Emefiele trial: $6.2m withdrawal pushed CBN account into deficit

A FEDERAL Capital Territory (FCT) High Court has heard that the alleged withdrawal of $6.2 million from the Central Bank of Nigeria (CBN) in February 2023 pushed one of the bank’s special dollar accounts into a deficit, as the trial of former CBN Governor Godwin Emefiele continued on Friday.

A prosecution witness for the Economic and Financial Crimes Commission (EFCC), Jim Obazee, gave the evidence before Justice Hamza Muazu. Obazee was appointed by President Bola Tinubu in July 2023 as special investigator to examine the activities of the CBN and related entities.

The EFCC is prosecuting Emefiele on an amended 20-count charge involving allegations of conspiracy, criminal breach of trust, forgery, obtaining by false pretences and conferring corrupt advantages in relation to the alleged $6.23 million withdrawal from the apex bank.

READ ALSO: $4.5bn fraud: Emefiele challenges admissibility of EFCC statements, alleges torture

According to a statement issued by EFCC spokesperson Dele Oyewale after the proceedings, Obazee told the court that the money, purportedly approved for logistics for foreign election observers during the 2023 general election, was withdrawn from the CBN’s Abuja branch on February 3, 2023.

He said the withdrawal caused the CBN’s dollar account designated for internal staff and ministries, departments and agencies (MDAs) to record a negative balance of N2.858 billion. Obazee further testified that the cash left the bank’s vault without proper documentation identifying the staff member who received it.

The witness also argued that the transaction ought to have appeared in the CBN’s 2022 financial statements, signed in May 2025, and should have been detected by both the bank’s internal auditors and external auditor, Ernst & Young.

Obazee further alleged that the CBN’s Bank Verification Number (BVN) portal was unavailable for more than a month before the withdrawal, making it impossible for the recipient to provide biometric identification before collecting the funds.

In his testimony, Obazee said former President Muhammadu Buhari had written to then Secretary to the Government of the Federation (SGF), Boss Mustapha, authorising the release of funds for election observer logistics. He added that Mustapha subsequently wrote to Emefiele, introducing Jibril Abubakar as the person authorised to receive the money on behalf of the Nigerian government.

He also told the court that a separate letter from the CBN’s Director of Banking Supervision instructed the Abuja branch controller to release the funds and identified the designated recipient.

Despite those approvals, Obazee maintained that the funds never delivered any economic value to the government, the CBN or any foreign election observer mission. According to him, investigators found no evidence that election observers ever received the money.

“The money was actually taken, but did not flow to the supposed beneficiaries,” Obazee told the court.

READ ALSO: Obazee: Buhari, Boss Mustapha, CBN board should have faced trial over $6.2m CBN withdrawal

He further claimed that Emefiele’s failure to raise concerns over the resulting negative balance suggested he was aware of the transaction.

Obazee also testified that the investigative panel recovered $856,500 from Bashir Maishanu, who allegedly admitted involvement and refunded the amount. He added that the former Accountant-General of the Federation (AGF), whom he interviewed personally, was unable to explain why the $6.2 million transaction was omitted from his handover notes before leaving office in May 2023.

During cross-examination by defence counsel Matthew Burkaa, Obazee acknowledged that every individual questioned by the investigative panel, including Emefiele, denied any knowledge of or involvement in the disputed transaction.

Justice Muazu adjourned the matter until October 20, 2026, for the adoption of final written addresses. Defence counsel indicated that Emefiele would file a no-case submission.