The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took a fresh turn on Friday as a prosecution witness told the Federal Capital Territory High Court in Abuja that the alleged fraudulent withdrawal of $6.23 million from the apex bank pushed one of its special dollar accounts into a negative balance of over N2.85 billion.
The 15th prosecution witness, Jim Obazee, who served as the Federal Government’s Special Investigator into the CBN and related entities, made the disclosure while testifying before Justice Hamza Muazu.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on an amended 20-count charge bordering on conspiracy, criminal breach of trust, forgery, obtaining by false pretences, and the alleged conferment of corrupt advantage involving $6.23 million.
Led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), Obazee told the court that the disputed funds, purportedly approved for foreign election observer logistics during the 2023 general election, were withdrawn from the CBN’s Abuja branch without the required naira backing for foreign currency transactions.
According to him, the transaction resulted in the CBN’s special dollar account for internal staff and Ministries, Departments and Agencies (MDAs) recording a negative balance of N2,858,150,196.42.
The witness said such an irregularity should have immediately attracted the attention of the CBN governor and the bank’s chief accounting officer, arguing that proper internal controls ought to have detected and investigated the discrepancy.
Obazee further testified that the cash was released from the Abuja branch on February 3, 2023, without adequate documentation identifying the individual who collected it.
He added that the transaction should have been reflected in the CBN’s financial statements and detected by both the bank’s internal auditors and its external auditors, Ernst & Young.
The prosecution witness also informed the court that the CBN’s Bank Verification Number (BVN) platform was reportedly non-functional for more than a month before the withdrawal, making it impossible to verify the identity of whoever collected the funds.
“Nobody will allow you leave the bank until the account is balanced,” the witness told the court, maintaining that Emefiele, as a career banker and chief accounting officer of the institution, should have identified and questioned the irregular transaction.
Obazee explained that his investigative team uncovered the alleged withdrawal while examining weaknesses in the CBN’s internal control system and interviewing members of the bank’s audit department.
He told the court that the investigators found a letter from former President Muhammadu Buhari authorising the release of funds for election observer logistics.
According to him, a subsequent letter from former Secretary to the Government of the Federation, Boss Mustapha, introduced one Jibril Abubakar as the person authorised to receive the funds on behalf of the federal government.
He added that another approval from the CBN’s Director of Banking Supervision instructed the Abuja branch controller to release the money to the named recipient.
However, Obazee alleged that the funds never reached any election observer mission and produced no economic benefit for either the federal government or the CBN.
“The money was actually taken, but did not flow to the supposed beneficiaries,” he told the court, adding that investigators found no evidence that any foreign election observers received the funds.
The witness also alleged that the CBN official who processed the payment documents was transferred to the governor’s office just 56 days after the transaction without following standard administrative procedures.
He maintained that Emefiele’s failure to question the negative account balance suggested knowledge of the transaction, stating, “The money won’t leave without the governor’s approval.”
Obazee further disclosed that investigators recovered $856,500 from one Bashir Maishanu, who allegedly admitted involvement in the transaction and returned the money to the investigative team.
He argued that Maishanu should also face prosecution alongside Emefiele.
The witness also told the court that former SGF Boss Mustapha could not explain why the $6.23 million transaction was omitted from his handover notes when he left office in May 2023.
He added that other officials, including members of the CBN board and the bank’s Abuja branch manager, should also have been prosecuted.
During cross-examination by defence counsel Matthew Burkaa (SAN), Obazee acknowledged that criminal charges had already been filed against Emefiele in September 2023 before he was appointed by President Bola Tinubu in December 2023 to investigate the alleged offences.
He also confirmed that all individuals interviewed during the investigation, including Emefiele, denied involvement or knowledge of the transaction.
According to the witness, Emefiele was interviewed while in custody at the Kuje Correctional Centre.
Justice Muazu also ruled during proceedings that Obazee, not being a forensic document examiner, could not authenticate Emefiele’s signature on documents tendered as exhibits.
The court subsequently adjourned the matter until October 20, 2026, for the adoption of final written addresses.
Defence counsel indicated that he would file a no-case submission on behalf of the former CBN governor.
