Emefiele, Magu, in Reps Hot Water over Virtual Currency Scheme

Emefiele appears before Osinbajo's panel
CBN Governor, Godwin Emefiele. Image: Business Day

The House of Representatives on Thursday summoned the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, CBN, and Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu over the N12 billion virtual currency scheme involving 60,000 Nigerian investors.

Alongside both men, the Inspector General of Police, Mr Ibrahim Idris, has also been ordered to appear before the House Committee on Public Petitions on May 30, 2017, Vanguard writes.

This follows a petition instituted by Philemon Gora, promoter of the virtual currency scheme, alleging that Diamond Bank unlawfully closed the scheme’s account and withheld fund deposited in the account worth N12 billion.

Gora, who assured the committee of paying all the depositors as soon as the account was unfrozen on the orders of the CBN and EFCC, said he took the matter to the office of the Attorney General of the Federation, AGF, after he was arrested severally and suffered demoralisation.

“Clients are hunting us because of the situation,” he said, noting that one of his staff had been sentenced to seven years jail term due to the crisis.

Meanwhile, Mrs. Georgina Nwankwo, CBN Executive Director, said the petitioner had been advised to resolve the matter with his banker, adding that the apex bank can only intervene if the parties couldn’t resolve it amicably.

“When a matter is in court, we don’t interfere. According to the petition we got from him, the court asked them to go back and see how the matter can be resolved. And since the matter was before the court, we couldn’t do anything. It’s unfortunate that the EFCC, the Police and Diamond Bank are not here to tell us what they have done with the judgment of the court,” she said.

The virtual fund is a Crypto currency that is traded online and has gained popularity in recent times due to ease of usage.

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