N124.8bn CRF Transactions: "Emefiele Did Not Personally Benefit", EFCC Witness Tells Court

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CBN official says disputed transactions were government-directed obligations and not personal gains to former apex bank governor

By A1NEWS International

A prosecution witness in the ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Thursday told the Federal Capital Territory High Court in Maitama that the embattled former apex bank chief did not personally benefit from funds linked to the disputed Consolidated Revenue Fund (CRF) account transactions.

The witness, Hamisu Abdullahi, an Economic and Financial Crimes Commission (EFCC) witness and Deputy Director in the Banking Services Department of the CBN, made the disclosure during cross-examination before Justice Maryanne Anenih.

EFCC Prosecutes Emefiele Over Naira Redesign Approval

Emefiele is currently facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC), bordering on alleged disobedience to lawful directives and acts said to have caused injury to the Nigerian public.

In the charge marked CR/264/2024, the former CBN governor was accused of approving the printing of 375.52 million pieces of redesigned N1,000 notes between October 19, 2022, and March 5, 2023, allegedly without the recommendation of the CBN Board and strict presidential approval.

The EFCC alleged that the printing exercise cost N11.05 billion and contravened Section 19 of the CBN Act.

According to the anti-graft agency, the alleged offences violate Section 123 of the Penal Code Laws of the Federation, 1990.

Emefiele, however, pleaded not guilty to all charges.

Witness Explains N124.8bn Transaction

During proceedings, defence counsel, Olalekan Ojo, SAN, questioned the witness extensively on an internal CBN memo relating to the recovery of N124.86 billion from the Consolidated Revenue Fund account.

Abdullahi explained that the funds classified as “receivables” represented monies due to the CBN from the Federal Government and had remained outstanding for a prolonged period.

He said the Banking Services Department initiated the memo, admitted in evidence as Exhibit AG, following directives communicated through an email from the Director of Finance to the then Director of Banking Services.

According to the witness, the transaction arose from obligations incurred after the Federal Government allegedly directed the CBN to make payments to agencies without immediately providing corresponding funds.

He added that the cumulative outstanding obligations eventually amounted to N124.86 billion.

“Emefiele Did Not Benefit” – Witness

Under cross-examination, Abdullahi stated clearly that Emefiele did not personally benefit from the disputed transactions.

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“The defendant did not benefit from the consolidated revenue funds,” the witness told the court.

He further stated that he had never come across any official complaint suggesting that any individual or institution suffered prejudice as a result of the debt recovery arrangement.

The witness also maintained that presidential approval was not always required for every debt-related transaction involving the Consolidated Revenue Fund account.

Internal Memo And Management Approvals

Led in evidence by prosecution counsel, Abbas Mohammed, the witness explained that former Special Investigator, Jim Obazee, had in January 2024 launched an investigation into the affairs of the previous CBN administration.

According to Abdullahi, investigators requested explanations regarding the internal memo authorising the debit of N124.86 billion from the Consolidated Revenue Fund account.

He identified four approval endorsements on the memo, including those of former Banking Services Director Okojere Christopher, former Deputy Governor Adebisi Shonubi, and Emefiele himself.

The witness said Emefiele’s endorsement directed the Deputy Governor in charge of Operations to proceed with the debit transaction.

He added that the approvals were management decisions involving the Committee of Governors and senior CBN officials.

Dispute Over Missing Email

During cross-examination, defence counsel demanded the Certified True Copy (CTC) of the email allegedly authorising the transaction.

However, the prosecution indicated that the document would later be provided after arguments arose over its availability and evidential relevance.

Justice Maryanne Anenih subsequently adjourned the matter until June 9, 2026, for re-examination and continuation of trial.

The testimony marks a significant moment in the high-profile prosecution of the former CBN governor, particularly as the defence attempts to establish that the disputed transactions were institutional decisions tied to government obligations rather than acts of personal enrichment.

The case continues to attract national attention amid broader scrutiny of financial management practices under the previous administration of the Central Bank of Nigeria.