Matilda Omonaiye/
A dramatic account of how a staggering $6.23 million was allegedly withdrawn in cash from the Central Bank of Nigeria using forged documents was today laid bare before the Federal Capital Territory High Court, Abuja, in the ongoing trial of former CBN Governor, Godwin Emefiele.
Testifying as the Eleventh Prosecution Witness (PW11), Bashirudden Muhammed Maishanu, an Assistant Director at the apex bank, told the court presided over by Justice Hamza Muazu that the cash was withdrawn on February 8, 2023, from the Garki Branch of the CBN, purportedly to fund election observers and logistics.
Led in evidence by the Director of Public Prosecution, Rotimi Oyedepo, SAN, Maishanu said the transaction was facilitated through documents later discovered to be forged, bypassing the CBN’s stringent financial control processes.
According to the witness, he was first approached in January 2023 by an individual identified as Alhaji Ahmed, who claimed to be working with a “Special Committee” in the Office of the Secretary to the Government of the Federation (SGF). Ahmed reportedly said the payment was being processed on presidential authority.
Maishanu told the court that after demanding proof, Ahmed produced what he claimed was presidential approval and later said the next step was to obtain the approval of the CBN Governor.
“He told me they wanted the payment in cash and asked if I could accompany them or recommend someone. I declined and suggested a friend,” the witness said.
He testified that on February 8, 2023, his friend, accompanied by a driver, proceeded to the Garki Branch of the CBN and successfully withdrew $6.23 million in cash.
“After the withdrawal, my friend called me and said they had cashed the money. He also told me that Ahmed left with $2.5 million in cash alongside his associates,” Maishanu told the court.
The witness further disclosed that a sum of $2.5 million was left behind for himself and two others, which he described as suspicious given that there had been no prior negotiation for any payment.
“I saw the cash and told them it was outrageous. We never negotiated for any payment with Ahmed. I suggested we keep the money and they agreed,” he said.
Explaining internal disciplinary procedures at the CBN, Maishanu stated that sanctions for erring officials range from warnings to dismissal, depending on the gravity of the offence, following investigations by a disciplinary committee. He, however, said he was never sanctioned by the CBN Board in relation to the matter.
Under cross-examination by defence counsel, Mathew Burkar, SAN, the witness admitted he did not personally witness the signing of the approval documents but insisted the transaction trail could be traced through internal CBN records.
“I am sure the approval was fraudulent because the CBN has rigorous processes for payments, especially cash transactions of that magnitude. Forged documents could have slipped through,” he said.
Maishanu also admitted that he did not participate in monitoring the 2023 general elections and only became suspicious after seeing the volume of cash involved.
“When I later met Mr. Obazi and he showed me the forged documents, I told him I would accept responsibility because I had already become involved. Until then, I did not know it was a fraud,” he said.
He insisted the money was not a gift but “a set-up.”
The witness confirmed under questioning that the $6.23 million was meant for election-related expenses, specifically “expenses on election overseers.”
Justice Muazu adjourned the matter to Friday, January 30, 2026, for continuation of trial.
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