From Victor Osula, Abuja
A day after an Economic and Financial Crimes Commission (EFCC) witness told an Abuja High Court that investigators found no evidence that former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, personally benefited from the controversial $6.2 million allegedly looted from the apex bank, another prosecution witness on Friday said the late former President Muhammadu Buhari and former Secretary to the Government of the Federation (SGF), Boss Mustapha, ought to have been prosecuted over the transaction.
On Thursday the Commissioner of Police Okpoziakpo Eloho, the 14th prosecution witness, testified under cross-examination that none of those interviewed during the investigation linked Emefiele to any personal benefit from the disputed funds, although investigators established that due process was breached in the processing and release of the money.
At Friday’s proceedings, Jim Obaze, the Special Investigator appointed by President Bola Tinubu to investigate activities at the CBN, told Justice Hamza Muazu of the Federal Capital Territory (FCT) High Court, Maitama, that responsibility for the alleged unlawful withdrawal extended beyond the former CBN governor.
Emefiele is standing trial on a 20-count charge filed by the Economic and Financial Crimes Commission (EFCC) bordering on conspiracy, abuse of office, and fraud in relation to the alleged unlawful withdrawal of the $6.2 million from the apex bank. The former CBN governor has pleaded not guilty to all the charges.
Led in evidence by EFCC counsel, Rotimi Oyedepo, SAN, Obaze insisted that Buhari should have been prosecuted alongside Emefiele over the transaction.
“For actions and inactions, Buhari ought to be charged along with Emefiele in this $6.2 million fraud, even if posthumously, since national honours are given posthumously,” Obaze told the court.
The witness also accused former SGF Boss Mustapha of having questions to answer over documents allegedly emanating from his office which initiated the request for the release of the funds.
“As for Boss Mustapha, as far as I am concerned, he denied to me that he signed the documents from his office which initiated the request for the $6.2 million and led to the release of the amount to a person who claimed to be a staff member of his office,” he said.
Obaze maintained that those who should have faced prosecution included Buhari, Mustapha, Bashirudeen Maishanu, and former members of the CBN Board under Emefiele.
“Whatever you are doing to Emefiele by way of prosecution ought to have been done to Buhari, Mustapha, Maishanu, and former board members of the CBN under Emefiele.
“I just hope that all of them would be lined up in this dock with Emefiele, and this must include Maishanu, who returned to me $856,500,” he added.
While reviewing documents relating to the disputed withdrawal, Obaze dismissed denials by both the Presidency and Mustapha regarding their alleged involvement in the transaction.
He also faulted the Manager of the Abuja branch of the CBN, arguing that the funds were released without the necessary due diligence required for such a transaction.
The witness urged the court to order the arrest and prosecution of Jibril Abubakar, who allegedly collected the money while claiming to be acting on the authority of the Office of the SGF, and Bashirudeen Maishanu, a serving CBN employee who allegedly confessed to participating in the theft and refunded $856,500 to the special investigation panel.
According to him, the recovered money has since been returned to the CBN.
Obaze further testified that under the provisions of the CBN Act, the naira equivalent of the $6.2 million (about N2.8 billion), ought to have been deposited before the foreign currency could lawfully be released.
During cross-examination by Emefiele’s counsel, Matthew Burkaa, SAN, the witness admitted that investigators neither recovered any money from the former CBN governor nor found evidence that any portion of the disputed funds was transferred into his personal account.
He, however, contended that Emefiele ought to have known about the transaction if internal control mechanisms, including the Closed-Circuit Television (CCTV) system and the Bank Verification Number (BVN) platform at the Abuja branch of the CBN, had been effectively utilised before the money was released.
According to Obaze, the disappearance of the funds should also have been detected during the CBN’s annual financial reporting process if officials responsible for oversight had exercised due diligence.
The special investigator also told the court that President Bola Tinubu invited him on December 19, 2023, and, in the presence of the Attorney-General of the Federation and the Chairman of the EFCC, directed him to prepare charges against Emefiele over the alleged $6.2 million fraud.
However, under cross-examination, Burkaa pointed out that the charge against Emefiele had already been filed on August 14, 2023, several months before the date Obaze claimed he received the presidential directive.
Responding, Obaze said he was not a lawyer and therefore could not explain the apparent discrepancy in the timeline.
After hearing the witness, Justice Muazu adjourned the case until October 20 for the continuation of the trial.
