Emefiele Trial: Jim Obazee Says Alleged $6.2m Withdrawal Pushed CBN Dollar Account into Negative Balance

Mr. Jim Osayande Obazee, the 15th Prosecution Witness, in the trial of former Central Bank of Nigeria, CBN, Godwin Emefiele has told Justice Hamza Muazu of the Federal Capital Territory, FCT, High Court, Abuja on Friday that an alleged $6.2 million withdrawal from the CBN Abuja branch pushed the bank’s internal dollar account into a negative naira balance.

Obazee, a federal government special investigator appointed by President Bola Tinubu on July 28, 2023 to probe the CBN and related entities, was testifying in the trial of former CBN Governor Godwin Emefiele.

The Economic and Financial Crimes Commission, EFCC, is prosecuting Emefiele on an amended 20-count charge bordering on conferment of corrupt advantages, conspiracy, criminal breach of trust, forgery, and obtaining by false pretences to the tune of $6,230,000.

Testimony on the withdrawal

Led by Director of Public Prosecution Rotimi Oyedepo, SAN, Obazee said the funds were allegedly earmarked for logistics for foreign election observer missions for the 2023 general election.

He told the court the withdrawal was made on February 3, 2023 from the Abuja branch without a naira cover as required for dollar transactions.

According to the witness, this resulted in the CBN dollar account for internal staff and MDAs going into a negative balance of N2,858,150,196.42.

He said the development ought to have triggered a review by the defendant and the bank’s chief accounting officer.

Obazee also said the transaction lacked proper documentation of the receiving staff and should have been flagged in the CBN’s 2022 financial statement signed in May 2025, as well as by external auditors Ernst & Young and in the bank’s internal audit report.

He added that the CBN’s Bank Verification Number, BVN, portal was non-functional for over a month before the withdrawal, which he said made it impossible for the fund recipient to present identification before collecting the funds.

Documents cited

The witness told the court that his team’s investigation began with a review of internal control weaknesses at the CBN and included interviews with internal audit staff.

He said his team found a letter from former President Muhammadu Buhari to then Secretary to the Government of the Federation, Boss Mustapha, authorising the withdrawal for election observer logistics.

He also referenced a follow-up letter from Mustapha to Emefiele introducing one Jibril Abubakar to collect the money on behalf of the federal government, and a letter from the CBN Director of Banking Supervision to the Branch Controller authorising release of the funds and naming the individual to collect them.

Obazee said the bank official who processed the payment documents was redeployed to the CBN governor’s office 56 days after the transaction, outside normal procedure.

He added that there was no record showing the funds reached any foreign election observer mission or provided economic benefit to the federal government or the CBN.

“The money was actually taken, but did not flow to the supposed beneficiaries,” he said.

He told the court that Emefiele’s failure to flag the negative balance suggested awareness of the transaction, stating that “the money won’t leave without the governor’s approval.”

Recovery and other disclosures 

The witness said part of the funds had been recovered from one Bashir Maishanu, who he said returned $856,500 to the investigative team and confessed to the crime.

He suggested Maishanu ought to stand trial alongside Emefiele.

He also said Mustapha, whom he interviewed, could not explain why the $6.2 million transaction was omitted from his handover notes in May 2023.

He further suggested that other officials, including CBN board members and the Abuja branch manager, should also face charges.

Cross-examination

Under cross-examination by defence counsel Matthew Burkaa, SAN, Obazee confirmed that criminal charges had been filed against Emefiele in September 2023, before his appointment in December 2023 to document the offences.

He said all persons interviewed in connection with the withdrawal denied involvement or knowledge, including Emefiele, who he said was interviewed at Kuje Correctional Centre.

Justice Muazu ruled that the witness, not being a forensic document examiner, could not authenticate Emefiele’s signature on exhibits tendered.

The matter was adjourned to October 20, 2026 for adoption of final addresses.

Defence counsel said he would file a no-case submission on behalf of Emefiele.