Fresh Revelations in N6.23M CBN Fraud: Emefiele, Buhari, Mustapha Under Probe

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has brought to light serious allegations of a $6.2/$6.23 million fraud involving the federal government's Foreign Exchange Account. Testimonies from a Special Investigator and a police commissioner have pointed to a meticulously orchestrated scheme of theft, with calls for the prosecution of several high-profile individuals, including the late former President Muhammadu Buhari and former Secretary to the Government of the Federation (SGF), Boss Mustapha.

Mr. Jim Obaze, the Special Investigator appointed by President Bola Tinubu, presented evidence on behalf of the Economic and Financial Crimes Commission (EFCC) at the High Court of the Federal Capital Territory. Obaze vehemently demanded the immediate trial of Buhari, albeit posthumously, and Boss Mustapha, alongside Emefiele, for their alleged roles in the diversion of $6.2 million. He accused them of complicity in the theft, which was purportedly for logistic payments for Foreign Election Observers.

During his testimony, Obaze grew visibly furious when confronted with a letter from the Presidency, allegedly signed by the late President Buhari, authorizing the release of $6.2 million, and another from the SGF's office, directing Emefiele to release the funds to one Jibril Abubakar, identified as a staff of the SGF's office. His anger intensified following subsequent letters and extra-judicial statements from Boss Mustapha, who denied any knowledge of the transaction, alleging that all documents, including the one attributed to Buhari, were forged by looters aided by CBN staff. Obaze dismissed these denials, insisting that Mustapha must stand trial with Emefiele, highlighting the unfortunate situation where only one person is being prosecuted in a fraud involving more than ten individuals.

The Special Investigator further demanded the prosecution of the Manager of the CBN Abuja branch, citing a failure to carry out due diligence before releasing the funds to suspected criminals. He emphasized that, according to the CBN Act, the naira equivalent of $6.2 million (N2.8 billion) ought to have been deposited before the official release of the foreign currency. Beyond Buhari, Mustapha, and Emefiele, Obaze also sought the arrest and prosecution of Jibril Abubakar, who collected the funds, and Bashirudeen Maishanu, a current CBN staff member who claimed involvement in the theft and refunded $856,500 to the special investigation panel. Obaze asserted that prosecuting all involved would serve as a crucial deterrent, potentially reducing Nigeria's problems by 50 percent.

Under cross-examination, Obaze clarified that he did not recover any money directly from Emefiele, nor was there evidence of any direct transfer to Emefiele's account by the alleged looters. However, he posited that Emefiele should be presumed to have knowledge of the fraud, especially if the CCTV and BVN portal at the Abuja CBN branch had been properly utilized. He also stated that the disappearance of the money should have been detected in the CBN's annual financial statements if those in charge had been diligent. When questioned about the timing of the charge preparation, Obaze, not being a lawyer, admitted he could not provide specific answers.

Corroborating some aspects of the fraud, Okpoziakpo Eloho, a Commissioner of Police attached to the Fraud Unit at the Force Headquarters and the 14th prosecution witness, testified before Justice H. Muazu. Eloho stated that investigations confirmed the $6.23 million allegedly released for a foreign election observer mission was nothing short of “pure theft.” He explicitly stated that the entire sum was released based on Emefiele’s approval, adding that the transaction was a scheme to divert public funds, “stolen, otherwise obtained under false pretence.”

Eloho identified Exhibit PD5 as a presidential directive related to the foreign election observer mission but maintained that investigators found it to be a mere “cover for fraud.” He disclosed that investigators managed to recover approximately $800,000 from the diverted funds. During cross-examination, Eloho confirmed Emefiele's authority over CBN funds as governor. He also revealed that the special investigator had interviewed Boss Mustapha, who denied the signature on one of the prosecution's exhibits. Furthermore, investigations showed that Jibril Abubakar, the individual who collected the funds, presented a false identity card and was not a staff of the SGF's office. Eloho concluded that due process was not followed, as the document for release went directly from the governor to the Director of Banking Services, bypassing the deputy governor, which would have been the standard procedure.

The trial continues to unfold, with Justice Hamza Muazu fixing October 20 for further proceedings, as the court delves deeper into the allegations of fraud and the calls for comprehensive accountability.