$6.2 Million Theft from CBN: How the Funds Were Allegedly Distributed and Invested
A recent investigation led by the special presidential team under Jim Obaze has uncovered how $6.2 million was allegedly siphoned from the Central Bank of Nigeria (CBN) during the tenure of former Governor Godwin Emefiele. This substantial sum was ostensibly withdrawn under the pretext of paying election observers.
Emefiele is now facing trial on an amended 20-count charge by the Economic and Financial Crimes Commission (EFCC). The charges include criminal breach of trust, forgery, conspiracy to obtain money under false pretenses, and other related offenses.
Court documents reveal that the theft was an insider job, primarily orchestrated by CBN officials with assistance from two outsiders, Adamu Abubakar and Imam Abubakar. Investigators have identified Odoh Eric Ocheme, Emefiele’s personal assistant, as having received $3.73 million of the stolen funds. The remaining $2.5 million was divided among three other individuals.
Ocheme allegedly claimed his larger share was necessary to settle other interests within the CBN. Part of the misappropriated funds, estimated at around N1.4 billion, was reportedly invested in real estate, some of which has been recovered.
An affidavit filed for extradition proceedings against Adamu Abubakar, Imam Abubakar, and Odoh Eric Ocheme reveals detailed findings from the investigation. The suspects are believed to have fled the country, prompting extradition efforts by the authorities.
The Deputy Superintendent of Police, a key investigator, stated that the team obtained critical documents, including withdrawal slips and memos from the CBN dated January 31 and February 7, 2023. These documents, along with a staff identity card of Jibril Abubakar and letters purportedly from Muhammadu Buhari and Boss Mustapha, were used to authorize the withdrawal. However, it was later confirmed that these letters were forged.
CCTV footage from February 8, 2023, revealed that Jibril Abubakar, who cashed the money, was not recognized by CBN or the office of the Secretary to the Government of the Federation (SGF) staff. Abdulmajeed Muhammad, a CBN staff member, was seen assisting the impostor, claiming he was referred by Bashirudeen Maishanu, a senior CBN staffer.
Upon arrest, Muhammad admitted to aiding the impostor, stating he believed the transaction was legitimate. Maishanu corroborated this account and confessed to his involvement in the crime alongside Adamu and Imam Abubakar.
Maishanu further disclosed that the stolen funds were shared among them, with Ocheme keeping the larger portion to settle interests within the CBN. The funds were partly invested in Afrolyk Global Ltd., a real estate business. The company’s Managing Director, Aminu Lawal, confirmed the investment and has since returned $200,000 to the investigative team.
In total, about $400,000 has been voluntarily returned by Maishanu, while efforts continue to recover the remaining stolen funds. The investigation revealed that Ocheme was Emefiele’s personal assistant, while Adamu and Imam Abubakar were business associates of Maishanu.