Emefiele's CBN Loses $6.2m to Theft, Cash Invested in Property

Godwin Emefiele

How $6.2 million that Emefiele's team stole from CBN in a single day and invested in real estate

Emefiele's team accused of stealing $6.2m from CBN, investing in real estate; court documents reveal insider job, beneficiaries on the run.

According to court filings, a total of $6.2 million that was allegedly stolen on February 8, 2023, from the Central Bank of Nigeria, or CBN, was split and invested in real estate.

The $6.2 million was reportedly removed from the bank's vault under the guise of paying election observers, according to the findings of the special presidential investigating team headed by Jim Obaze, which looked into the tenure of former CBN Governor Godwin Emefiele.

The Economic and Financial Crimes Commission, or EFCC, has filed a 20-count amended accusation against Emefiele, which is presently on trial.

He is accused of criminal breach of trust, forgery, conspiracy to collect money under false pretenses, and getting money under false pretenses while serving as the head of the central bank.

According to court filings, investigators described the theft as an insider job, principally carried out by CBN personnel with assistance from two outsiders, Adamu Abubakar and Imam Abubakar.

Three additional people shared the remaining $2,500,000 in the stolen monies, according to the records, with Odoh Eric Ocheme, Godwin Emefiele's personal assistant, receiving $3,730,000 of the total.

It was said that Ocheme used the requirement to pay different interests within the apex bank to justify his hefty share.

Beneficiaries of the N1.4 billion loot invested in real estate, court documents reveal. Law enforcement has now recovered some of these properties, which were bought with the stolen money.

A Deputy Superintendent of Police detailed the results and developments of the investigators in an affidavit that was submitted to a Federal High Court in Abuja along with an extradition charge against Adamu Abubakar, Imam Abubakar, and Odoh Eric Ocheme.

Ocheme, Adamu Abubakar, and Imam Abubakar are rumored to be at large and are thought to have left the nation.

This led to the Federal High Court in Abuja opening extradition procedures against them.

According to reports, the Deputy Superintendent of Police stated: “We commenced investigation into the case and obtained copies of the withdrawal slip as well as the accompanying documents, Central Bank of Nigeria memos, dated 07/02/2023 and 31/01/2023 respectively, staff identity card of one Jibril Abubakar, letter dated 2/01/2023 purportedly written by Muhammadu Buhari to Boss Mustapha and letter dated 20/01/2023 purportedly written by Boss Mustapha to Mr Godwin Emafiele, which the Central Bank of Nigeria, Abuja Branch relied on in making the payment.

“Investigation at the office of the President as well as the Secretary to the Government of the Federation in the Stale House revealed that the letters purportedly written by Muhammadu Buhari and for Secretary to the Government of the Federation (SGF) Boss Mustapha did not emanate from the offices respectively, while Jibril Abubakar, whose identity card was used to cash the money in question is not a staff of the office of the Secretary to the Government of the Federation. 

“We watched the Closed-Circuit Television (CCTV) footages of the 08/02/2023 being the day the money in question was cashed, and the payee (Jibril Abubakar) could not be identified by the staff of either the CBN or that of the office of the Secretary to the Government of the Federation, where he falsely represented himself to be working.

“A further study of the Closed-circuit Television (CCTV) footage revealed that a staff of the Abuja Branch of the Central Bank of Nigeria, identified as Abdulmajeed Muhammad received the impostor (Jibril Abubakar) at the gate of the bank when he arrived on the fateful date: 08/02/2023.

“Abdulmajeed Muhammad further revealed that prior to 08/02/2023 when the impostor came to cash the money in question, he (Abdulmajeed Muhammad) had been invited by Bashirudeen Maishanu to explain the procedure of public officials making cash withdrawal from the CBN as those persons claimed to be officials from the office of the SGF and that the then president had approved certain fund for official assignment.

“We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as then CBN and he denied seeing, talk less of approving such memos.

“We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before we finally arrested Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to have been involved in the crime which, according to him was perpetrated by himself and the first to third defendants/respondents - Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme.

“Bashiru Maishanu further confessed that himself, the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000.00 from the stolen money, while the third defendant/respondent (Odoh Eric Ocheme), being a fellow staff of the Central Bank of Nigeria, kept the balance of $3,730,000.00 claiming that he had other interests to settle in the CBN.

“Bashirudeen Maishanu further confessed that both himself, and the first and second defendants/respondents jointly invested the United States dollars equivalent of the sum of N1, 440,000,000.00 into real estate business of Afrolyk Global Ltd.

“The Managing Director of the said Afrolyk Ltd, Aminu Lawal has been arrested and he confirmed the investment by Bashirudeen Maishanu, Adamu Abubakar and Imam Abubakar, and already refunded the sum of $200 000 00 to the Special Investigator's team as part of the money he (Aminu Lawal) received as part of the purported investment.

“Cash of about $400,000 00 has also been voluntarily returned by Bashiru Maishanu from part of his remaining share of the money in question. The money (the $6,230,000) was received in cash from the Central Bank at Nigeria and also shared in the same cash by the defendants/respondents and others, making it difficult to trace the monies without arresting the defendants/respondents.

“It was later revealed that the third defendant - Odoh Eric Ocheme - was the Personal Assistant to Godwin Emefiele as. the CBN governor while the first and second defendants (Adamu Abubakar and Imam Abubakar) are businessmen and associates of Bashirudeen Maishanu.”