How Emefiele and other CBN Officials Allegedly Stole $6.2 Million

Court documents have detailed the sharing of $6.2 million allegedly stolen from the Godwin Emefiele-led Central Bank of Nigeria (CBN) on February 8, 2023. 

This sum was purportedly taken under the pretense of compensating election observers, according to a special presidential investigative team led by Jim Obaze.

Insider scheme

The investigation highlighted that the theft was an inside job orchestrated mainly by CBN officials with the help of two external accomplices, Adamu Abubakar and Imam Abubakar. 

Documents revealed that Odoh Eric Ocheme, a personal assistant to Emefiele, received $3,730,000 of the stolen funds.

He claimed that this allocation was to settle other undisclosed interests within the bank. The rest of the money, amounting to $2,500,000, was divided among three other individuals.

The probe further exposed a complex network of transactions and deceit. The funds were disbursed through a series of unauthorised withdrawals and transfers that bypassed regular checks and balances within the bank.

This intricate plotting involved the creation of fictitious memos and approvals, purportedly from high-ranking officials, to mask the illegitimate nature of the transactions.

Legal Proceedings

In response to these allegations, the Economic and Financial Crimes Commission (EFCC) has charged Emefiele with complicity in the theft, an accusation he denies, pleading not guilty to a 20-count amended charge. 

Testimonies from Michael Onyeka Ogbu, a Deputy Director at the CBN, supported the withdrawal’s authenticity, claiming it was authorised by necessary personnel and accompanied by approvals from high-level offices including the President.

During court proceedings, evidence from financial records and witness testimonies painted a detailed picture of the alleged theft.

Prosecutors presented documents and electronic evidence that traced the flow of the stolen funds from the CBN to various private accounts and investments.