CBN Former Governor Emefiele Faces EFCC Trial Over $6.23 Million Alleged Fraud

A prosecution witness in the ongoing trial of Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), has told an Abuja Federal Capital Territory (FCT) High Court that $6.23 million was withdrawn from the apex bank using forged documents.

The testimony was delivered on Thursday by Bashirudden Maishanu, the 11th prosecution witness (PW11) and an assistant director at the CBN, before Justice Hamza Muazu in the Economic and Financial Crimes Commission (EFCC)-led case.

Alleged Circumstances of the Withdrawal

Maishanu said the funds were withdrawn from the Garki branch of CBN on February 8, 2023, following instructions from one Alhaji Ahmed, who claimed to be working with a special committee in the office of the Secretary to the Government of the Federation (SGF).

According to the witness, Ahmed stated he had presidential approval for the payment and needed Emefiele’s authorization. He allegedly requested the funds to be paid in cash and asked Maishanu either to accompany the withdrawals or recommend someone he trusted. Maishanu declined to personally deliver the cash but suggested a colleague.

During the transaction, Ahmed reportedly left with $2.5 million, while another $2.5 million was left with Maishanu and two others. Maishanu told the court that the total funds of $6.23 million were intended for election-related expenses, including payments to election observers.

“I saw the cash and thought it was outrageous because we never negotiated for any payment,” Maishanu said, adding that he advised his colleagues to retain the money.

On Fraud and Internal Processes

Under cross-examination, Maishanu maintained that the documents authorizing the withdrawal were fraudulent, citing CBN’s strict internal procedures for cash transactions of such value. He stated that all officials involved could be traced through internal documentation carrying identifiable signatures at each step.

Maishanu admitted he initially did not know the funds were fraudulent and had not monitored the 2023 elections. He later reviewed the forged documents and accepted personal responsibility for his role, describing the situation as a “set-up.”

He also explained that disciplinary action for CBN staff varies depending on the severity of offenses, ranging from warnings to dismissal, and noted he was not disciplined by the CBN board in connection with the matter.

The trial was adjourned until January 30, 2026, for continuation of proceedings.