CBN Witness Details How $6.23m Was Withdrawn Under Emefiele Using Forged Documents
Court Hears Testimony on Fraudulent $6.23m Election Observer Funding Scheme
A prosecution witness, Bashirudden Muhammed Maishanu, has provided detailed testimony before a Federal Capital Territory (FCT) High Court regarding the alleged fraudulent withdrawal of $6.23 million from the Central Bank of Nigeria (CBN). Testifying on Thursday, Maishanu, an Assistant Director at the apex bank, claimed the funds were withdrawn in cash on February 8, 2023, based on forged documents purportedly granting presidential approval for election observer logistics.
The Mechanics of the $6.23m Cash Transaction
Led in evidence by the Director of Public Prosecution, Rotimi Oyedepo (SAN), Maishanu (PW11) explained that the transaction originated from a request involving a "special committee" in the Office of the Secretary to the Government of the Federation (SGF). The witness stated that an individual identified as "Alhaji Ahmed" approached him claiming that once presidential approval was secured, the funds would be processed through the CBN.
The witness testified that the cash was eventually withdrawn from the Garki branch of the CBN. According to Maishanu, while he declined to participate in the physical transaction, a friend and a driver facilitated the withdrawal. Following the transaction, Ahmed reportedly left with $2.5 million in cash, while the remaining balance was transported to a private residence in Abuja.
Procedural Breaches and Forged Approvals
During the proceedings, Maishanu asserted that the CBN’s rigorous procedures for high value cash transactions were circumvented through the use of forged documents. He indicated that the "presidential approval" presented was fraudulent a fact corroborated by internal investigations.
Key details from the testimony include:
The Claimed Purpose: The $6.23 million was purportedly intended to fund election observers and logistics for the 2023 general elections.
Internal Documentation: The witness noted that while he did not see the approval signature personally, the withdrawal was traceable through internal documents bearing the signatures of all officials involved in the chain of command.
Authority Limits: Maishanu clarified that approvals for such substantial foreign exchange withdrawals rests solely with the Governor of the CBN or the Committee of Governors.
Cross-Examination and Accountability
Under cross-examination by defence counsel Mathew Burkar (SAN), the witness admitted to receiving a portion of the funds left behind but maintained that he did not initially realize the transaction was fraudulent. He further stated that he had not been sanctioned by the CBN Board over the matter, despite the bank's internal disciplinary processes which range from warnings to dismissal.
Maishanu explained that he accepted responsibility for his involvement after being shown the forged documents by a colleague. The witness emphasized that the magnitude of the cash transaction was irregular and fell outside standard operating procedures for the apex bank.
The testimony provides significant insight into the alleged administrative lapses and procedural violations at the CBN during the final months of Godwin Emefiele’s tenure. The case highlights the vulnerability of institutional safeguards to high-level pressure and the potential misuse of "special committee" designations to bypass fiscal oversight. As the trial continues, the court's focus is expected to remain on the authenticity of the signatures used to authorize the $6.23 million disbursement and the level of direct involvement by the former Governor in the approval process.
