Fresh revelations have surfaced in the ongoing trial of Godwin Emefiele, as a key prosecution witness told the court that suspects linked to the case admitted involvement in a $6.23 million fraud tied to the Central Bank of Nigeria.
The trial is taking place before Justice Hamza Muazu at the Federal Capital Territory High Court in Maitama.
The former apex bank chief is facing a 20-count amended charge bordering on alleged abuse of office, criminal breach of trust, forgery, conspiracy, and obtaining money under false pretence.
Testifying on Tuesday, the 14th prosecution witness, Eloho Okpoziakpo, a Commissioner of Police attached to the Special Fraud Unit in Lagos, told the court that investigations uncovered a fraudulent withdrawal of $6.23 million from the CBN.
He explained that the funds were initially claimed to be for international election observers during the 2023 general elections. However, findings later contradicted that claim.
According to him, “Investigation revealed that the money was fraudulently taken because some of the suspects, including Maishanu, who we investigated, confessed.”
Okpoziakpo said he was part of a special team assigned to support the probe led by Jim Obaze, who was appointed by President Bola Tinubu to investigate activities within the CBN and other government agencies.
He told the court that his role included interrogating suspects, taking statements, and providing intelligence for the investigation.
The witness further revealed that the Office of the Secretary to the Government of the Federation denied making any request for funds meant for election observers. This, he said, raised serious red flags during the investigation.
He added, “The Office of the Secretary to the Government of the Federation denied ever requesting money for election observers, which was claimed the money was meant for. We wrote to the Office of the Secretary to the Government of the Federation, and they responded.”
Okpoziakpo also informed the court that the withdrawal was backed by documents, including a letter said to contain presidential approval from former President Muhammadu Buhari.
He identified several exhibits already tendered in court. These included documents showing a request for the release of funds directed to Emefiele and a purported approval dated January 24, 2023.
According to the witness, the funds were eventually processed and paid out in cash.
He explained that part of the evidence he recovered from the Abuja branch of the CBN detailed how the money was disbursed in $100 denominations on February 8, 2023. Another document showed internal approval from the Director of Banking Services authorizing the payment.
The Economic and Financial Crimes Commission had earlier accused Emefiele of conferring corrupt advantages on two companies, April 1616 Nigeria Ltd and Architekon Nigeria Ltd, in connection with the transaction.
Despite the allegations, the former CBN governor has maintained his innocence and pleaded not guilty to all charges.
Proceedings also revealed that both Okpoziakpo and Obaze were summoned by the court to testify, following their roles in the investigation that led to the charges.
Justice Muazu had issued a subpoena directing them to appear in court and present evidence relevant to the case. The order also required them to tender documents, including materials linked to the controversial naira redesign policy introduced under Emefiele’s tenure.
After listening to the testimony, the court adjourned the matter until July 2, 2026, for continuation of hearing.
The trial remains one of the most closely watched corruption cases in the country, as more details continue to emerge around financial dealings at the apex bank in the lead-up to the 2023 elections.
