CBN Investigation Points to Alleged $6.3 Million Fraud Before 2023 Election, Implicating Former SGF, Emefiele, Other Top Executives

A probe led by Special Investigator Mr. Jim Obazee, appointed by President Bola Tinubu, has exposed a scheme involving the alleged fraudulent withdrawal of $6.3 million from the Central Bank of Nigeria (CBN) just days before the 2023 presidential election.

The investigation implicates former Secretary to the Government of the Federation and 12 high-ranking CBN executives for their involvement in the illicit withdrawal. The funds were reportedly siphoned from the vaults of the Foreign Payments Office, Abuja Branch of the CBN, as captured on CCTV footage between 7th February and 8th February 2023.

Mr. Obazee revealed that the withdrawal was purportedly authorized by a letter dated 23rd January 2023, bearing the signature mark ‘Muhammadu Buhari.’ This letter, titled ‘Presidential Directive on Foreign Election Observer Missions,’ allegedly instructed the withdrawal for the payment of foreign election observers.

The subsequent discovery of another letter dated 26th January 2023, directed to Mr. Godwin Emefiele, the then Governor of the CBN, outlined a “contingent logistics advance” in line with the presidential directive. A follow-up letter dated 31st January 2023 sought approval for the payment of $6.23 million.

The fraudulent withdrawal came to light on December 4th, when the Special Investigator issued a Request for Information to the CBN management. The accused individuals, including the former SGF, now face allegations of forgery, concealment, conspiracy, and fraud in connection with the unauthorized withdrawal.

According to Mr. Obazee, an official of the CBN confessed in a written statement to collaborating with an Assistant Director in the Banking Supervision Department, along with unidentified individuals, to orchestrate the theft of $6.23 million from the CBN vault.

Two high-ranking CBN officials are currently in custody, and Mr. Obazee has called on the government to prosecute directors, Deputy Directors, Assistant Directors, and Branch Controllers involved in the fraudulent cash withdrawal. The investigation suggests an apparent cover-up by officers occupying key positions around the period of 7th and 8th February 2023.