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How $6.2m was Stolen From CBN Within 24 Hours and Shared under Emefiele, Says investigative team
The sum of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN), on February 8, 2023, was shared and invested into real estate, according…
The sum of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN), on February 8, 2023, was shared and invested into real estate, according to court documents.
The $6.2 million, according to the special presidential investigative team, led by Jim Obaze, that probed the tenure of the immediate past CBN Governor, Godwin Emefiele, was removed
from the apex bank’s vault under the guise of paying election observers.
Emefiele is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC).
He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as central bank chief.
In the court documents, 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.
According to the documents, investigators claimed that Odoh Eric Ocheme, Emefiele’s personal assistant, received $3,730,000 of the funds, with three other people splitting the remaining $2,500,000.
Ocheme was said to have justified his lion’s share by claiming he had to pay other interests he had within the apex bank.
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.
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, one of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far.
Adamu Abubakar, Imam Abubakar and Ocheme are said to be at large and are believed to have fled the country.
This informed the initiation of extradition proceedings against them before the Federal High Court in Abuja.
The Deputy Superintendent of Police was quoted to have 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.
“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.”
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FEC Backs $2.99bn Rail Projects, Sets Stage for Power Sector Shake-Up
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… Lagos Green Line, Kano, Kaduna rail schemes to boost connectivity
… Tinubu to chair power sector task force as reforms gather pace
The Federal Executive Council (FEC) on Thursday approved a $2.99 billion package of rail infrastructure projects and the establishment of a Presidential Task Force on Power Sector Reform, in a move signalling a renewed push by the administration of President Bola Ahmed Tinubu to deepen infrastructure development and unlock economic growth.
Briefing State House correspondents after the Council meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the rail projects span key urban corridors and are designed to enhance mobility, reduce congestion, and stimulate regional commerce.
He listed the projects as the Lagos Green Line Rail, the Kano State Metro Rail, and the Kaduna State Rail project, noting that they have already been captured in the extended 2025 budget.
“The Federal Executive Council approved three transformative rail projects – Lagos Green Line, Kano State Metro Rail, and Kaduna State Rail project. These projects are to be sponsored by the Ministry of Finance Incorporated,” Oyedele said.
He explained that the approvals align with the administration’s broader infrastructure strategy, which prioritises rail transport as a cost-effective and sustainable alternative to road networks.
The Lagos Green Line is expected to complement existing mass transit systems in the commercial hub, while the Kano and Kaduna rail schemes are projected to boost passenger and freight movement across northern Nigeria, improving trade and economic activity.
In a related development, the Minister of Information and National Orientation, Mohammed Idris, announced the creation of a Presidential Task Force on Power Sector Reform, alongside key appointments aimed at strengthening governance in the electricity industry.
Idris said the Council approved the appointment of former Minister of Power, Lanre Babalola, as Special Adviser on Power to the President, to enhance coordination and policy oversight.
He disclosed that the President would chair the task force, with Babalola playing a central role in driving its activities.
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“The task force is part of renewed efforts by the administration to reposition the power sector as a critical driver of industrialisation and economic growth,” Idris said.
According to him, the decision followed the submission of a report by a presidential committee set up on March 4 to review the commercial and institutional framework for the proposed Grid Asset Management Company (GAMCO).
He noted that the task force brings together key stakeholders, including the Ministers of Finance, Power, Industry, Trade and Investment, Information, and the Attorney-General of the Federation, alongside regulators and representatives of electricity generation and distribution companies.
Idris said the body would focus on implementing far-reaching reforms to address structural bottlenecks in the sector, stressing that stable electricity supply remains central to Nigeria’s economic transformation.
He added that the government is committed to a comprehensive overhaul of the power sector to unlock industrial productivity and improve living standards.
The minister further disclosed that the FEC meeting was preceded by the swearing-in of a National Commissioner of the Independent National Electoral Commission (INEC) and four Permanent Secretaries.
He said President Tinubu administered the oath of office on retired Rear Admiral K. M. Marafa as INEC National Commissioner following her confirmation by the National Assembly.
Idris added that the Council deliberated on a 32-point agenda, reflecting what he described as the administration’s broad reform focus across critical sectors of the economy.
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Tinubu Fires Back at Critics: Exploiting Insecurity Won’t Stop My Second Term
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…directs action against sponsors of violence, backs Plateau peace committee
President Bola Ahmed Tinubu on Tuesday night declared that attempts by his political opponents to exploit insecurity to force him out of office would fail, insisting that he would not only remain in office but also seek a second term.
Speaking at the State House, Abuja, while receiving stakeholders from Plateau State, led by Governor Caleb Mutfwang, the President described himself as resolute in the face of political pressure.
“You are playing to the hand of agents, including my own enemies, who want to use insecurity to get rid of me. But I’m a very stubborn politician. I just refuse to go. And I will campaign for my second term,” Tinubu said.
The President warned that the Federal Government would move decisively against individuals found to be instigating or financing violence across the country, stressing that credible intelligence would be acted upon without delay.
“If you identify and you know the name of troublemakers, agents provocateur, who want to continue killing or instigate killing, let us know. We will use the instrument of office to deal with them,” he said.
Tinubu emphasised that security agencies stand ready to confront such threats once actionable information is provided, noting that the recurring cycle of violence must end.
In a move to strengthen peace efforts in Plateau State, the President also endorsed a newly constituted peace committee comprising former governors of the state, charging them to work collectively toward lasting solutions.
He directed the committee to review existing white papers on past conflicts and harmonise recommendations for implementation.
“Call one another. Ignore the Governor’s Committee if you have to, or incorporate them. Take that white paper, go through it among yourselves and agree to implement it.
“If the ones you have chosen before now are not working, you have to mix and amend membership. Forget those committees you mentioned to me, if it’s not working, it’s not working. Consider this group as the committee until we find a lasting solution,” the President said.
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Reps Give Nod to Tinubu’s $516.33m Loan Request for Sokoto-Badagry Highway
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The House of Representatives on Tuesday approved President Bola Tinubu’s request to secure a $516.33m loan from Deutsche Bank to finance Section I of the ambitious Sokoto-Badagry Superhighway project, a key infrastructure initiative under the administration’s Renewed Hope Agenda.
The approval followed the consideration of the President’s request by the Committee of Supply during plenary presided over by Speaker Tajudeen Abbas.
In a letter read on the floor of the Green Chamber, Tinubu described the Sokoto-Badagry Superhighway as a transformative national project aimed at connecting Nigeria’s far northwest to its southwestern coastline through an approximately 1,000-kilometre dual carriageway stretching from Illela in Sokoto State to Badagry in Lagos State.
The corridor is expected to pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, opening up major agricultural, commercial and industrial hubs across the country.
According to the President, the project was designed to stimulate economic growth by significantly improving the movement of goods and people across Nigeria’s northern and southern regions.
He said the highway will “improve north-south connectivity, safety and network performance on the corridor; reduce logistics costs and travel times by providing a continuous high-capacity expressway standard link to downstream markets and strengthen trade facilitation, food security and national cohesion through improved access between production zones, markets and ports.”
Tinubu further noted that the road project would “safeguard long-term intermodal flexibility by reserving the central median for future rail integration and accommodating utility corridors.”
The President explained that the funding arrangement involves a $516.33m facility from Deutsche Bank, backed by partial guarantee cover from the insurance arm of the Islamic Development Bank, while the Federal Government will provide counterpart funding of N265.54bn.
The counterpart contribution, he said, would cover land acquisition, compensation payments, and complementary infrastructure requirements.
Tinubu urged lawmakers to expedite legislative approval of the borrowing request in view of the strategic importance of the project to national development.
The Sokoto-Badagry Superhighway was conceived as one of Nigeria’s most expansive road infrastructure projects, intended to serve as an economic backbone linking the resource-rich northern corridor with major export gateways in the south.
Beyond easing transportation challenges, the superhighway is expected to boost agricultural supply chains, enhance regional trade, improve access to seaports, and attract investments in manufacturing, logistics and real estate along its route.
The project also aligns with broader government plans to modernise transport infrastructure and strengthen Nigeria’s competitiveness under the African Continental Free Trade Area framework.
Presenting the report of the House Committee on Aids, Loans and Debt Management, Abdullahi El-Rasheed, who represented the committee chairman, Abubakar Nalaraba, urged lawmakers to support the loan request, citing the project’s strategic economic value.
He said the highway would serve as a critical driver of development and improve long-term economic productivity.
Following deliberations, the House approved the borrowing request at plenary, paving the way for the commencement of the project’s first section.
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