How $6.2m stolen from CBN was shared, court documents reveal - Newstrends
Connect with us

News

How $6.2m stolen from CBN was shared, court documents reveal

Published

on

How $6.2m stolen from CBN was shared, court documents reveal

Documents have shown how the $6,230,000 cash allegedly stolen from the Central Bank of Nigeria (CBN) on February 8, 2023 was shared.

A special presidential investigative team, led by Jim Obaze, that probed the tenure of the immediate past CBN Governor, Godwin Emefiele, had claimed that the $6.2 million was removed from the apex bank’s vault under the guise of paying election observers.

In the court documents, sighted by The Nation, investigators described the theft as an insider’s job, allegedly effected by mainly, CBN officials with the connivance of two outsiders, identified as Adamu Abubakar and Imam Abubakar.

In the documents, investigators claimed that a personal assistant to Emefiele, while being the CBN Governor, – Odoh Eric Ocheme  – allegedly got $3,730,000 from the money, while the remaining $2,500,000 was shared by three others.

Ocheme was alleged to have claimed he needed to settle other interests within the apex bank, which informed why he got the lion share.

Emefiele is accused of complicity in the theft in a 20-count amended charge filed against him before the High Court of the Federal Capital Territory (FCT) by the Economic and Financial Crimes Commission (EFCC), allegation he has since denied by pleading not guilty to the charge.

However, during a hearing in the case, a Deputy Director and Head of the Service Delivery Division of the CBN, Michael Onyeka Ogbu, who was in charge of the apex bank’s Abuja branch, where the cash was withdrawn, has since confirmed the withdrawal.

READ ALSO:

Testifying in the case on February 12, Ogbu said he allowed the payment on being convinced that it was authorised by the necessary persons.

Ogbu recalled that on February 8, 2023 there was a request for payment, addressed to the Abuja Branch Controller (which he was at the time).

He said: “On that day the request for the payment of $6,230,000 was received in my office by my Office Assistant, who brought it to my attention.

“When I received the document, I found that it is from Banking Services Department.

“The Director, Banking Services signed the memo, and the content of the memo contained an instruction for the Branch Controller to pay the sum of $6,230,000 to a staff of the Secretary to the Government of the Federation , with the identity and the name of the person mentioned.

“The memo said the payment was for international election observers and that we should debit an account –  Naira Forex Account – with the naira equivalent of $6,230,000.

“The memo also said that the money will be refunded in the second quarter of 2023 by the Federal Ministry of Finance. It went on to say ‘find attached the approval of the governor of the CBN for the payment.’

 “The attachment had the approval of the governor of the CBN. It also had the approval of the President of the Federal Republic of Nigeria and the request letter from the Secretary to the Government of the Federation.”

Ogbu said that after going through the documents and was satisfied, he minuted on it to the  Head of Business  Services Unit for processing and payment.

On whether the money was eventually released, Ogbu said: “Payment was eventually made. The $6,230,000 was paid on the 8th of February 2023. The payment was in cash.”

In one of the court documents, it was revealed that some of the beneficiaries invested their shares of the loot, estimated at about N1.4 billion in real estate, part of which has now been recovered.

One of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far, in an affidavit filed along with an extradition charge pending against Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme before a Federal High Court in Abuja.

Adamu Abubakar, Imam Abubakar and Ocheme are said to be at large and are believed to have fled the country, which informed the initiation of extradition proceedings against them before the Federal High Court in Abuja.

The Deputy Superintendent of Police said: “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.

READ ALSO:

“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 was consequently arrested and in his statement made on 15/12/2023, he admitted helping the impostor into the Abuja Branch of the Central Bank of Nigeria, but claimed that he did that innocently, the impostor having been referred to him by Bashirudeen Maishanu; a Senior Staff of the CBN.

“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.”

How $6.2m stolen from CBN was shared, court documents reveal

The Nation

News

World Bank Deletes Nigeria Development Update Report Days After Release

Published

on

World Bank

World Bank Deletes Nigeria Development Update Report Days After Release

The World Bank has removed its latest Nigeria Development Update (NDU) report from its official website, just three days after its publication, raising concerns over the reasons behind the sudden action.

The report, titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” was released on April 7, 2026, but the document link is no longer accessible, returning a “page not found” error when users attempt to download it.

Despite the removal, the accompanying press statement remains available, outlining key findings on Nigeria’s economic performance and policy outlook.

In the now-withdrawn report, the World Bank said Nigeria’s economy recorded 4 percent growth in 2025, with inflation dropping significantly to 15.1 percent in February 2026 from 26.3 percent recorded in the same period a year earlier. The improvement was attributed to tighter monetary policies and better food supply conditions.

The report also highlighted that Nigeria’s macroeconomic environment has strengthened following recent stabilisation reforms, noting improvements in key indicators and steady expansion across major sectors of the economy.

READ ALSO:

Early data for 2026, according to the report, suggested that growth momentum had been sustained, although global tensions posed a mild drag on economic activity.

A major focus of the publication was early childhood development, which the World Bank described as critical to Nigeria’s long-term growth. It stressed that stronger investment in human capital is essential for translating macroeconomic gains into job creation, poverty reduction, and improved living standards.

The report painted a worrying picture of child welfare in the country, revealing that more than 110 out of every 1,000 children die before the age of five, while many others fail to meet basic developmental milestones due to poor nutrition, limited access to healthcare, and inadequate early education.

It warned that without urgent intervention, Nigeria risks missing out on the demographic dividend expected from its young population.

In addition, the report reportedly addressed ongoing structural reforms, including exchange rate unification, fiscal adjustments, and subsidy removals, noting that while these measures have helped stabilise the economy, their full benefits will depend on sustained implementation and targeted social support for vulnerable households.

However, parts of the report—particularly policy recommendations around the downstream petroleum sector—have drawn attention. The World Bank was said to have advised that Nigeria may need to continue importing petrol (PMS) in the short term to ensure supply stability while transitioning to a fully liberalised and competitive market.

The recommendation comes amid ongoing reforms in Nigeria’s oil and gas sector and has been viewed by some analysts as sensitive, given the country’s push for domestic refining capacity.

In a subsequent clarification following reactions, the World Bank emphasised that its recommendations should be seen within the broader context of energy security, market stability, and global supply uncertainties, rather than as a fixed policy directive.

The NDU is a bi-annual flagship report that evaluates Nigeria’s economic and social developments and provides policy guidance for sustainable growth.

As of the time of filing this report, the World Bank has not issued an official explanation for the removal of the April 2026 edition, fuelling speculation that the document may be undergoing revisions or internal review.

Economists say the development highlights the sensitivity of reform-related recommendations in Nigeria’s current economic climate, particularly those touching on fuel policy and social welfare, as the country navigates a delicate recovery path.

World Bank Deletes Nigeria Development Update Report Days After Release

Continue Reading

News

Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project

Published

on

Bayelsa Unveils 60MW Power Project

Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to delivering stable electricity capable of driving economic growth, industrialisation, and national development, saying ongoing reforms in the power sector will soon yield tangible results.

Tinubu made the remarks in Bayelsa State during the commissioning of major infrastructure projects executed by the state government, including a 60-megawatt Independent Power Project (IPP) located at Elebele in Ogbia Local Government Area.

He described the power project as a “significant step” toward strengthening energy security and subnational electricity generation, noting that no meaningful industrialisation or job creation can happen without reliable power supply.

“There can be no industrialisation, skill development and empowerment without power. I assure Nigerians that we will have electricity to power our growth,” the President said.

The IPP, powered by gas turbines, is expected to supply electricity to Yenagoa and surrounding communities, reducing dependence on the national grid and improving power reliability for households and businesses.

Alongside the power project, Tinubu also commissioned several key infrastructure projects, including the 27-kilometre dualised New Yenagoa City Road 1, the 630-metre Angiama–Oporoma Bridge, and the Sagbama/Ekeremor Road, all aimed at improving connectivity and boosting economic activity across Bayelsa State.

READ ALSO:

US Commences Visa Ban on Nigerians Linked to Alleged Religious Freedom Violations

Did Faleke Just Reveal Lagos’ Next Governor? Party Moves Begin

Jigawa Ward Head Denies Viral Wedding Cancellation Over Tinubu Support

He praised the state government led by Governor Douye Diri for what he described as “purposeful and progressive leadership,” adding that collaboration between federal and state governments remains essential for sustainable development.

“Development advances further and faster when the federal and state governments work in partnership toward a shared purpose,” Tinubu said.

The President also used the occasion to observe a minute’s silence in honour of soldiers killed in a recent terrorist attack on a military base in Borno State, reaffirming his administration’s commitment to defeating terrorism and banditry across the country.

“We will continue to equip and train our armed forces. We will defeat terrorism and banditry, regardless of their shenanigans,” he assured.

Tinubu further acknowledged the economic challenges facing Nigerians, including rising living costs linked to global energy disruptions, but insisted that government interventions are being implemented to ease hardship and support vulnerable citizens.

“We will continue to find ways to ameliorate the suffering of the vulnerable. This is a government that cares,” he said.

At the event, Tinubu also commended former President Goodluck Jonathan, describing him as “one of the most humble and reliable democrats on the continent,” while praising ongoing development efforts in Bayelsa State.

Governor Diri, in his remarks, appealed for federal refunds on projects executed on federal roads by the state government and highlighted ongoing infrastructure efforts under his “Assured Prosperity” agenda, including roads, bridges, civic buildings, and sports facilities.

He described the newly commissioned Yenagoa–Oporoma–Ukubie road as a transformative project that has ended years of isolation for several riverine communities in Southern Ijaw.

The Bayelsa IPP is expected to enhance power supply stability, attract investment, support SMEs, and stimulate economic diversification in the oil-rich state.

The commissioning ceremony was attended by several top political figures, including Senate President Godswill Akpabio, governors from multiple states, senior federal officials, and traditional leaders, reflecting the national significance of the projects.

Residents reportedly thronged the project sites in celebration, cheering and dancing as the President arrived at the Bayelsa International Airport aboard the presidential jet.

Tinubu concluded by expressing optimism about Nigeria’s future, saying: “Nigeria will be great, and we will succeed.”

Tinubu Promises Stable Electricity as Bayelsa Unveils 60MW Power Project

Continue Reading

News

US Embassy Suspends Abuja Visa Appointments Over Security Concerns

Published

on

US Embassy in Nigeria

US Embassy Suspends Abuja Visa Appointments Over Security Concerns

The United States Embassy in Nigeria has suspended visa appointments in Abuja following heightened security concerns, a move that has disrupted travel plans for hundreds of applicants in Abuja.

In an official notice released via its communication channels, the embassy confirmed that all visa interviews in Abuja have been cancelled until further notice, urging affected applicants to check their emails for updates on rescheduled appointments.

“U.S. Embassy Abuja is closed for visa appointments. Applicants should check their email for details on rescheduled appointments,” the statement read. It added that visa services in Lagos remain operational at the United States Consulate General Lagos, providing an alternative for applicants who can access the facility.

The embassy further clarified that American citizen services in Abuja will continue only in emergency situations and strictly by appointment, indicating a temporary scale-down of operations in the capital.

READ ALSO:

The suspension follows a recent directive by the United States Department of State authorising the departure of non-essential staff and their families from Abuja, citing a deteriorating security situation in Nigeria.

An updated U.S. travel advisory has also placed Nigeria under a “Level 3: Reconsider Travel” status, warning of persistent threats including terrorism, kidnapping, crime, and civil unrest. Several states have been categorised under the stricter “Level 4: Do Not Travel” advisory due to high-risk security conditions.

States listed include Borno State, Yobe State, Taraba State, Niger State, Plateau State, and parts of Adamawa State, where threats linked to terrorism and kidnapping remain high. Other states such as Kaduna State, Katsina State, Zamfara State, and Sokoto State were also flagged over insecurity concerns.

The advisory has triggered reactions from the Federal Government of Nigeria, which described the assessment as “unbalanced” and not fully reflective of ongoing efforts to address insecurity nationwide. Authorities warned that such reports could negatively impact Nigeria’s global image and economic activities.

Despite the disruption in Abuja, visa processing and consular services continue in Lagos, offering a temporary alternative for applicants. However, the development is expected to cause delays in visa processing, particularly for students, business travellers, and individuals with urgent travel needs.

The US Embassy visa suspension in Abuja highlights the broader impact of security challenges on diplomatic operations and international travel, as uncertainty remains over when normal services will resume in the capital.

US Embassy Suspends Abuja Visa Appointments Over Security Concerns

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending