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 that an alleged fraudulent $6.2 million withdrawal from the apex bank pushed one of its special dollar accounts into a negative balance of ₦2.858 billion.

Witness explains alleged deficit

The 15th prosecution witness, Jim Osayande Obazee, who served as the Federal Government’s special investigator into the CBN, said the funds were allegedly withdrawn from the bank’s Abuja branch without the required naira cover for dollar transactions.

According to him, the transaction forced the account used for internal staff and Ministries, Departments and Agencies (MDAs) into a deficit of ₦2,858,150,196.42, a development he said should have immediately triggered an investigation by Emefiele and the bank’s chief accounting officer.

Obazee made the disclosure while testifying before Justice Hamza Muazu during the ongoing trial being prosecuted by the Economic and Financial Crimes Commission.

How the funds were allegedly released

The witness told the court that the $6.23 million, reportedly meant for foreign election observers during the 2023 general election, left the Abuja branch of the CBN on February 3, 2023, without proper documentation identifying the receiving official.

He added that the transaction should have appeared in the CBN’s 2022 financial statements, signed in May 2025, and should also have been detected by both the bank’s internal auditors and external auditors, Ernst & Young.

Obazee further claimed that the CBN’s Bank Verification Number (BVN) portal was inactive for more than a month before the withdrawal, making it impossible for the recipient to complete normal identification procedures before collecting the funds.

“The money won’t leave without the governor’s approval,” the witness told the court, arguing that Emefiele should have detected the discrepancies.

Investigation and recovered funds

According to the witness, the investigation began after President Bola Ahmed Tinubu appointed him on July 28, 2023, to probe the CBN and related government entities.

He said investigators discovered that former President Muhammadu Buhari had authorised the release of funds for election observer logistics through a letter addressed to former Secretary to the Government of the Federation, Boss Mustapha.

Obazee said another letter from Mustapha introduced one Jibril Abubakar as the person authorised to collect the money, while a separate directive from the CBN’s Director of Banking Supervision instructed the Abuja branch controller to release the funds.

He also told the court that investigators recovered $856,500 from Bashir Maishanu, who allegedly confessed and returned the money during the investigation.

The witness added that there was no evidence showing the funds ever reached any foreign election observers.

Defence begins cross-examination

During cross-examination, Emefiele’s lawyer, Matthew Burkaa (SAN), pointed out that criminal charges had already been filed against the former CBN governor in September 2023, before Obazee’s appointment in December of the same year.

Obazee confirmed that everyone interviewed during the investigation, including Emefiele, denied involvement in the transaction. He also said Emefiele was questioned while in custody at the Kuje Correctional Centre.

Justice Muazu ruled during proceedings that the witness could not authenticate Emefiele’s signature on documents presented before the court because he is not a forensic document examiner.

The court adjourned the case until October 20, 2026, for the adoption of final addresses. Defence counsel also informed the court of plans to file a no-case submission on behalf of the former CBN governor.