TDThe trial of former Godwin Emefiele continued on Friday before the Federal Capital Territory High Court, with a prosecution witness alleging that the controversial withdrawal of $6.23 million from the Central Bank of Nigeria forced one of the bank’s special dollar accounts into a negative balance.
The 15th prosecution witness, Jim Osayande Obazee, was a special investigator appointed by President Bola Ahmed Tinubu.
Obazee testified before Justice Hamza Muazu that the funds, allegedly designated for foreign election observer logistics during the 2023 general elections, were withdrawn without the required naira backing.
The withdrawal resulted in a negative balance of ₦2.858 billion in the CBN’s dollar account for internal staff and Ministries, Departments and Agencies (MDAs).
The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an amended 20-count charge bordering on conspiracy, criminal breach of trust, forgery, obtaining by false pretences and conferment of corrupt advantages involving $6.23 million.
Led in evidence by Director of Public Prosecution, Rotimi Oyedepo (SAN), Obazee told the court that the transaction should have triggered internal investigations because it left the account in deficit.
He said Emefiele and the bank’s chief accounting officer ought to have detected the situation.
According to the witness, the money was released from the CBN’s Abuja branch on February 3, 2023, without proper documentation identifying the receiving officer.
He added that the transaction should have appeared in the bank’s 2022 financial statements, signed in May 2025, and should also have been detected by both the bank’s internal auditors and its external auditors, Ernst & Young.
Obazee further testified that the CBN’s Bank Verification Number (BVN) portal was reportedly non-functional for more than a month before the withdrawal, making it impossible for the recipient to complete the usual identity verification process.
He said investigations into the transaction began with a review of internal control weaknesses within the CBN and interviews with officials in the bank’s internal audit department.
The witness told the court that a letter from former President Muhammadu Buhari authorized the release of funds for election observer logistics.
Meanwhile a subsequent letter from former Secretary to the Government of the Federation Boss Mustapha introduced Jibril Abubakar as the person authorized to collect the funds.
He added that another authorization from the bank’s Director of Banking Supervision instructed the Abuja branch controller to release the money.
Obazee alleged that the CBN official who processed the payment documents was transferred to the governor’s office 56 days after the transaction without following standard procedures.
According to him, investigators found no evidence that the funds benefited either the Federal Government, the CBN or any foreign election observer mission.
“The money was actually taken, but did not flow to the supposed beneficiaries,” the witness told the court.
He added that there were no records showing election observers received the funds.
The witness further stated that part of the money had been recovered from Bashir Maishanu, who allegedly returned $856,500 after confessing to involvement.
He maintained that Maishanu should also face prosecution alongside Emefiele.
Obazee also testified that former SGF Boss Mustapha could not explain why the $6.23 million transaction was omitted from his handover notes upon leaving office in May 2023.
He added that other officials, including members of the CBN board and the Abuja branch manager, should also have been prosecuted.
During cross-examination, defence counsel Matthew Burkaa (SAN) elicited from the witness that criminal charges had already been filed against Emefiele in September 2023, before the special investigative team was directed in December 2023 to identify additional offences.
The witness also confirmed that individuals interviewed during the investigation, including Emefiele, denied involvement or knowledge of the transaction.
He disclosed that Emefiele was interviewed while in custody at the Kuje Correctional Centre.
Justice Hamza Muazu also ruled during proceedings that Obazee, not being a forensic document examiner, could not authenticate Emefiele’s signature on documentary exhibits tendered before the court.
The court adjourned the matter until October 20, 2026, for the adoption of final written addresses.
Defence counsel indicated that he intends to file a no-case submission on behalf of the former CBN governor.
