The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele continued on Thursday before the Federal Capital Territory High Court in Abuja, with a prosecution witness alleging that a $6.23 million disbursement approved by the former apex bank chief was fraudulently obtained under the guise of funding a foreign election observer mission.
Testifying before Justice H. Muazu, the 14th prosecution witness, Commissioner of Police Okpoziakpo Eloho of the Force Headquarters’ Fraud Unit, told the court that investigators concluded the transaction had no legitimate basis and described it as “pure theft.”
Led in evidence by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), the witness said the entire sum of $6,230,000 was released by the Central Bank following Emefiele’s approval.
According to him, investigators examined documents relating to the transaction, including a presidential directive marked as Exhibit PD5, and concluded that the stated purpose of funding a foreign election observer mission was merely a cover for fraudulent activity.
“The entire money was released. We saw the approval of the governor,” the witness told the court, adding that “it was pure theft. It was stolen, otherwise obtained under false pretence.”
Eloho further disclosed that investigators recovered approximately $800,000 from the allegedly diverted funds during the course of their investigation.
Under cross-examination by defence counsel Matthew Burka (SAN), the witness acknowledged that, as CBN Governor, Emefiele had authority over the bank’s funds.
He also confirmed that investigators interviewed former Secretary to the Government of the Federation (SGF), Boss Mustapha, who allegedly denied authorising one of the documents linked to the transaction, stating that a signature attributed to him did not belong to him.
The witness further testified that the individual who collected the $6.23 million was identified as Jibril Abubakar. According to the investigation, although Abubakar presented an identification card linked to the Office of the Secretary to the Government of the Federation, the staff identification number did not belong to him, and he was not an employee of the SGF’s office.
When asked whether the release of the funds followed established procedures within the Central Bank, the witness said it did not. He explained that the approval memo was sent directly from the governor to the Director of Banking Services, bypassing the normal administrative process, which he believed should have involved the Deputy Governor.
Following the day’s proceedings, Justice Muazu adjourned the matter until July 3, 2026, for the continuation of trial.
