The trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, took a fresh turn on Friday as a prosecution witness told the Federal Capital Territory (FCT) High Court in Abuja that the alleged fraudulent withdrawal of $6.23 million from the apex bank’s Abuja branch plunged a special CBN dollar account into a negative balance of ₦2.858 billion.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an amended 20-count charge bordering on conspiracy, conferment of corrupt advantage, criminal breach of trust, forgery and obtaining by false pretences involving $6.23 million allegedly earmarked for foreign election observers during the 2023 general election.
Testifying before Justice Hamza Muazu, the 15th prosecution witness, Jim Obazee, a Federal Government special investigator appointed by President Bola Tinubu to probe the CBN and related government entities, said investigations revealed that the controversial withdrawal was made without the required naira backing for foreign currency transactions.
Led in evidence by Director of Public Prosecutions and prosecution counsel, Rotimi Oyedepo, SAN, Obazee told the court that the transaction forced the CBN’s special dollar account for internal staff and Ministries, Departments and Agencies (MDAs) into a deficit of ₦2,858,150,196.42.
According to him, the unusual development should have immediately triggered an internal investigation by the CBN Governor and the bank’s Chief Accounting Officer.
The witness further alleged that the funds were released from the Abuja branch of the apex bank on February 3, 2023, without proper documentation identifying the official who received the cash.
He maintained that the transaction ought to have been reflected in the CBN’s 2022 financial statements, signed in May 2025, and detected during both the bank’s internal audit and the external audit conducted by Ernst & Young.
Obazee also disclosed that the Bank Verification Number (BVN) platform was reportedly non-functional for more than one month before the withdrawal, making it impossible for any recipient to undergo the mandatory identity verification process before collecting the funds.
“Nobody will allow you leave the bank until the account is balanced,” he told the court, insisting that Emefiele, as a career banker and chief accounting officer of the CBN, should have identified and questioned the discrepancies.
The witness said the investigative team uncovered the transaction while examining internal control failures within the apex bank and interviewing officials in the CBN’s internal audit department.
He informed the court that a letter from former President Muhammadu Buhari to the then Secretary to the Government of the Federation (SGF), Boss Mustapha, authorised the release of funds from the CBN for election observer logistics.
According to him, Mustapha subsequently wrote to Emefiele introducing one Jibril Abubakar as the authorised representative to collect the funds on behalf of the Federal Government, while a separate letter from the CBN’s Director of Banking Supervision instructed the Abuja Branch Controller to release the money.
Obazee further testified that the CBN official who processed the payment documents was redeployed to the Governor’s Office 56 days after the transaction without following established administrative procedures.
He alleged that the money left the CBN vault without delivering any economic benefit to either the Federal Government, the apex bank or any foreign election observer mission.
“The money was actually taken, but did not flow to the supposed beneficiaries,” he said, adding that investigators found no evidence that any election observer mission received the funds.
The witness also expressed the opinion that Emefiele’s failure to question the negative account balance suggested he was aware of the transaction.
“The money won’t leave without the governor’s approval,” he alleged.
Obazee further disclosed that investigators recovered part of the money from one Bashir Maishanu, who, according to him, confessed to involvement in the transaction and refunded $856,500 to the investigative team.
He argued that Maishanu should be standing trial alongside Emefiele.
The witness also told the court that former SGF Boss Mustapha, whom he personally interviewed, could not explain why the $6.23 million transaction was omitted from his official handover notes when he left office in May 2023.
He added that other officials, including members of the CBN Board and the Abuja Branch Manager, should also have faced prosecution.
During cross-examination by defence counsel, Matthew Burkaa, SAN, Obazee acknowledged that criminal charges had already been instituted against Emefiele in September 2023, before he was appointed by the President in December 2023 to investigate the alleged offences.
He also confirmed that every individual interviewed during the investigation, including Emefiele, denied involvement or knowledge of the disputed transaction. He told the court that Emefiele was interviewed while in custody at the Kuje Correctional Centre.
Justice Muazu, while ruling on an objection during the cross-examination, held that the witness, not being a forensic document examiner, was not competent to 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, with defence counsel indicating that he would file a no-case submission on behalf of the former CBN Governor.
