Court Hears How $6.23 Million Was Allegedly Withdrawn from CBN for ‘Fake’ Election Observers
By Erewunmi Peace
A Federal High Court has heard details of how the sum of $6.23 million was allegedly withdrawn from the Central Bank of Nigeria (CBN) for a purported election monitoring exercise during the 2023 general elections.
The revelation emerged during ongoing proceedings involving former Central Bank Governor, Godwin Emefiele, where a witness for the Economic and Financial Crimes Commission (EFCC) testified on the circumstances surrounding the withdrawal.
According to the witness, the funds were reportedly approved under the guise of financing foreign election observers. However, investigators described the exercise as questionable, alleging that it lacked legitimacy and may have been used as a cover for unauthorized transactions.
The court was also told that documents used to process the withdrawal may have been falsified, raising further concerns about the authenticity of the approval process.
The EFCC is currently prosecuting the case as part of broader efforts to address alleged financial misconduct and ensure accountability in public institutions.
The defendant has denied all allegations, and the matter remains before the court for determination.
Legal observers note that the outcome of the case could have significant implications for financial oversight and governance within key national institutions.
Proceedings are expected to continue as the court hears further evidence from both parties.
