CBN $6.2 Million Trial: Emefiele Knew Of Alleged Fraudulent Withdrawal, Investigator Tells Court

A prosecution witness, Jim Obazee, on Friday told the Federal Capital Territory High Court in Abuja that the alleged fraudulent withdrawal of $6.2m from the Central Bank of Nigeria (CBN) pushed one of the apex bank’s special dollar accounts into a negative balance of N2.858bn.

Obazee, who testified as the 15th prosecution witness, spoke during the trial of former CBN Governor, Godwin Emefiele, before Justice Hamza Muazu.

Naija News reports that the Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an amended 20-count charge bordering on alleged conspiracy, criminal breach of trust, forgery, obtaining by false pretence and conferment of corrupt advantages involving $6.23m.

Led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), Obazee said the money was allegedly released from the CBN Abuja branch on February 3, 2023, as funds meant for foreign election observer logistics during the 2023 general election.

He said the withdrawal was made without naira cover as required for dollar transactions, forcing the account into a negative balance of N2,858,150,196.42.

According to him, the development ought to have been flagged by Emefiele and the bank’s chief accounting officer.

“Nobody will allow you leave the bank until the account is balanced,” he said.

The witness added that the transaction left the bank without proper documentation of the receiving officer.

Obazee told the court that there was no evidence that the funds reached foreign election observers or produced any economic benefit for the Federal Government or the CBN.

“The money was actually taken, but did not flow to the supposed beneficiaries,” he said.

He said his team’s investigation began with a review of internal control weaknesses within the apex bank and interviews with internal audit officials.

According to him, a letter from former President Muhammadu Buhari to then Secretary to the Government (SGF) of the Federation, Boss Mustapha, authorised the release of funds for election observer logistics.

He added that a follow-up letter from Mustapha to Emefiele introduced one Jibril Abubakar as the person authorised to collect the money.

The witness further claimed that the CBN’s Bank Verification Number (BVN) portal was non-functional for more than one month before the withdrawal, making it impossible to verify the identity of the person who collected the funds.

He also alleged that the CBN official who received and processed the payment documents was redeployed to the governor’s office 56 days after the transaction without following normal procedure.

Obazee said part of the money had been recovered from one Bashir Maishanu, who allegedly confessed and returned $856,500 to the special investigation team.

He argued that Maishanu ought to be standing trial alongside Emefiele.

Under cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN), Obazee admitted that criminal charges had already been filed against Emefiele in September 2023 before President Bola Tinubu directed him in December 2023 to prepare charges against the former CBN governor.

He also said all persons interviewed by the special investigation team, including Emefiele, denied knowledge of or involvement in the transaction.

Justice Muazu ruled during cross-examination that Obazee, not being a forensic document examiner, could not be asked to authenticate Emefiele’s signature on exhibits tendered before the court.

The matter was adjourned till October 20, 2026, for adoption of final addresses.