Special investigator tells Abuja High Court alleged fraud extended beyond former CBN governor, urges prosecution of all key actors named in investigation.
By A1NEWS International – July 3, 2026
ABUJA, Nigeria —The prosecution in the high-profile trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, took a dramatic turn on Friday as the Federal Government’s Special Investigator into the affairs of the apex bank, Jim Obazee, urged the Federal Capital Territory (FCT) High Court, Maitama, to ensure that all individuals allegedly connected with the controversial $6.2 million foreign exchange transaction are prosecuted.
Obazee, who testified as the 15th and final prosecution witness (PW15) in the ongoing trial instituted by the Economic and Financial Crimes Commission (EFCC), insisted that the alleged fraud could not have been the handiwork of Emefiele alone.
In an emotionally charged testimony, the investigator called for the prosecution of the late former President Muhammadu Buhari—which he said should be done posthumously—as well as former Secretary to the Government of the Federation (SGF), Boss Mustapha, former CBN officials and other individuals allegedly linked to the controversial release of the funds.
Witness Questions Why Only Emefiele Is Facing Trial
Emefiele is standing trial before Justice Hamza Muazu in Charge No. FCT/HC/CR/577/2023 on an amended 20-count charge bordering on criminal breach of trust, forgery, abuse of office, conspiracy, obtaining money by false pretence and conferring corrupt advantages while serving as Governor of the Central Bank of Nigeria.
Among the allegations is that Emefiele fraudulently authorized the release of $6.2 million, purportedly meant for the logistics of international election observers during the 2023 General Elections.
The EFCC also accused him of conferring corrupt advantages on April 1616 Nigeria Limited and Architekon Nigeria Limited.
The former CBN governor has pleaded not guilty to all the charges.
However, Obazee argued before the court that available evidence suggested the alleged fraud involved several public officials and could not reasonably be attributed to a single defendant.
“It is unfortunate that only Emefiele is standing trial in a fraud that allegedly involved more than ten people,” the witness stated.
Letters from Presidency Become Centre of Courtroom Drama
During examination-in-chief led by the Director of Public Prosecutions of the Federation (DPPF), Mr. Rotimi Oyedepo, SAN, Obazee was confronted with documents allegedly originating from the Presidency.
Among the exhibits tendered before the court were:
- A letter purportedly signed by late President Muhammadu Buhari authorising the release of the $6.2 million.
- A separate communication allegedly issued from the Office of the Secretary to the Government of the Federation directing Emefiele to release the funds.
- Instructions naming one Jibril Abubakar, identified as a staff member of the SGF’s office, to receive the money.
According to Obazee, the subsequent denials by Boss Mustapha that neither he nor Buhari authorised the transaction raised serious questions requiring criminal investigation.
Mustapha’s Denials Trigger Strong Reaction
The special investigator told the court that Boss Mustapha, in both his extra-judicial statements and testimony before investigators, consistently denied authorising the documents or participating in the transaction.
Mustapha reportedly maintained that both the document attributed to him and the presidential approval allegedly signed by Buhari were forged by those behind the scheme with alleged assistance from some officials within the Central Bank.
Obazee, however, rejected the explanation, insisting that the matter deserved a full criminal trial rather than mere denials.
He argued that the circumstances surrounding the alleged release of such a huge amount of public funds required judicial scrutiny of every official whose office was linked to the transaction.
Obazee Calls for Wider Prosecution
The witness urged the court and relevant prosecuting authorities to expand the scope of the criminal case.
Specifically, he recommended prosecution of:
- Former President Muhammadu Buhari (posthumously);
- Former SGF Boss Mustapha;
- Former CBN Governor Godwin Emefiele;
- Jibril Abubakar, who allegedly collected the money;
- Bashirudeen Maishanu, a serving CBN staff member;
- Former members of the CBN Board;
- The then Abuja Branch Manager of the Central Bank.
Obazee maintained that the officials allegedly failed in their statutory responsibilities and should be made to answer questions before a competent court.
According to him, the Abuja branch management of the CBN allegedly released the funds without conducting mandatory due diligence required under banking procedures.
He further argued that the naira equivalent of the foreign exchange ought to have been properly deposited before any dollar cash withdrawal could lawfully occur.
‘National Honours Are Given Posthumously; So Can Criminal Responsibility’
In one of the most striking moments of his testimony, Obazee stated:
“For actions and inactions, Buhari ought to be charged and must be charged along with Emefiele in this $6.2 million fraud, even if posthumously since national honours are given posthumously.”
He further maintained that Boss Mustapha should equally face prosecution because documents allegedly originating from his office initiated the release process.
Obazee argued that prosecuting every individual allegedly connected to the transaction would serve as a deterrent against future financial crimes.
“If all of them are prosecuted, it will serve as deterrence and reduce corruption significantly,” he told the court.
Recovered Funds and Additional Suspects
The witness also disclosed that Bashirudeen Maishanu, whom he described as a serving CBN staff member, allegedly refunded $856,500 to the Special Investigation Panel.
According to him, the recovered money was subsequently deposited with the Central Bank.
Obazee maintained that anyone who admitted involvement in the alleged diversion of public funds should equally face prosecution irrespective of any refund made.
Cross-Examination Exposes Gaps in Direct Evidence
During cross-examination by Matthew Burkaa, SAN, counsel to Emefiele, Obazee admitted that his investigation did not establish that any part of the alleged stolen funds was transferred directly into Emefiele’s personal account.
He further acknowledged that he personally recovered no money from the former CBN governor.
Nevertheless, he argued that Emefiele ought to have been aware of the transaction because it allegedly occurred under his watch.
According to the witness, proper deployment of the CBN’s Closed Circuit Television (CCTV) system, Bank Verification Number (BVN) verification processes and internal control mechanisms could have prevented or detected the alleged fraud.
He equally stated that routine annual financial statements should ordinarily have exposed any irregularities if officials responsible for financial oversight had exercised due diligence.
Questions Over Timeline of Investigation
Obazee also revealed that President Bola Tinubu invited him on December 19, 2023, where, in the presence of the Attorney-General of the Federation and the EFCC Chairman, he was instructed to prepare chargeable offences arising from the investigation into the alleged $6.2 million fraud.
However, defence counsel pointed out that the criminal charges against Emefiele had already been filed months earlier—on August 14, 2023.
When confronted with the discrepancy, Obazee responded that he was not a lawyer and therefore could not explain the legal timeline surrounding the filing of the charges.
Prosecution Closes Case; Defence Opts for No-Case Submission
Following Obazee’s testimony, prosecution counsel, Rotimi Oyedepo, SAN, formally announced the closure of the Federal Government’s case after presenting fifteen witnesses.
In response, lead defence counsel Matthew Burkaa, SAN, informed the court that the defence would file a no-case submission, arguing that the prosecution had failed to establish sufficient evidence requiring Emefiele to enter a defence.
Justice Hamza Muazu subsequently adjourned proceedings until October 20, 2026, for parties to adopt their written addresses on the no-case submission.
Friday’s proceedings marked the end of the prosecution’s evidentiary phase in one of Nigeria’s most closely watched financial crime trials. While Jim Obazee’s testimony significantly broadened public debate by urging the prosecution of additional former government officials, those assertions remain allegations made in court and have not been determined by the court. The next stage of the proceedings will focus on whether the prosecution has established a prima facie case requiring Godwin Emefiele to open his defence or whether the court will uphold the defence’s no-case submission.
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