purported Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council.

The committee has already heard evidence from the Nigeria Police Force, which confirmed that criminal charges bordering on conspiracy and fraud have been filed against the prime suspect, Adeyemi Adeniyi, at the Federal High Court.

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At its sitting on Monday, the committee also directed the Inspector-General of Police to produce Adeyemi before lawmakers by noon on Wednesday to answer questions relating to the alleged forgery of official government documents and the operations of the purported presidential agency.

The committee is expected to conclude its investigation with recommendations on possible administrative, legislative and criminal actions against those found culpable.

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See full list of African countries that do not need proof of funds for UK’s student visa

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The United Kingdom on Monday updated its financial requirements for applicants seeking Student and Child Student visas, retaining stricter evidence rules while exempting nationals of only three African countries from submitting proof of funds at the point of application.

The updated guidance, published by the UK government on its website, listed Botswana, Mauritius and Tunisia as the only African countries whose nationals will not be required to provide financial evidence upfront unless requested during the visa decision-making process.

Other countries on the exemption list include Australia, Canada, China, Japan, New Zealand, Singapore, the United States, France, Germany, Italy, Spain, the United Arab Emirates and Qatar, among others.

Despite the exemption, the UK clarified that applicants from the listed countries must still meet all financial requirements and could be asked to provide evidence during the application process.

The guidance stated, “You must meet the financial requirements for this route when you apply; however, you may not need to submit evidence upfront as part of your application. In these circumstances, the decision maker may still request the evidence from you during the application process to prove you meet the financial requirements.”

The development means applicants from major African source countries for UK education, including Nigeria, Ghana, Kenya, South Africa, Egypt and others not listed, will continue to submit financial documents as part of their visa applications.

Under the revised rules, applicants for a Student visa must demonstrate they have sufficient funds to cover tuition fees as stated on their Confirmation of Acceptance for Studies and living expenses.

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Students studying outside London are required to show they have £1,171 for each month of their course, up to a maximum of nine months, while those studying in London must show £1,529 per month for the same period.

Applicants travelling with dependants must also show additional funds. Those studying outside London must have £680 per month for each dependant, while applicants studying in London must show £845 monthly for each dependant, both for up to nine months.

For Child Student visa applicants, the required maintenance funds vary depending on their living arrangements, including boarding school accommodation, foster care, residence with parents or legal guardians, or independent living for eligible 16 and 17-year-olds.

The UK government also outlined acceptable sources of funds, including government-backed student loans, official financial sponsorship, personal savings and money belonging to parents or eligible partners.

However, it said applicants cannot rely on overdrafts, cryptocurrency holdings, stocks and shares, pensions or funds kept in unregulated financial institutions.

The guidance further requires applicants using personal or family funds to show that the required amount has been held for at least 28 consecutive days before the application, with financial evidence dated no more than 31 days before submission.

The UK also maintained exemptions from providing financial evidence for certain categories of applicants, including those applying to extend their stay after spending at least 12 months in the country on a valid visa, Student Union Sabbatical Officers, doctors and dentists in training, and applicants whose nationality qualifies for the reduced documentary requirement.

The latest update comes as the UK continues to tighten oversight of its international student visa system while maintaining financial eligibility requirements for prospective students seeking to study in the country.

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