A prosecution witness in the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has told the Federal Capital Territory High Court in Abuja that the alleged fraudulent withdrawal of $6.23 million from the apex bank pushed one of the CBN’s special dollar accounts into a negative balance.
The witness, Jim Obazee, who served as a special investigator into the affairs of the CBN, testified that the funds were allegedly withdrawn from the bank’s Abuja branch in February 2023 without the required naira backing for foreign currency transactions. According to him, the withdrawal resulted in a negative account balance of about ₦2.86 billion, which he said should have triggered internal investigations.
He further stated that the cash was released without proper documentation identifying the recipient and argued that the transaction should have been reflected in the bank’s financial records and detected by both internal and external auditors.
Obazee also claimed that the CBN’s Bank Verification Number (BVN) portal was not functioning for over a month before the withdrawal, making it impossible to verify the identity of anyone collecting the money. He maintained that, as CBN governor and chief accounting officer at the time, Emefiele should have identified and questioned the irregularities.
According to the witness, the investigation began after concerns were raised about weaknesses in the bank’s internal control system. He told the court that official correspondence authorised the release of funds for the logistics of foreign election observers during the 2023 general elections, but investigators found no evidence that the money eventually reached the intended beneficiaries.
The witness added that part of the funds had been recovered after one suspect allegedly returned $856,500 and claimed responsibility during the investigation. He also suggested that other officials connected to the transaction should have been prosecuted.
During cross-examination, Obazee acknowledged that criminal charges had already been filed against Emefiele before his appointment as a special investigator. He also confirmed that everyone interviewed during the investigation, including Emefiele, denied involvement or knowledge of the alleged transaction.
The trial judge adjourned the case until October 20, 2026, for the adoption of final addresses, while the defence indicated its intention to file a no-case submission.
