CBN fraud trial: Witness seeks prosecution of Buhari, Boss Mustapha over disputed $6.2m payment

Jim Obazee, the special investigator appointed by President Bola Tinubu to review activities at the Central Bank of Nigeria (CBN) under former governor Godwin Emefiele, has told the Federal Capital Territory High Court that former President Muhammadu Buhari, former Secretary to the Government of the Federation (SGF) Boss Mustapha, and other individuals should also face prosecution over the alleged fraudulent withdrawal of $6.2 million from the Federal Government’s foreign exchange account.

Obazee made the recommendation on Friday while testifying as a prosecution witness for the Economic and Financial Crimes Commission (EFCC) in the ongoing trial of Emefiele on a 20-count charge bordering on conspiracy, abuse of office, and alleged fraud.

Led in evidence by Rotimi Oyedepo (SAN), director of Public Prosecutions of the Federation, Obazee was shown documents relating to the disputed payment, including a letter purportedly signed by the late former President Buhari authorising the release of the funds and another from the Office of the SGF directing the CBN to release the money to Jibril Abubakar, who was identified as a staff member in the SGF’s office.

The witness told the court that subsequent statements by Boss Mustapha, in which the former SGF denied knowledge of the transaction and alleged that the documents, including the letter attributed to Buhari, were forged, raised further questions about the circumstances surrounding the payment.

According to Obazee, the alleged fraud involved several individuals and should not be limited to the prosecution of Emefiele alone.

He told the court that, in his view, Buhari should be prosecuted posthumously, while Boss Mustapha, Jibril Abubakar, Bashirudeen Maishanu, a current CBN employee, and other officials connected to the transaction should also face charges if sufficient evidence exists.

Obazee further argued that officials at the Abuja branch of the CBN should be investigated over the release of the funds, alleging that due process was not followed before the payment was made.

He told the court that under applicable CBN procedures, the naira equivalent of the foreign currency should have been deposited before the $6.2 million could be released.

The witness also referred to Bashirudeen Maishanu, stating that the CBN official had allegedly returned $856,500 to the special investigation panel during the investigation.

During cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN), Obazee acknowledged that he did not recover any money from the former CBN governor and that his investigation did not establish any direct transfer of the disputed funds into Emefiele’s personal account.

He, however, maintained that the former CBN governor ought to have been aware of the transaction, arguing that internal control mechanisms, including CCTV surveillance, the Bank Verification Number (BVN) system and routine financial reporting, should have detected any irregularities.

Obazee also informed the court that he was invited by President Tinubu on December 19, 2023, where, in the presence of the Attorney-General of the Federation and the EFCC chairman, he was directed to prepare chargeable offences against Emefiele in relation to the alleged $6.2 million fraud.

However, when it was put to him that the charges against Emefiele had already been filed on August 14, 2023, Obazee said he was not a lawyer and could not explain the discrepancy.

Justice Hamza Muazu adjourned the matter until October 20 for continuation of trial.