The Political Economy of Tax Derivation in Nigeria
In a Lagos courtroom on Thursday, a former executive assistant to the embattled ex-Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, described delivering $400,000 to his former boss in a case tied to allegations of financial misconduct. The testimony was part of a trial before Justice Rahman Oshodi at the Lagos Special Offences Court, where Emefiele and co-defendant Henry Omoile face 26 charges related to alleged fraud involving $4.5 billion and ₦2.8 billion.
The witness, John Adetola, provided the court with a detailed account of events in 2018. He recalled being instructed via WhatsApp to collect the sum from a former ICT Director, John Ayoh, at his Lekki residence, and subsequently delivering it to Emefiele in Lagos. Adetola explained, “I received an envelope from Mr Ayoh, returned to the office, and handed it over to the former CBN Governor.”
Adetola also shed light on his role at the CBN, where he managed office communications, facilitated meetings, and executed tasks assigned by Emefiele. His professional connection with the former governor extended back to Emefiele’s tenure as Managing Director of Zenith Bank.
Prosecutors, led by Rotimi Oyedepo (SAN), introduced digital communications, including WhatsApp messages and emails, as evidence of the transactions. The defence, led by senior advocates Olalekan Ojo and Adeyinka Kotoye, opposed the admissibility of these documents, but Justice Oshodi ruled in favour of their inclusion as exhibits.
Adetola also recounted his interaction with the Economic and Financial Crimes Commission (EFCC) earlier this year, when he was questioned about office documents and electronic communications linked to the case.
The trial continues to draw significant public and legal attention, with further hearings scheduled for December 10. Emefiele’s legal woes deepen against the backdrop of widespread scrutiny of Nigeria’s financial governance under his watch.
