Emefiele Trial: Investigator Says $6.2m Withdrawal Plunged CBN Dollar Account into N2.8bn Deficit

A special investigator in the trial of former CBN governor Godwin Emefiele revealed that a $6.2 million withdrawal meant for foreign election observers drove the bank’s internal dollar account into a N2.858 billion overdraft. He explained that the cash left the vault on February 3, 2023 without a naira cover or proper ID checks. The bank’s BVN portal was down, and no documentation named the staff who received the funds. Letters from the former president and the SGF authorised the release, but there was no record that observers ever got the money. Part of the funds—$856,500—has since been recovered from one Bashir Maishanu. Under cross-examination, the investigator said Emefiele and other officials denied knowledge. The court adjourned for final addresses on October 20, 2026.

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