COURT JAILS TWO FOR N14.8M FRAUD IN MAIDUGURI. (PHOTO). #PRESS RELEASE.

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 Court Jails Two for N14.8m Fraud in Maiduguri Justice B.T Zannah of the Borno State High Court sitting in Maiduguri, on Monday, July 13, 2026 convicted and sentenced two to three years imprisonment. The convicts are: Babagana Bukar and Hauwa Chabri.  The convicts were arraigned on Monday, July 13, 2026 by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on a separate one -count charge for the offence of criminal misappropriation to the tune of N14,800,000.00 (Fourteen  Million, Eight Hundred Thousand Naira). The charge against Bukar reads: "That you, Babagana Bukar sometimes in 2025 at Maiduguri, Borno State within the jurisdiction of this honourable court, dishonestly misappropriated and converted to your own use the aggregate sum of N8,800,000.00 (Eight Million, Eight Hundred Thousand Naira)  money belonging to Bunu Gambo Liman, being amount given to you through Babakura Umar and Bello Adamu for the supplies of 100 bags of IRS...
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AUDITOR-GENERAL QUERIES CBN OVER $4.5BN MISSING FROM FOREIGN RESERVES. (PHOTO)

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 Auditor-General queries CBN over $4.5bn missing from foreign reserves

Auditor-General of the Federation, Shaaka Chira, has asked the Central Bank of Nigeria to offer an explanation for a missing $4.5 billion fund.


An audit report from the Office of the Accountant General said the missing sum was unaccounted for in Nigeria’s foreign reserves between 2018 and 2019.


The yearly audit report provides comprehensive information about the spending and financial affairs of the various ministries, departments, and agencies under the government in a fiscal year.


According to the report, the country’s foreign reserves, which stood at US$42,594,842,852.75 in December 2018, decreased to US$38,092,720,200.72 in 2019. By a simple calculation, US$4,502,122,652.03 could not be accounted for.


The violation occurred following the COVID-19 outbreak, during the tenure of Godwin Emefiele, the former governor of the apex bank currently standing trial in court over corruption allegations.


The Accountant-General has now urged CBN to offer explanations for the missing sum.


The audit report, stressing that the stability of the exchange rate may be jeopardised if the apex bank fails to justify the fund, stated: “This violates Section 25 of the Central Bank of Nigeria Act 2007, mandating the bank to endeavour to maintain external reserves at levels considered to be appropriate for the economy and the monetary system of Nigeria.”

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