Emefiele: $6.23m withdrawn from CBN with forged documents, witness tells court

A prosecution witness on Thursday told the Federal Capital Territory (FCT) High Court, Abuja, that a sum of $6.23 million was allegedly withdrawn in cash from the Garki Branch of the Central Bank of Nigeria (CBN) using forged documents allegedly meant for election-related logistics.

Testifying as the Eleventh Prosecution Witness (PW11) in the ongoing trial of Godwin Emefiele, former Governor of CBN ,  Bashirudden Maishanu, an assistant director at the apex bank, told Justice Hamza Muazu that the cash was withdrawn on February 8, 2023, under the guise of funding election observers.

Maishanu, who was led in evidence by Rotimi Oyedepo,  the Director of Public Prosecution, said he came to know Emefiele in 2015 through one Eric, who served as the former CBN governor’s personal assistant.

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He told the court that in early January 2023, he was approached by Alhaji Ahmed, who claimed he was working with a Special Committee in the Office of the Secretary to the Government of the Federation (SGF). 

According to the witness, Ahmed said Eric had directed him to see Maishanu regarding some transactions being processed at the CBN.

Maishanu said he requested Ahmed’s identification and also asked him to call Eric to confirm the claim. 

“He called Mr. Eric, and we spoke. He confirmed that he knew Alhaji Ahmed and that he had indeed asked him to see me,” the witness said.

Ahmed allegedly informed him that they were processing a payment from the CBN based on presidential approval and that once the approval was obtained, they would proceed to the bank for payment. 

Maishanu said he queried the role he was expected to play since he did not work at the branch where such payments were made, but Ahmed told him it was still too early to discuss details.

About a week later, Ahmed reportedly returned and claimed that presidential approval had been secured. 

Maishanu said he demanded to see the approval letter, which Ahmed showed him, adding that they intended to proceed to obtain the approval of the CBN governor.

“At that point, he told me they wanted cash payment and asked if I could go with them or recommend someone,” the witness said, adding that he declined but suggested someone he knew.

According to Maishanu, Ahmed later informed him that all approvals had been obtained and that his acquaintance could go to collect the cash. 

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He told the court that on February 8, 2023, his friend and driver went to the Garki Branch of the CBN and withdrew $6.23 million in cash.

“They later dropped my friend at a location inside an estate known as 09 Clubhouse on Ibrahim Coomasie Crescent. My friend called me to say that the money had been cashed and that Mr. Ahmed left with $2.5 million in cash along with his associates,” he said.

The witness added that a portion of the cash, amounting to $2.5 million, was left behind for him and two others. 

He said he found the amount suspicious and “outrageous,” noting that no payment had been negotiated with Ahmed.

“I suggested to my friends that we should keep the money, and they agreed,” he said.

Explaining CBN’s internal disciplinary procedures, Maishanu told the court that sanctions for erring officials range from warnings to dismissal, depending on the severity of the offence, as stipulated in the bank’s human resources handbook. 

He said disciplinary matters are handled by a committee which conducts investigations and makes recommendations to management.

He further disclosed that he did not face any disciplinary action from the CBN Board over the incident, noting that the Chairman of the Board is the CBN Governor.

On the issue of approvals, the witness said he did not personally see approvals on some of the exhibits tendered but maintained that approvals were reflected in several internal documents. 

He added that approving such payments falls under the responsibility of the CBN Governor or the Committee of Governors, which is also chaired by the Governor.

Maishanu told the court that the $6.23 million was meant to cover election-related expenses, specifically for “election overseers.”

During cross-examination by Mathew Burkar, defence counsel, the witness admitted that he did not witness the signing of the approval documents and could not identify the official who approved the withdrawal. 

However, he insisted that the withdrawal was traceable through internal CBN documentation.

“There is a flow, and every person involved in that flow has his signature on the internal document,” he said.

When asked if he merely assumed the approval was fraudulent, Maishanu responded: “I am sure, because the CBN has rigorous processes for payments, especially for cash payments of such value. It is likely that forged documents slipped through the system.”

On the $2.5 million allegedly left behind, the witness clarified that the money was meant for three people, not him alone. 

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He also told the court that he did not participate in monitoring the 2023 general elections and that he initially did not know the money was fraudulent.

“I couldn’t conclude it was fraudulent at that time because documents had been processed for a specific purpose. What made me suspicious was the volume of money left with my friends,” he said.

Maishanu further testified that he later met Obazi, who showed him the forged documents. 

He said he accepted personal responsibility for his involvement, citing concerns about reputational damage and the absence of Eric, who had initially introduced Ahmed.

“I did not consider the money a gift. I believed it was a set-up,” he said.

 
According to a statement by Dele Oyewale, Head, Media & Publicity
EFCC, the presiding judge adjourned the case to Friday, January 30, 2026, for continuation of trial.