Emefiele Trial: Special Investigator Testifies $6.2m Withdrawal Left CBN Account Negative N2.858 Billion

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 a $6.2 million withdrawal from the apex bank pushed one of its dollar accounts into a negative balance of N2.858 billion.

Jim Osayande Obazee, a Federal Government special investigator and the 15th prosecution witness, made the disclosure while testifying before Justice Hamza Muazu in the ongoing case brought by the Economic and Financial Crimes Commission (EFCC). The EFCC is prosecuting Emefiele on an amended 20-count charge including conspiracy, criminal breach of trust, conferment of corrupt advantage, forgery, and obtaining by false pretence involving $6.23 million.

Withdrawal Without Naira Cover

Led in evidence by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), Obazee said the money was allegedly earmarked for foreign election observers during the 2023 general election. He stated that the cash was withdrawn from the CBN's Abuja branch without the required naira backing.

According to Obazee, the transaction forced the CBN's dollar account for internal staff and Ministries, Departments and Agencies (MDAs) into a negative balance of N2,858,150,196.42. He told the court that such a development should ordinarily have triggered an internal investigation by the CBN Governor and the bank's Chief Accounting Officer.

The witness further testified that the cash was released from the Abuja branch on February 3, 2023, without proper documentation identifying the receiving official. He also alleged that the transaction ought to have been reflected in the CBN's 2022 financial statements, signed in May 2025, as well as identified by both the bank's internal auditors and its external auditors, Ernst & Young.

BVN Portal Was Down, Beneficiaries Unknown

Obazee disclosed that the Bank Verification Number (BVN) verification portal was non-functional for over 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 said, adding that Emefiele, as a career banker and chief accounting officer of the CBN, should have detected the discrepancy.

Obazee said his investigation began with a review of internal control weaknesses within the CBN and included interviews with officials from the bank's internal audit department.

Buhari's Approval and Missing Funds

He further told the court that former President Muhammadu Buhari had approved the release of funds for election observer logistics in a letter to then Secretary to the Government of the Federation (SGF), Boss Mustapha. According to Obazee, Mustapha subsequently wrote to Emefiele authorising one Jibril Abubakar to receive the money on behalf of the Federal Government, while the CBN's Director of Banking Supervision also authorised the Abuja branch controller to release the funds.

The witness claimed that the CBN official who processed the payment was redeployed to the Governor's Office 56 days after the transaction, contrary to normal administrative procedure. He also maintained that the money never reached any foreign election observers.

“The money was actually taken, but did not flow to the supposed beneficiaries,” Obazee told the court. He further alleged that Emefiele's failure to question the negative account balance suggested prior knowledge of the transaction. “The money won't leave without the governor's approval,” he said.

The witness disclosed that part of the money had been recovered from one Bashir Maishanu, who allegedly confessed and refunded $856,500 to the investigative team. Obazee argued that Maishanu should also face prosecution alongside Emefiele.

Obazee also told the court that former SGF Boss Mustapha could not explain why the $6.2 million transaction was omitted from his handover notes after leaving office in May 2023.

Defence Cross-Examination and Court Adjournment

During cross-examination by defence counsel Matthew Burkaa (SAN), the witness admitted 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 CBN. He also confirmed that everyone interviewed during the investigation, including Emefiele, denied involvement or knowledge of the transaction.

Justice Muazu ruled during proceedings that the witness, not being a forensic document examiner, could not authenticate signatures attributed to Emefiele on documents tendered before the court. The court adjourned the matter until October 20, 2026, for the adoption of final written addresses, while the defence indicated it would file a no-case submission on behalf of the former CBN governor.

For the naira and Nigerian businesses, the case underscores persistent questions around accountability at the highest levels of the central bank. A conviction could restore some confidence in the integrity of CBN operations, while a drawn-out trial risks prolonging uncertainty around the management of foreign reserves.