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$6.23 Million Election Fund Scandal: Witness Tells Court How CBN Money Was Allegedly Diverted Under Emefiele

The ongoing trial of former Central Bank Governor, Godwin Emefiele, took a dramatic turn on Monday as a prosecution witness revealed how millions of dollars were allegedly moved from the Central Bank of Nigeria (CBN) to fund foreign election observers during the 2023 general elections.

Testifying before Justice Hamza Muazu of the Federal Capital Territory High Court in Maitama, Abuja, the witness, Chinedu Eneanya, told the court that a total sum of $6.23 million was allegedly siphoned from the apex bank under questionable circumstances.

Eneanya, who appeared as the 13th prosecution witness for the Economic and Financial Crimes Commission (EFCC), explained that he was part of the investigative team assigned to probe the allegations against Emefiele. The former CBN governor is currently facing an amended 20-count charge bordering on criminal breach of trust, forgery, abuse of office, and conspiracy to obtain by false pretence.

Led in evidence by prosecution counsel, Rotimi Oyedepo (SAN), the witness disclosed that investigations uncovered that the $6.23 million was withdrawn from the CBN’s coffers purportedly to finance foreign election observers for the 2023 polls.

He further told the court that several individuals linked to the transaction were invited and questioned during the investigation, while key documents authorising the release of the funds were retrieved from the apex bank.

In a shocking revelation, Eneanya stated that the investigation showed that signatures attributed to former President Muhammadu Buhari and former Secretary to the Government of the Federation, Boss Mustapha, were allegedly forged to facilitate the disbursement of the funds. He added that forensic analysis confirmed that the signatures were not authentic.

During cross-examination by defence counsel Matthew Burkaa (SAN), the witness disclosed that five CBN officials who signed the internal memo linked to the transaction had been suspended by the bank.

Earlier in the proceedings, the defence urged the court to consider closing the prosecution’s case if it failed to present its remaining two witnesses at the next adjourned date, alleging deliberate delays aimed at frustrating the defendant.

However, the prosecution opposed the application, explaining that the delay was due to difficulties in securing the attendance of the remaining witnesses, who are reportedly outside the court’s jurisdiction in Benin City and Lagos.

Justice Muazu advised both parties to reserve their arguments on the matter until final addresses and directed the prosecution to work with the court registrar to issue subpoenas to compel the witnesses’ appearance.

The case was subsequently adjourned to Tuesday, April 28, 2026, for continuation of trial.