A prosecution witness on Thursday told the Federal Capital Territory High Court in Abuja how $6.23m was fraudulently withdrawn from the Central Bank of Nigeria using forged documents.
Bashirudden Maishanu, an Assistant Director at the CBN and the 11th prosecution witness in the trial of former CBN Governor Godwin Emefiele, made the revelation while testifying before Justice Hamza Muazu in the case instituted by the Economic and Financial Crimes Commission.
Led in evidence by Rotimi Oyedepo, Director of Public Prosecutions at the EFCC, Maishanu narrated how the illegal transaction was executed on February 8, 2023, at the CBN Garki branch.
The witness told the court that trouble started in January 2023 when one Alhaji Ahmed approached him, claiming to be working with a special committee in the Office of the Secretary to the Government of the Federation.
Ahmed, according to Maishanu, said he had been directed by Eric Ocheme, allegedly Emefiele’s Personal Assistant during his tenure as CBN Governor, to meet him concerning some transactions being processed at the bank.
“He later told me that presidential approval had been obtained for the payment and that the next step was to secure Emefiele’s approval,” the witness said.
Maishanu testified that Ahmed requested the funds be paid in cash and asked him to either accompany the payments or recommend someone to do so.
“I told him I could not go and suggested someone I knew,” he stated.
According to the witness, on February 8, 2023, the money was cashed at the CBN Garki branch. After the withdrawal, Ahmed allegedly left with $2.5m in cash, while another $2.5m was left with him and two others.
“I saw the cash and thought it was outrageous because we never negotiated for any payment. I advised my friends to keep the money, which they agreed to do,” Maishanu said.
He further disclosed that the $6.23m was meant to cover election-related expenses, including payments for election observers.
On the CBN’s disciplinary procedures for erring staff, Maishanu explained that sanctions range from warnings to dismissal, depending on the gravity of the offence, as determined by a disciplinary committee in line with the bank’s human resource handbook.
He, however, said he was not subjected to any disciplinary action by the CBN board in relation to the matter.
Under cross-examination by Matthew Burkaa, counsel to Emefiele, the witness admitted he did not personally see the approval being signed but maintained that the documents were fraudulent.
“I am sure because the CBN has rigorous processes for payment, especially for cash transactions of that value,” he insisted.
Maishanu told the court that all officials involved in the withdrawal could be traced through internal documentation, noting that each step in the process carries identifiable signatures.
The witness admitted that he did not participate in monitoring the 2023 elections and confessed to not initially knowing the funds were fraudulent.
He said he later saw forged documents related to the transaction and accepted personal responsibility for his involvement, describing the situation as a “set-up.”
Justice Muazu adjourned the matter until January 30, 2026, for continuation of trial.