EFCC witness tells court Emefiele did not benefit from alleged $6.23m CBN cash withdrawal

An Ikeja Special Offences Court on Thursday admitted as evidence extra-judicial statements made by former Central Bank of Nigeria, CBN, Governor Godwin Emefiele in his trial for alleged abuse of office. Justice Rahman Oshodi upheld the statements as exhibits, allowing the substantive trial to proceed expeditiously. Oshodi admitted the statements and marked them as Exhibit K31 after […] Alleged $4.5bn fraud: Court admits Emefiele’s statements as exhibits

A prosecution witness in the alleged N7.8 billion fraud trial of Godwin Emefiele has told the Federal Capital Territory (FCT) high court that he deposited billions of naira in cash on behalf of the former governor of the Central Bank of Nigeria (CBN).   Richard Agulu, who testified as the third prosecution witness (PW3) before Yusuf Halilu, presiding judge, on Tuesday, said the cash was delivered by Eric Ocheme, identified as Emefiele’s personal assistant.   Agulu, a former Zenith Bank employee, made the allegation during cross-examination by Matthew Burkaa, the defendant’s counsel.   He said the funds were either paid into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services, or kept in the bank’s vault, based on instructions allegedly conveyed by Emefiele through Ocheme.     The witness told the court that throughout his time at the bank, he acted on Emefiele’s orders, receiving cash from Ocheme and disbursing as directed.   Agulu, who said he spent 17 years in the banking sector, added that withdrawals from the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services were authorised by the account signatories.   He also said he received verbal approval from his superiors to handle the transactions.     “For every transaction, I followed normal banking transaction procedures. I followed the steps for cash deposition but there are different scenarios for different transactions,” the witness said.   “There are waivers for some certain customers who can bring cash into the bank. I was not given a written approval but I was given a waiver to attend to the transaction of the defendant which was verbal from my superiors.   “I cannot mention names. I don’t want to put somebody in trouble.”   Agulu further testified that he supervised the transfer of N1.6 billion to MG Properties Limited.   Halilu subsequently adjourned the case until November 3, 4 and 5 for continuation of trial.   The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an eight-count charge bordering on alleged criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime.   Emefiele has pleaded not guilty to the charges.   Although Ocheme was mentioned in the charge, he is said to be at large.

 Jim Obazee, a prosecution witness for the Economic and Financial Crimes Commission (EFCC), has appeared before the Federal Capital Territory (FCT) high court in the ongoing trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).   Obazee testified before Hamza Muazu, the presiding judge, on Friday.   In July 2023, President Bola Tinubu appointed Obazee, former chief executive officer (CEO) of the Financial Reporting Council of Nigeria (FRCN), as a special investigator to probe the activities of the apex bank and related entities.   In the report submitted to Tinubu, the special investigator’s panel accused Emefiele of approving the “unlawful removal” of $6.23 million from the vault of the apex bank’s Abuja office.     The anti-graft agency is prosecuting Emefiele on an amended 20-count charge, bordering on conferring corrupt advantages, conspiracy, criminal breach of trust, forgery, and obtaining by false pretences to the tune of $6.23 million.   THE TESTIMONY   Dele Oyewale, EFCC spokesperson, released details of Obazee’s testimony in a statement posted on the anti-graft agency’s X account following Friday’s court proceedings.     Led in evidence by Rotimi Oyedepo, counsel to the EFCC, Obazee told the court that $6.2 million allegedly earmarked for foreign election observer mission during the 2023 election was fraudulently withdrawn from the CBN’s Abuja branch.   The EFCC witness said the withdrawal pushed the CBN’s dollar account meant for internal staff and ministries, departments, and agencies (MDAs) into a negative balance of N2.858 billion.   Obazee said the money left the Abuja branch of the bank on February 3, 2023, without proper documentation of the receiving staff.   He added the transaction should have been flagged in the CBN’s 2022 financial statement, which was signed in May 2025, and should have been identified by external auditors, Ernst & Young as well as the bank’s internal auditors.     The investigator told the court that CBN’s bank verification number (BVN) portal was non-functional for more than a month in the period leading up to the withdrawal, making it difficult for the recipient of the fund to present identification before collecting the money.   The witness said a letter from former President Muhammadu Buhari to Boss Mustapha, then secretary to the government of the federation (SGF), authorised the withdrawal of funds from the CBN for election observer logistics.   Obazee said a follow-up letter from Mustapha to Emefiele introduced Jibril Abubakar and authorised him to collect the money on behalf of the federal government.   He added that a letter from the CBN’s director of banking supervision to the branch controller authorised the release of the funds and identified the individual to collect them.     Obazee said the fund left the CBN vault without delivering any economic benefit to the federal government, the CBN, or any foreign election observer mission.   He said there is no record showing that election observers ever received the funds.     “The money was actually taken, but did not flow to the supposed beneficiaries,” he said.   The witness said Emefiele’s failure to flag the negative balance pointed to his awareness of the alleged fraudulent transaction.     Obazee said part of the money was recovered from one Bashir Maishanu, whom he said confessed to the crime and returned $856,500 to the special investigative team.   He added that the former AGF, whom he said he interviewed personally, could not explain why the $6.2 million transaction was omitted from his handover notes before leaving office in May 2023.   During cross-examination by Matthew Burkaa, defence counsel, the witness said all the persons interviewed by the special investigative team, including Emefiele, denied any involvement in or knowledge of the transaction.   The case was adjourned until October 20, 2026, for adoption of final addresses, while the defence said it would file a no-case submission on behalf of Emefiele.

The prosecution witness said the former CBN governor, Mr Emefiele, gave an approval for the alleged fraudulent withdrawal but did not benefit from the proceeds. The post Emefiele didn’t benefit from fraudulent $6.23m cash withdrawal from CBN vault – Investigator appeared first on Premium Times Nigeria.

The EFCC charged  Emefiele with criminal breach of trust, forgery, abuse of office, conspiracy to obtain by false pretence and obtaining money by false pretence while serving as CBN governor. The post Emefiele didn’t benefit from $6.2m looted in CBN – EFCC witness tells court appeared first on Vanguard News.

A witness of the Economic and Financial Crimes Commission, EFCC, Mr Okpoziakpo Eloho, on Thursday told a High Court of the Federal Capital Territory, FCT, that the former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, did not benefit from the $6,230,000, reportedly stolen from the apex bank.   The witness, a Commissioner of Police at the Fraud Unit of the Force Headquarters, Abuja, admitted that there was no evidence that Emefiele benefited from the loot either in cash or in a transfer into his account by those who admitted stealing the money.   Eloho made the clarification during cross-examination by Mathew Burka, SAN, lead counsel to the defendant.   Emefiele is being prosecuted by the anti-graft agency on alleged procurement fraud and abuse of office before Justice Hamza Muazu.   At Thursday’s proceedings Eloho, who led the police investigation of the former CBN boss, stated that Emefiele in the statement he made to the team of investigators denied ever giving approval and authorization for the release of the money to anybody.   The witness also said that the defendant also denied ever receiving any letter from the then Secretary to the Government of the Federation, Boss Mustapha, or acted on any such letter in relation to the alleged stealing.   Answering a question, CP Eloho admitted that one Jibril Abubakar appeared before his probe panel during investigation and admitted collecting the $6. 2 million from the Abuja branch of the CBN.   He also said that none of those interviewed or investigated in respect of the money told the investigators that the defendant benefitted in one way or the other.   The police commissioner said that although Jibril Abubakar claimed to be a staff in the Office of the SGF, investigation later showed that he was never an employee of the office.   The witness further stated that despite the confession of Abubakar that he collected the money from the apex bank, he (witness) was not aware of the trial of Abubakar in any law court.   Also answering a question, the EFCC witness claimed that one Bashirudeen Maishanu, a staff of the CBN, was also interrogated and he confessed to be one of those who stole the money.   The witness further stated that he was not aware of the trial of the said Maishanu and that he would be shocked if the man was promoted by CBN in spite of his confession to the stealing of the money.   When confronted with series of exhibits especially correspondences exchanged during the processing, approval and release of the looted fund, the witness admitted that protocol was breached going by the hierarchy of the management of the apex bank, adding that under normal circumstances correspondence from CBN governor ought to go to the deputy governor and from there downwards.   “I recall that on December 13, 2023, we were at Kuje correctional center where the defendant made his statement in relation to his office on the $6.2 million.   “He was confronted with the issue of the money, his approval and authorization for the release of the money.   “In the process the defendant denied he did not sign for the approval or release of the money.   “The defendant also denied receiving any letter from SGF, he also stated that the signature on the documents that related to the approval and release of the money was not his,” he said.   Answering another question on the statement made by former SGF, Boss Mustapha to the investigators, the witness told the court that it was the special investigator, Jim Obaze, that was present when Boss Mustapha claimed his signature was forged.   On the forensic examination carried out by EFCC on the signature of Boss Mustapha to verify the alleged forgery, the witness told the court that it would have been desirable to carry out similar forensic examination on Emefiele’s signature the way it was done to Boss Mustapha.   The trial continues July 3.