The trial of former Godwin Emefiele continued on Tuesday as a prosecution witness told the court that suspects linked to the case confessed to the fraudulent withdrawal of $6.23 million from the apex bank.

Testifying before the Federal Capital Territory High Court in Maitama, a Commissioner of Police, Eloho Okpoziakpo, said investigations revealed that the funds were illegally withdrawn from the Central Bank of Nigeria (CBN).

Witness Details Investigation

Okpoziakpo, who appeared as the 14th prosecution witness, told the court he was part of a special investigative team led by Jim Obaze, appointed by President Bola Tinubu.

According to him, the team was responsible for interrogating suspects, gathering intelligence, and reviewing documents linked to the alleged fraud.

He stated that some individuals involved in the transaction admitted during questioning that the money was unlawfully withdrawn.

“Investigation revealed that the money was fraudulently taken because some of the suspects confessed,” he told the court.

Controversial Withdrawal Linked to Election Observers

The witness explained that the $6.23 million was reportedly requested for international election observers during the 2023 general elections.

However, he said the Office of the Secretary to the Government of the Federation denied making such a request when contacted by investigators.

He added that documents used to process the withdrawal included a request memo and a letter conveying what was presented as presidential approval under former President Muhammadu Buhari.

Charges Against Emefiele

Emefiele is facing a 20-count charge filed by the Economic and Financial Crimes Commission (EFCC).

The charges include:

• Criminal breach of trust
• Forgery
• Abuse of office
• Conspiracy
• Obtaining money by false pretence
• The alleged offences involve $6.23 million.

The EFCC also accused the former CBN governor of conferring corrupt advantages on two companies — April 1616 Nigeria Ltd and Architekon Nigeria Ltd.

Emefiele has pleaded not guilty to all charges.

Key Evidence Presented

The witness told the court that several documents were recovered from the CBN Abuja branch where the funds were withdrawn.

He identified exhibits detailing:

• The disbursement of the funds in $100 denominations
• Internal approval memos authorising payment
• Correspondence linked to the request
• Court Adjourns Proceedings

Presiding judge, Justice Hamza Muazu, adjourned the case to July 2, 2026, for continuation of hearing.

The court had earlier issued a subpoena directing both the witness and lead investigator to testify and present evidence relating to the case, including materials connected to the naira redesign policy.

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Justice Rahman Oshodi of the Lagos State Special Offences Court, Ikeja, has dismissed the defence’s recusal application.

Olalekan Ojo, leading the defence, argued that previous rulings by the judge indicated a strong likelihood of bias.

During Monday’s session, prosecution witness John Adetola confirmed receiving $400,000 from John Ayoh and delivering it to Emefiele.

The prosecution also sought to authenticate WhatsApp messages allegedly obtained from the mobile phone of Emefiele’s associate, Omoile.

However, the defence objected, insisting the document was only identified and could not be tendered as admissible evidence.

Despite objections, Justice Oshodi allowed the witness to read from the document and adjourned proceedings until Wednesday’s ruling.

Olalekan Ojo further insisted that unconscious or conscious judicial bias necessitated the judge’s immediate withdrawal from the trial.

Supporting Ojo’s argument, Omoile’s counsel, Gbadamosi Kazeem, aligned with the defence’s position regarding potential judicial bias.

Conversely, EFCC counsel Rotimi Oyedepo opposed the motion, asserting the trial had been conducted fairly and impartially.

Justice Oshodi ultimately declined the recusal request and adjourned the matter, with proceedings set to resume Wednesday.

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The estate, located in the Cadastral Zone, Lokogoma District, spans 150,500 square meters and is described as the EFCC’s largest single recovery in its fight against corruption since its inception in 2003.

Justice Jude Onwuegbuzie of the FCT High Court in Apo ordered the forfeiture of the property on December 2, 2024. The EFCC’s investigation revealed that Emefiele allegedly acquired the estate through fraudulent means, using three companies to make payments totaling ₦2.2 billion.

In court documents obtained on Tuesday, the EFCC disclosed that the property had been abandoned since June 2023, following Emefiele’s arrest. Investigators reportedly traced the property using title documents retrieved from the office of one of Emefiele’s alleged associates, Ifeanyi Omeke.

The former CBN governor is currently facing prosecution in three separate cases involving charges of procurement fraud, forgery, and embezzlement of funds. He is accused of negotiating kickbacks in foreign exchange allocations and awarding contracts in exchange for illicit payments during his tenure.

In Lagos, Emefiele is standing trial for alleged fraud involving $4.5 billion and ₦2.8 billion. In Abuja, he faces charges for authorizing the printing of ₦684.5 million notes at an inflated cost of ₦18.96 billion.

The EFCC alleged that Emefiele used cronies to launder proceeds of corruption, acquiring multiple high-value properties in Lagos and Abuja. The agency stated that the directors of the companies involved in the transactions had been arrested and provided incriminating statements during the investigation.

“The funds used in acquiring the property are not legitimate earnings of Godwin Emefiele but proceeds of unlawful activities, including corrupt enrichment and abuse of office,” the EFCC investigator stated in a court affidavit.

The court had earlier granted an interim forfeiture of the property on November 1, 2024. With no opposition filed against the forfeiture, the court has now permanently transferred ownership of the estate to the Federal Government.

EFCC spokesperson Dele Oyewale defended the agency’s decision to initially withhold the identity of the property owner, citing provisions of the Advance Fee Fraud Act. “This is a civil proceeding targeting the property, not an individual. Since investigations are ongoing, revealing identities prematurely would be unprofessional,” he stated.

Efforts to reach Emefiele’s legal team, including senior lawyer Matthew Burkaa (SAN), for comments were unsuccessful at the time of this report.

The massive recovery has drawn public attention, with criticisms regarding the EFCC’s handling of the case and the concealment of ownership details. However, the anti-graft agency maintains that its actions align with legal protocols for unclaimed assets.

This case marks a significant milestone in the EFCC’s efforts to combat corruption and recover assets linked to unlawful activities in Nigeria.

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Testifying before Justice Maryann Anenih via zoom, Obiora pointed out that, “the approval by the President was different from what was eventually produced.” He stated this after being shown evidence by the prosecution counsel, Rotimi Oyedepo SAN, noting that he recognized the discrepancy when he compared the President’s original approval with the currency that was put into circulation.

Obiora, who worked at the CBN for over seven years, clarified his involvement in the CBN’s Committee of Governors COG, a body he described as comprising “the governor, four deputy governors, and the director of corporate services.” He further explained, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” According to Obiora, the Committee met weekly on Wednesdays to deliberate on critical policy matters and updates within the bank.

Reflecting on how the redesign plan came about, Obiora recounted a CBN event held on October 25, 2022, in Lagos to mark the one-year anniversary of the e-naira. During the event, “the governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency.” Obiora expressed immediate concerns, saying, “My personal reaction was that the event itself may not be the appropriate place to announce such a major policy”. He further urged that more time be allocated to study the policy thoroughly and make improvements.

Despite these concerns, Obiora said Emefiele pressed on and brought the plan forward in a formal meeting of the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” Obiora confirmed, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, Emefiele and two other deputy governors joined him in a press conference to announce the policy to the public.

When asked about the CBN Board’s role in the redesign, Obiora explained that the board was only formally informed months later, in mid-December 2022, when the naira redesign was presented to them. He testified, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”

During cross-examination, defence counsel Olalekan Ojo, SAN, questioned Obiora about the board’s role in finalizing the redesign. Ojo suggested that the December board meeting “conforms with the naira notes currently in circulation,” to which Obiora replied, “Yes, sir.” He further clarified, saying there had been no directive or complaint from former President Muhammadu Buhari about the redesign.

Obiora also commented on his limited past involvement with currency design. He shared that during his initial role as Special Adviser at the CBN in 2014, the bank had introduced a redesigned N100 note. However, he emphasized, “I was not part of it, but I was at the bank then.”

After giving his evidence, Justice Anenih discharged him and adjourned the matter till December 4, 2024, and January 21, 2025 for continuation of trial.

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The awards ceremony, scheduled for June 27, will be chaired by former Head of State Abdusalami Abubakar. The event will also see the newspaper honoring Nyesom Wike, the Minister of the Federal Capital Territory; Kabir Abba Yusuf, the Kano State Governor; and Umo Bassey Eno, the Akwa Ibom State Governor with gold prize awards. Mr. Wike will be recognized for his “Infrastructural Revolution and Exceptional Leadership,” while Mr. Yusuf and Mr. Eno will be honored for “Courage in Leadership” and “Peace Building & Innovative Leadership” respectively.

Isa Aremu, a veteran labor leader and the Director-General of the Michael Imoudu Institute of Labour Studies, will also receive the Public Service Award.

The newspaper commended Mr. Obazee, describing him as a “patriotic and fearless Nigerian” who undertook the challenging task of investigating economic malfeasances at the CBN during Mr. Emefiele’s tenure. According to the report, Mr. Obazee and his team have maintained integrity throughout the investigation, resisting any inducements to deviate from their mission.

READ ALSO: Cardoso Sacks Eight Directors for Close Ties to Emefiele

During his scrutiny, Mr. Obazee uncovered 593 bank accounts in the US, the UK, and China where the CBN, under Mr. Emefiele, allegedly stashed Nigerian funds without authorization. The investigation also exposed billions of naira allegedly stolen by the former CBN chief and other officials, including a “fraudulent cash withdrawal of $6.23 million.”

READ ALSO: How Emefiele Allegedly Awarded Multi-Billion Naira Contracts to Family & Associates-Witness

Mr. Obazee’s report detailed the discovery of £543.4 million allegedly hidden in fixed deposit accounts by Mr. Emefiele, who reportedly manipulated the naira exchange rate and used the e-naira project for fraudulent activities. The trial of the implicated parties is still ongoing.

The recognition of Mr. Obazee and his team highlights the importance of accountability and transparency in Nigeria’s financial institutions.

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The ruling, delivered by Justice Chukwujekwu Aneke, followed an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC) and argued by their counsel, Mr. Rotimi Oyedepo, SAN. The court’s order mandates the interim forfeiture of the property to the Federal Government.

READ ALSO: EFCC Set to Arraign Godwin Emefiele in Lagos Court

Mr. Oyedepo informed the court that Emefiele is suspected of acquiring the high-value properties, primarily located in upscale areas of the Federal Capital Territory, Abuja, through proxies using proceeds from fraudulent activities.

The EFCC also implicated three CBN staff members, Makinde Olubunmi, Obayemi Teben, and Adebayo Akomolafe, as Emefiele’s accomplices. They allegedly used their positions to secure retail and special allocations of foreign exchange for various companies in exchange for kickbacks.

READ ALSO: Mother and Daughter-in-Law Arraigned by EFCC for N6 Million Land Fraud

Justice Aneke ordered the EFCC to publish the forfeiture order in a newspaper to allow any interested parties to present reasons why a final forfeiture order should not be issued. The case has been adjourned to June 21 for the hearing of the motion for final forfeiture.

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Justice Yellim Bogoro granted the order on Thursday, May 23, 2024, following an ex-parte application by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari.

The forfeited funds were reportedly held in First Bank, Titan Bank, and Zenith Bank accounts managed by individuals and entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

Properties affected by the interim forfeiture include an 11-floor building under construction in Ikoyi, AM Plaza in Lekki, Imore Industrial Park in Amuwo Odofin, Mitrewood and Tatler Warehouse near Elemoro, and two properties purchased from Chevron Nigeria located in Lakes Estate, Lekki. Additional properties include a plot at Lekki Foreshore Estate Scheme, an estate in Texas, land in Lekki Phase 1, and a property in Ikoyi.

READ ALSO: EFCC Cracks Down on Dollar Transactions by Foreign Missions, Mandates Naira Use

The EFCC cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution in its application, seeking the interim forfeiture on the grounds that the funds and properties are suspected to be proceeds of unlawful activities.

Justice Bogoro, finding merit in the EFCC’s application, ordered the interim forfeiture and mandated the publication of the order in a national newspaper. This notice invites interested parties to show cause within 14 days why a final forfeiture order should not be granted. The case is adjourned to July 2 for the motion for final forfeiture.

“The applicant should publish this order in any daily newspaper circulating all over the federation for anybody interested to show cause why the final order of forfeiture should not be made,” Justice Bogoro stated.

The post Federal High Court Seizes Millions and Properties Tied to Former CBN Governor Emefiele appeared first on Housing TV Africa.

Emefiele, along with his co-defendant Henry Isioma Omole, faces a 26-count charge of alleged abuse of office over the allocation of billions of United States dollars.

The charges, filed by Mr. Rotimi Oyedepo (SAN) and marked ID/23787c/2024, accuse Emefiele of directing arbitrary acts, including allocating foreign exchange without bids, between 2022 and 2023, amounting to $2,136,391,737.33. Additionally, similar allegations extend to other periods, including 2020 and 2021.

READ ALSO: How Emefiele Allegedly Awarded Multi-Billion Naira Contracts to Family & Associates-Witness

Emefiele’s alleged abuse of authority, as outlined by the EFCC, is said to be prejudicial to the rights of Nigerians. His co-defendant, Omole, is also implicated for accepting gifts in connection with Emefiele’s actions.

The offences are said to contravene Section 73 of the Criminal Law of Lagos State, 2011.

Emefiele’s appearance in court marks a significant development in this ongoing legal saga.

The post EFCC Set to Arraign Godwin Emefiele in Lagos Court appeared first on Housing TV Africa.

The directors, who were initially redeployed to the FSS 2020 Secretariat in November 2023, have been asked to exit the bank.

Sources within the CBN indicate that the dismissals are not related to any specific offenses but rather due to their close association with Emefiele. The decision has raised concerns among staff, who fear it could be a prelude to further layoffs.

Prior to this development, the CBN had relocated 150 staff of the Banking Supervision Department to Lagos, sparking allegations of discrimination against northerners. However, the CBN denied these claims, stating that the move was part of a reorganization aimed at improving efficiency.

Some of the affected directors have reportedly threatened to challenge the decision, while others have accepted the sacking due to the “poisonous working environment.”

READ ALSO: Nigerian Cement Companies Thrive Amid Rising Operational Costs

According to sources, the CBN governor, Yemi Cardoso, had initially wanted to dismiss all directors close to Emefiele but was advised against it as they were not political appointees. Instead, he transferred them to the FSS 2020 Secretariat, which is considered a less prestigious posting.

Critics have questioned the rationale behind transferring highly technical staff to a redundant secretariat, as well as the replacement of experienced personnel with individuals lacking the necessary expertise.

The CBN has not officially commented on the alleged sackings. However, nearly 100 staff of the Financial Policy Regulation Department have also been notified of a relocation to Lagos by April 29, 2024.

The post Cardoso Sacks Eight Directors for Close Ties to Emefiele appeared first on Housing TV Africa.

The witness, Agboro Michael, an investigator with the ICPC, led in evidence by the prosecution counsel, Rotimi Oyedepo,SAN, was part of the investigation team that comprised the EFCC, ICPC, CCB, DSS and the Nigerian Police.

He testified on the count-charge of abuse of office and conferring an unfair advantage to a public officer and relatives, preferred against Emefiele.

READ ALSO: “Cement Price Has Reduced to N7,800”: Cement Seller Calls His Customer, Refunds N400 Balance

“My Lord, these companies were awarded about 45 contracts to supply Toyota Vehicles. We were worried as investigators as to how a particular company would get bids concurrently to supply vehicles. We did our investigation, and discovered that the company was not even accredited by Toyota.

“In the companies my Lord, one has Sa’adatu’s husband and siblings as directors, and the other one has Sa’adatu as the director of the company while she is still a civil servant.

“Document ‘F1’ shows the signature and approval of the defendant to pay the sum of N854, 700,000 (Eight Hundred Fifty-Four Million, Seven Hundred Thousand Naira) His signature was number three on the document”, he said. Testifying further, Michael said in ‘F3’, the defendant approved 1, 85,700,000 (One Billion, Eighty-five million, Seven Hundred thousand) for the supply of 47 units of Toyota Hilux.

While ‘F4’ was the defendants approval to purchase for the bank an armoured Toyota Avalon car at the cost of N99,900,000 (Ninety-Nine Million, Nine Hundred Thousand Naira), and ‘F5’ was the approval to procure two units of Toyota Hilux for the bank, and all were bought from April 1616 Investment limited.

Speaking on the findings of the investigative team on exhibit P26, page 86 of 107 on November 6, 2021. Michael said; “It is a credit into the account from the CBN to the tune of N41, 943, 400, 34 (Forty-one Million, Nine Hundred and Forty-three Thousand, Four hundred and Thirty four kobo).

“Page 87 was also a credit in April 2016 from the CBN, N304, 853, 50 (Three Hundred and Four Million, Eight Hundred and Fifty Three Thousand naira, Fifty kobo).

“26 January, 2021, April 1616 Investment Nigeria limited also received N304, 853, 720, 55 (Three Hundred and Four Million, Eight Hundred and Fifty Three Thousand Seven Hundred and Twenty Naira Fifty-Five kobo) from the CBN.

READ ALSO: Nigerian Cassava Growers Association Laments $200m Annual Loss from Untapped Cassava Bread Scheme

“On the 10th of February, 2021, the CBN paid N201, 23, 323, 31 (Two Hundred and One Million, Twenty-Three Thousand, Three Hundred and Twenty-Three Naira, Thirty-One kobo).

The approval of payment of March 24, 2021 was N304,843,720,85, April 27, 2021 was 60,976,744,17 (Sixty Million, Nine hundred and Seventy Six thousand, Seven hundred and forty-four naira, Seventeen kobo) May 31, 2021 was a payment of 60,976,744,17 (Sixty Million, Nine hundred and Seventy Six thousand, Seven Hundred and Forty-four Naira, Seventeen kobo), and February 21, 2021 was a payment of N50,547,508,30 (Fifty Million, Five Hundred and Forty-Seven Thousand, Five Hundred and Eight Naira Thirty kobo) were equally approved by the defendant.

The witness further told the court that the team recorded the defendant’s statement under caution and video recorded in a conducive environment.

Testifying further, the witness said; “In 2019, again, we discovered the defendant also used his office and position to confer a corrupt advantage to one of the staff of CBN, Sa’adatu Ramalan Yero to supply one unit of Toyota Land Cruiser V8 at the cost of N73, 800,000 (Seventy-Three Million, Eight Hundred Thousand to her company April 1616 Investment Nigeria limited where she is a director, and equally a director in the CBN.

“Again my Lord, the defendant also approved the payment of renovation of the CBN Governors’ residence at No 2. Global road, Ikoyi Lagos to a company named; Architekon Nigeria Limited where his wife and brother-in-law are both directors.

READ ALSO: Lagos State to Introduce Monthly Rental Scheme by End of 2024

“Sometime in 2020, the defendant used his position as CBN Governor to confer on his wife and brother in-law corrupt advantage by awarding their company landscaping of the CBN governor’s residence in the sum of N39,46,000 (Thirty-Nine Million, Forty Six Thousand Naira”,he said.

Continuing, Michael said a contract to procure furniture items was also awarded to his brother in-law in the sum of 97,000,000 ( Ninety Seven Million Naira), and again, a contract to procure a power line at the same CBN Governor’s residence in the sum of N68,568,740 (Sixty-Eight Million, Five Hundred and Sixty-Eight Thousand, Seven Hundred and Forty naira).

While cross examining the witness, counsel to the defendant, Matthew Burkaa SAN queried the witness that though there are many signatories in the memo only his client was on trial. In response, the witness told him that the defendant was on trial because he was the approving authority, while others only minuted on the documents to justify the process, and didn’t have the power to make such payments and approvals.

Burkaa also wanted to tender the defendant’s statement at the Nigerian Police force before the court, but Oyedepo objected, stating it was a public document and needed to be certified before it can be tendered as an exhibit. Burkaa then withdrew the document and promised to provide the true certified copy at the next adjourned date.

Justice Muazu thereafter adjourned the matter till 25 and 26 April, 2024 for continuation of trial.

Source: EFCC WEBSITE

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