Zenith Bank chair, Jim Ovia battles to save stooge, Godwin Emefiele, amid corruption allegations

Report making the rounds indicates that Zenith Bank chairman, Mr. Jim Ovia is currently making some underground moves to get soft-landing for his alleged stooge, Godwin Emefiele, the failed and embattled former Governor of the Central Bank of Nigeria, CBN, who is being prosecuted over corruption allegations.

It is unlikely that in his storied and sensational life, Godwin Emefiele has been more harangued than he has been in the last couple of months.

Eventually, like all man-made deities, he lost his mojo and stopped resembling a ‘god’ or something like it.

Since he was given the boot from his hitherto exalted position as Governor, Central Bank of Nigeria (CBN), life started to fall apart for the embattled native of Agbor, Delta State.

Dignity and peace have deserted his world, and patronage has dwindled to nil, like the last fading smile of a cosmic Cheshire cat.

But while his cronies and business associates desert him. His godfather cum Chairman of Zenith Bank, Jim Ovia, has stood resolutely by him through this critical period in his life.

It is expected of Ovia to assist him during this period. Emefiele’s loyalty to Ovia knows no bounds; so devoted was he to Ovia that the latter must assent any decision he takes as Governor of CBN. Anyone seeking to do business with CBN must, first, seek a backdoor approach through Ovia to get Emefiele to play ball.

Even after he had initially refused access and the Apex bank’s facilities to anyone, if the latter could manage to secure Ovia’s support, and get him to call him, the business will sail through.

As you read, Emefiele is caught up in the turbulence that results from dabbling too deep in crooked commerce – as a result of humouring the whims and patronage of his friends and godfather in high places.

As the chickens come home to roost, he has been running helter-skelter in search of reprieve, like a sewer rat fleeing the onslaught of an unrelenting charwoman.

Emefiele certainly forgot that those who summon the storm must never cringe from a storm cloud. Yet having beckoned the storm, he cringes from its ravage.

There is no gainsaying the former CBN governor has fallen with a crushing thud ever since he became a person of interest to security and anti-graft agencies, the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) respectively. His reputation has suffered impairment, like a threadbare garment.

The Economic and Financial Crimes Commission (EFCC) opened the trial of the former CBN governor at the Lagos State Special Offences Court in Ikeja on Friday, by calling its first witness.

Monday Osazuwa, a senior supervisor at the CBN, testified in the trial on fresh 26 counts, including alleged $4.5 billion and N2.8 billion fraud, filed against Emefiele, and his co-defendant, Henry Omoile.

The charges include alleged abuse of office, contrary and punishable under Section 73 of the Criminal Law of Lagos 2011; accepting gratification, contrary and punishable under Section 8 of the Corrupt Practices and Other Related Offences Act 2000; corrupt demand, contrary and punishable under Section 10 of the Corrupt Practices and Other Related Offences Act 2000.

They also include receiving property fraudulently obtained, contrary to and punishable under Section 328 of the Criminal Law of Lagos 2011; and conferring corrupt advantage, contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000.

Omoile faces only three of the 26 counts, which relate to acceptance of gifts by agents, contrary to Section 65 of the Criminal Law of Lagos State 2015.

Osazuwa traced his over two-decade relationship with Emefiele to Zenith Bank Plc where they both worked before transitioning to the central bank in 2014.

Osazuwa, who was led in evidence in chief by the Economic and Financial Crimes Commission’s counsel, Rotimi Oyedepo (SAN), told the Court that he had been a dispatch rider at Zenith Bank since 2001 before joining the CBN as a contract staff member in 2014.

The witness, who testified before Justice Raman Oshodi, said he was later appointed as a senior supervisor (full-time) in charge of recording and filing documents while working in the CBN Governor’s office in Lagos.

He stated that when he collected money for his boss (Emefiele), he would take it to his residence at Iru Close, Ikoyi, Lagos.

“The highest amount I collected was $1m, all in cash. Some weeks later, the businessman also called me, and I collected $850,000, $750,000, and $400,000 in cash in different tranches.

“I have never been rewarded, paid, or given anything. I was doing it out of faithfulness, and he knows it, but he never once said, ‘Take this,” the witness said.

Recall that the EFCC arraigned Emefiele on Monday, April 8, on 23 counts bordering on abuse of office.

He is being tried for alleged abuse of office and fraud to the tune of $4.5 billion and N2.8 billion.

Meanwhile, Justice Oshodi had granted Emefiele bail in the sum of N50 million.

There is no gainsaying Emefiele danced too close to the balefire and he got burned, leaving the vivid air soured with his charred aspects.

It would be recalled that he was appointed as the CBN chief by former President, Goodluck Jonathan, in 2014, and remained in office all through the eight-year tenure of the immediate past President, Muhammadu Buhari.

Osazuwa’s testimony is the most recent amid a litany of efforts by anti-graft agencies to prosecute Emefiele, since his suspension as CBN governor by President Bola Tinubu.

See also Inside Jim Ovia’s multi-million dollar mansion in Agbor
However, his friends in his high places have risen in his defence since his ordeal began.

THE EMEFIELE-OVIA CONNECTION

Few people would forget in a hurry, how Jim Ovia, using his influence as Chairman of Zenith Bank, nominated the then former Group Managing Director (GMD) of Zenith Bank, Godwin Emefiele, to President Goodluck Jonathan for consideration as CBN governor. President Jonathan had indeed offered Ovia the job in compensation for Ovia’s support to his emergence as Nigeria’s Head of State.

Predictably, the Zenith Bank chairman was thrilled and eager to take the offer until some of friends suggested that he nominated a stooge who will always be answerable to him for the position. That stooge was Godwin Emefiele.

As it is the case with most stooges and errand boys, Emefiele, persistently scurried to his master, Ovia, to help him take all the crucial and business decisions.

At a point, he was stuck between the devil and the deep blue sea; going forth was a great difficulty and turning back proved even far more tedious exercise – by the time the storms calmed to the nudge of pliant winds, Emefiele, has waded too deep in the murky waters of rancid economics and hideous politics.

These revelations about how EFCC charged Emefiele with 23 counts that included abuse of office, accepting gratuities, corrupt solicitation, receiving fraudulently obtained property, and providing corrupt advantages, have sent shockwaves throughout the nation, raising concerns about integrity, collusion, and potential abuse of power.

As his trial commenced, Jim Ovia, his supportive godfather has stood by him, using his connections to explore the possibility of a soft-landing for the embattled former CBN governor.

THE 26-COUNT CHARGE AGAINST EMEFIELE

In the details published by the EFCC, only 18 out of the 26 counts are directly related to the former CBN governor.

In count one, Emefiele is accused of “allocating forex of $2,136,391,737.33 without bid”.

In count two, he was said to have allocated forex of $291,945,785.59 without bid”.

Count three alleges “abuse of office by special allocating of forex of $1,769,254,793.16”.

Count four alleges “abuse of office by special allocating of forex of $370,872,893.01”.

Count eight borders on “corruptly received $26,552,000 from NIPCO Plc”.

Count nine accuses the ex-CBN governor of corruptly receiving $740,000 from NIPCO Plc.

In count 10, Emefiele was said to have “corruptly received $2,410,000 from Raja Punjab on account of forex to his employer”.

Count 11 states that he “corruptly received $6,320,000 from Raja Punjab on account of forex to his employer”.

Count 12 states he “corruptly received $7,720,000 from Raja Punjab on account of forex to his employer”.

Count 13 accuses him of corruptly receiving $850,000 from Raja Punjab on account of forex to his employer.

Count 18 accuses him of corruptly receiving $400,000 from Source Computer Ltd as a kickback for a contract award.

In count 19, Emefiele “corruptly received $200,000 from Source Computer Ltd as a kickback for contract award”.

In count 21, he “conferred corrupt advantage on his associate, Limelight Multidimensional Services Ltd to the tune of N900,216,324.21”.

In count 22, he “conferred corrupt advantage on his associate, Limelight Multidimensional Services Ltd to the tune of N1,060,030,249.42”.

In count 23 he is also alleged to have conferred corrupt advantage on his associate, Comec Support Services Ltd to the tune of N149,001,009.70.

Count 24 Emefiele “conferred corrupt advantage on his associate, Comec Support Services Ltd to the tune of N151,168,458.73”.

Count 25, he “conferred corrupt advantage on his associate, Adswin Resources Solution Ltd to the tune of N398,031,732.32”.

Count 26, Emefiele “conferred corrupt advantage on his associate, Adswin Resources Solution Ltd to the tune of N204,992,739.51”.

Credit: TheCapital.NG