Emefiele: How $6.2m Withdrawal Pushed CBN Account To Negative Balance -Witness
By Anne Osemekeh, Abuja
A prosecution witness in the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has told the Federal Capital Territory High Court, Abuja, that the alleged fraudulent withdrawal of $6.23 million from the apex bank in February 2023 pushed a CBN special dollar account into a negative balance of ₦2.86 billion.
According to the spokesman of the Economic and Financial Crimes Commission (EFCC), Dele Oyewole, the 15th prosecution witness, Jim Obazee, a special investigator appointed by President Bola Tinubu to probe the CBN, told Justice Hamza Muazu on Friday that the withdrawal, purportedly meant for foreign election observer logistics during the 2023 general election, was made without the required naira backing.
He said the transaction should have triggered internal scrutiny by the CBN Governor and the bank’s Chief Accounting Officer.
Obazee further testified that the funds left the CBN Abuja branch without proper documentation of the recipient and were not flagged in the bank’s 2022 financial statements, internal audit reports or by external auditors. He also revealed that the Bank Verification Number (BVN) portal was inactive for over a month before the withdrawal, making it impossible to verify the identity of whoever collected the cash.
According to the witness, although former President Muhammadu Buhari approved the release of funds for election observer logistics, and then Secretary to the Government of the Federation, Boss Mustapha, subsequently authorised a representative to collect the money, investigators found no evidence that the funds reached any election observers or served any government purpose.
He added that part of the money—$856,500—had been recovered from one Bashir Maishanu, who allegedly confessed and refunded the amount. Obazee also said several other officials, including the former SGF, CBN board members and the Abuja branch manager, should have been investigated or charged.
During cross-examination, the witness acknowledged that criminal charges had already been filed against Emefiele before his appointment as special investigator. He also confirmed that all those interviewed, including Emefiele, denied involvement in the transaction.
Justice Muazu ruled that the witness, not being a forensic document examiner, could not authenticate Emefiele’s signature on documents tendered in evidence. The case was adjourned until 20 October 2026 for the adoption of final addresses, while the defence indicated it would file a no-case submission.
