A Federal Capital Territory High Court in Abuja on Thursday heard detailed testimony on how over $6.23 million was allegedly withdrawn in cash from the Central Bank of Nigeria (CBN) using forged documents and falsely presented as funds meant for election-related activities.
The disclosure was made by Bashirudden Muhammed Maishanu, an Assistant Director at the CBN, who appeared as the 11th prosecution witness in the ongoing trial of the former Governor of the apex bank, Godwin Emefiele, before Justice Hamza Muazu.
Maishanu told the court that the cash withdrawal took place on February 8, 2023, at the Garki branch of the CBN, following what he later discovered were fraudulent approvals allegedly linked to election observers and logistics.
Led in evidence by the prosecution counsel and Director of Public Prosecutions, Rotimi Oyedepo (SAN), the witness explained that he first became acquainted with Emefiele in 2015 through Eric, who served as the former CBN governor’s personal assistant.
According to him, in early January 2023, a man identified as Alhaji Ahmed approached him, claiming to be working with a Special Committee under the Office of the Secretary to the Government of the Federation (SGF).
“He said Eric, the former governor’s personal assistant, asked him to see me regarding some transactions being processed at the CBN,” Maishanu told the court.
Suspicious, Maishanu said he demanded proper identification from Ahmed and also contacted Eric to confirm the claim. Eric allegedly confirmed knowing Ahmed and instructed the witness to attend to him.
Maishanu testified that Ahmed later informed him that they were processing a payment allegedly backed by presidential approval for election-related expenses.
“I asked him what my role would be since I was not working in the branch handling the transaction. He said it was too early and that he would get back to me once approval was fully secured,” he said.
About a week later, Ahmed reportedly returned with documents he claimed were presidential approvals. He also informed Maishanu that approval would be sought from Emefiele and requested that the funds be released in cash.
Maishanu said he declined direct involvement in the transaction but recommended a friend to accompany Ahmed.
He further testified that on February 8, 2023, his friend and a driver went to the Garki CBN branch and successfully withdrew $6.23 million in cash.
After the withdrawal, the witness said the money was taken to a location known as 009 Clubhouse on Ibrahim Coomasie Crescent, where Ahmed allegedly left with $2.5 million alongside some associates.
“My friend later called me and confirmed that the money had been cashed and that Ahmed had departed with part of it,” Maishanu told the court.
He added that the remaining cash was left with his friends, a development that shocked him due to the large amount involved.
“I told them the money was outrageous because there was never any agreement that such funds would be given to us. I suggested we keep it for safety, and they agreed,” he said.
On internal accountability, Maishanu explained that the CBN’s disciplinary framework allows for sanctions ranging from warnings to outright dismissal, depending on the offence, following investigations by a disciplinary committee.
However, he disclosed that no disciplinary action was taken against him by the CBN board over the incident.
He also told the court that while he did not personally see all the approvals attached to some of the exhibits tendered, the approvals were reflected in several internal documents admitted into evidence.
According to him, approvals for such large cash payments are typically issued by the CBN Governor or the Committee of Governors, which is chaired by the governor.
Maishanu confirmed that the $6.23 million was earmarked for election-related expenses, specifically described as funds for “election overseers.”
During cross-examination by defence counsel, Mathew Burkar (SAN), the witness admitted that he did not personally witness the signing of the approval documents and could not identify who signed them.
Nevertheless, he maintained that the transaction could be traced through CBN records bearing the signatures of officials involved in processing the payment.
Responding to suggestions that he merely assumed the documents were forged, Maishanu insisted otherwise.
“I am certain they were forged. The CBN has strict procedures for payments, especially cash withdrawals of this magnitude. It is unlikely such documents could pass through without falsification,” he said.
On the $2.5 million allegedly left behind, Maishanu admitted the money was intended for himself and two others but stressed it was not his personal share.
“It was meant for the three of us collectively,” he stated.
He also told the court that he did not participate in monitoring the 2023 general elections and initially did not realise the transaction was fraudulent.
“At the time, the documents had gone through the system for a specific purpose. What raised my suspicion was the volume of money left behind,” he explained.
Maishanu said his suspicions deepened after meeting one Mr Obazi, who later showed him evidence that the documents used were forged.
Realising the seriousness of the situation, he said he accepted responsibility for his involvement.
“I had already been drawn into it, and Eric was nowhere to be found. I was worried about the damage it would do to me. Until then, I did not know it was a fraud,” he testified, insisting the money was not a gift but part of a calculated scheme.
Justice Hamza Muazu adjourned the matter to Friday, January 30, 2026, for the continuation of the trial.
