A special presidential investigative team, led by Jim Obaze, has uncovered a complex scheme involving the misappropriation of $6.2 million from the Central Bank of Nigeria (CBN), allegedly disguised as payments to election observers. The investigation, focused on the tenure of former CBN Governor Godwin Emefiele, alleges that the funds were withdrawn from the CBN’s vaults under false pretenses.
According to court documents obtained by The Nation, the theft is described as an insider job orchestrated by CBN officials in collaboration with two outsiders, Adamu Abubakar and Imam Abubakar. Odoh Eric Ocheme, who served as Emefiele’s personal assistant, reportedly received $3.73 million of the misappropriated funds, citing internal obligations within the CBN.
Despite charges filed by the Economic and Financial Crimes Commission (EFCC) implicating Emefiele in a 20-count indictment related to the theft, he has pleaded not guilty. Testifying in court, Michael Onyeka Ogbu, a CBN official, confirmed the cash withdrawal on February 8, 2023, stating it was authorized based on purported approvals from high-ranking officials.
The investigation further revealed that portions of the embezzled funds were invested in real estate, prompting extradition proceedings against the alleged accomplices who are currently at large.