$4.5 Billion Fraud: How Emefiele received $17.1 million Cash Bribe through Aide

An EFCC investigator has told an Ikeja High Court that an aide to former Central Bank Governor Godwin Emefiele received a total of $17.1 million on his behalf over three years.

Mr. Alvan Gurumnaan, an Assistant Commandant with the Economic and Financial Crimes Commission (EFCC), testified on Wednesday that the funds were handed to Emefiele through various intermediaries between September 2020 and June 2023.

Gurumnaan, who heads the EFCC’s Special Operations Unit, said intelligence reports received while Emefiele was still in office alleged abuse of office, demanding and receiving gratification, procurement fraud, and living beyond known means.

According to the witness, “One of the former CBN governor’s close aides, Mr. Monday Osazuwa, received a total of $17.1 million from a businessman at an address in Victoria Island, Lagos,” and “Osazuwa collected these sums in various tranches and delivered them to Emefiele at his Ikoyi residence.”

He added that “part of the money was handed to one Henry Omoile, on Emefiele’s instruction.” Omoile stands accused alongside Emefiele of unlawful acceptance of gifts by agents.

Both men face a 19-count charge alleging gratification and corrupt demands, with the total fraud figures pegged at $4.5 billion and ₦2.8 billion.

Gurumnaan told the court that the EFCC issued multiple document requests and summoned staff from several CBN departments. “One name that surfaced repeatedly during the investigation was that of Eric Odoh, Emefiele’s former personal assistant,” the investigator said, noting that Odoh absconded and was later traced to the United Kingdom, Canada, and other countries.

He further disclosed that the EFCC wrote to the Code of Conduct Bureau and the Corporate Affairs Commission to gather more information. Staffers who worked directly under Emefiele—either at the CBN headquarters or the Lagos annex—were also questioned, and some aides admitted handing the money straight to the former governor.

“The aide said Emefiele always confirms the receipt of the sums of money with the businessman in question over the phone after each transaction,” Gurumnaan testified. “The contact person was also invited for questioning and he confirmed giving Emefiele’s aide a total sum of $17.1 million.”

Investigators examined the businessman’s phone and printed relevant WhatsApp chats at the EFCC Lagos office. When prosecutors sought to tender these documents as exhibits, Emefiele’s lead counsel, Mr. Olalekan Ojo (SAN), raised no objection.

However, Mr. Adeyinka Kotoye (SAN), representing co-defendant Henry Omoile, asked the court to reserve his objections for the final written address and requested leave to conduct an independent forensic examination of the exhibits. The judge granted both requests and directed the defence to file a formal application, allowing the prosecution to respond.

The trial has been adjourned until October 7 for continuation.