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A prosecution witness, Jim Obazee, told the Federal Capital Territory High Court in Abuja on Friday that the alleged fraudulent withdrawal of $6.2m from the Central Bank of Nigeria (CBN) pushed one of the apex bank’s special dollar accounts into a negative balance of N2.858bn.

Obazee, who testified as the 15th prosecution witness, spoke during the trial of former CBN Governor, Godwin Emefiele before Justice Hamza Muazu.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on an amended 20-count charge of alleged conspiracy, criminal breach of trust, forgery, obtaining by false pretence and conferment of corrupt advantages to the tune of $6.23m.

Obazee, led in evidence by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), said the money was allegedly released from the CBN Abuja branch on February 3, 2023, as funds meant for foreign election observer logistics during the 2023 general election.

He said the withdrawal was done without naira cover as required for dollar transactions, which had pushed the account into a negative balance of N2,858,150,196.42.

According to him, the development should have been flagged by Emefiele and the bank’s chief accounting officer.

“You can’t leave the bank until the account is balanced,” he said.

The witness said the transaction did not leave the bank with proper documentation for the receiving officer.

Obazee told the court that there was no evidence that the funds reached foreign election observers or generated any economic benefit for the Federal Government or the CBN.

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

His team’s investigation began with a review of internal control weaknesses within the apex bank and interviews with internal audit officials, he said.

According to him, a letter from former President Muhammadu Buhari to the then Secretary to the Government (SGF) of the Federation, Boss Mustapha, authorised the release of funds for election observer logistics.

He said a subsequent letter from Mustapha to Emefiele introduced one Jibril Abubakar as the person authorised to collect the money.

The witness also claimed that the CBN’s Bank Verification Number (BVN) portal was down for over one month prior to the withdrawal, thus it was impossible to verify the identity of the person who collected the funds.

He further alleged that the CBN official who received and processed the payment documents was redeployed to the governor’s office 56 days after the transaction without following normal procedure.

Obazee said part of the money was recovered from one Bashir Maishanu, who reportedly admitted to the crime and handed over $856,500 to the special investigation team.

He said Maishanu should be prosecuted with Emefiele.

During cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN), Obazee conceded that criminal charges had already been filed against Emefiele in September 2023, before President Bola Tinubu directed him in December 2023 to prepare charges against the former CBN governor.

He said all persons interviewed by the special investigation team including Emefiele, denied knowledge or involvement in the transaction.

During cross-examination, Justice Muazu ruled that Obazee, who was not a forensic document examiner, could not be asked to authenticate Emefiele’s signature on exhibits tendered before the court.

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

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