Jim Obazee, the special investigator appointed by President Bola Tinubu to examine activities at the Central Bank of Nigeria (CBN) during the tenure of former Governor Godwin Emefiele, has questioned why former President Muhammadu Buhari and former Secretary to the Government of the Federation, Boss Mustapha, were not charged over the controversial withdrawal of $6.23 million from the CBN vault in February 2023.
Obazee made the remarks while testifying as the 15th prosecution witness in Emefiele’s ongoing corruption trial before the Federal Capital Territory High Court in Maitama, Abuja.
According to him, Buhari, Mustapha and several other individuals allegedly connected to the transaction should have been prosecuted alongside Emefiele. He argued that limiting the prosecution to the former CBN governor failed to reflect the number of people allegedly involved in the transaction.
Obazee further stated that the large sum of money was released without proper due diligence, insisting that accountability should extend to everyone who played a role in the process.
He also called for the prosecution of Bashirudeen Maishanu, a serving CBN staff member who reportedly refunded part of the money linked to the withdrawal during the investigation.
While acknowledging that Boss Mustapha denied authorising or having knowledge of the transaction, Obazee maintained that he was not convinced by the former SGF’s explanation regarding documents allegedly originating from his office.
Legal experts note, however, that Nigeria’s legal framework does not provide for the criminal prosecution of deceased persons. Although authorities may pursue assets proven to be proceeds of crime after a person’s death, there has been no evidence linking the late former President Muhammadu Buhari to proceeds from the disputed $6.23 million withdrawal or any criminal conduct.
Earlier testimony presented during the trial indicated that both Buhari and Mustapha denied approving or authorising the release of the funds, describing the documents allegedly used to facilitate the payment as fraudulent.
The $6.23 million allegation forms part of the 20-count charge filed by the Economic and Financial Crimes Commission (EFCC) against Emefiele. The charges include criminal breach of trust, forgery, obtaining by false pretence, procurement fraud, conspiracy and related offences. Emefiele has pleaded not guilty to all charges.
Prosecutors allege that the funds were obtained through a forged letter purportedly issued from the Office of the Secretary to the Government of the Federation, claiming presidential approval for the release of the money as a contingent logistics advance.
During his testimony, Obazee said he became concerned after reviewing documents allegedly bearing Buhari’s approval and directives from the SGF’s office authorising payment to a staff member. He also reiterated that another investigator had earlier testified that neither Buhari nor Mustapha had knowledge of the transaction.
Obazee disclosed that one of the suspects returned about $850,000 linked to the disputed funds and also argued that officials at the Abuja branch of the CBN should face prosecution for allegedly failing to follow proper procedures before releasing the money.
He maintained that the CBN’s internal processes should have required the naira equivalent of the withdrawn amount to be properly documented before cash was released.
Under cross-examination, Obazee admitted that investigators did not recover any of the disputed funds from Emefiele personally. However, he argued that the former CBN governor should have detected the alleged fraud through the bank’s surveillance systems, verification processes and annual financial reporting mechanisms if proper oversight had been exercised.
Following the proceedings, the court adjourned the case until October 20 for the continuation of the trial.
