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$6.2M CBN FRAUD: “It Was Pure Theft”—Police Commissioner Exposes Emefiele’s Alleged Election Observer Scam in Court
Loading …ABUJA — The multi-million dollar corruption trial of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, took a dramatic turn at the Federal Capital Territory High Court on Thursday, July 2, 2026, as a star prosecution witness characterized the controversial release of $6,230,000 as an outright heist.
Testifying before Justice H. Muazu, the fourteenth prosecution witness (PW14), Okpoziakpo Eloho—a Commissioner of Police attached to the Fraud Unit of the Force Headquarters, Abuja—told the packed courtroom that the vast sum of foreign currency withdrawn from the apex bank under the guise of funding a “Foreign Election Observer Mission” was nothing more than a coordinated fraudulent operation.
“The Purpose Was Entirely to Carry Out Fraud”
Led in evidence by the lead Economic and Financial Crimes Commission (EFCC) prosecutor and Director of Public Prosecution, Rotimi Oyedepo (SAN), CP Eloho stated that the entire $6.23 million cash pullout bore the direct approval of the embattled former apex bank chief.
Reviewing the documentary evidence marked as Exhibit PD5—a purported presidential directive authorising the election observer logistics—the top investigator pulled no punches:
“The entire money was released. We saw the approval of the governor. Our finding with regards to Exhibit PD5 is that it is all fraud. It was pure theft. It was stolen, otherwise obtained under false pretence, and not for the purpose stated in the memo.”
— Okpoziakpo Eloho, Commissioner of Police (PW14)
On a more positive note, the witness disclosed that the joint investigative team has successfully clawed back a portion of the plundered resources, making cash recoveries hovering around $800,000 (Eight Hundred Thousand United States Dollars) so far.
Forged Signatures and Phantom Officials Exposed
During a rigorous cross-examination by Emefiele’s defense counsel, Mathew Burka (SAN), the witness detailed how basic state protocols were allegedly bypassed or falsified to facilitate the massive cash evacuation.
The investigation uncovered deep anomalies in the documentation used to clear the funds:
| Document / Exhibit | Purported Source & Claim | Forensic & Investigative Findings |
| Exhibits PD3 & PD6 | Official correspondence supposedly emanating from the Office of the Secretary to the Government of the Federation (SGF). | Former SGF, Boss Mustapha, was interviewed by special investigators and explicitly stated that the signature on the document did not belong to him. |
| Exhibit PD4 | Staff Identity Card used by one Jibril Abubakar, the individual who physically collected the $6,230,000 cash. | Verification lines established that the staff ID number is fake and the recipient was never an employee in the SGF’s office. |
Total Breach of Apex Bank Protocol
When pinned down by the defense team on whether the central bank’s internal checks and balances were adhered to during the transaction, CP Eloho answered in the negative.
He pointed out that the payment instructions bypassed standard institutional workflows entirely. “This document moved directly from the Governor to the Director of Banking Services,” the witness explained. “Protocol was not followed. The proper procedure would have been for the document to route sequentially through the relevant Deputy Governor.”
With the evidence mounting, Justice H. Muazu adjourned the criminal proceedings until Friday, July 3, 2026, for the immediate continuation of the trial, as the anti-graft agency moves to wrap up its closing arguments against the former CBN boss.
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