A prosecution witness in the trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has told a Federal Capital Territory High Court in Abuja that $6.23 million was withdrawn from the CBN’s Garki Branch using forged documents.
The disclosure was contained in a statement issued by the Economic and Financial Crimes Commission (EFCC) on Thursday, January 29, 2026.
According to the EFCC, the money was allegedly intended for election-related expenses, including payments to election observers and logistics, but the withdrawal was processed through fraudulent approvals.
What the EFCC is saying
Bashirudden Muhammed Maishanu, an Assistant Director at the CBN and the eleventh prosecution witness (PW11), told the court that he was approached in January 2023 by an individual identified as Alhaji Ahmed, who claimed to have obtained presidential approval for the cash withdrawal.
The EFCC quoted the witness as saying that the $6.23 million was withdrawn on February 8, 2023, from the CBN’s Garki Branch through forged papers.
According to the commission’s statement, the funds were purportedly meant for election observers and logistics, but the approvals used to process the transaction were not genuine.
How the withdrawal allegedly happened
The witness reportedly told the court that he was asked to recommend someone to collect the money on his behalf, as he could not go personally.
A friend of his later collected the cash from the Garki Branch, after which $2.5 million was left with him and two other individuals.
Maishanu told the court that he later discovered that the documents authorising the withdrawal were likely forged and described the incident as a set-up.
He added that he was not involved in monitoring the 2023 general elections and did not initially know that the withdrawal was fraudulent.
CBN procedures and internal controls
The EFCC statement said the witness also explained CBN’s internal approval processes for large cash withdrawals.
According to him, such transactions require board-level or governor-level approvals, supported by traceable documentation within the bank’s system.
He further told the court that staff found to have violated procedures could face sanctions ranging from warnings and demotion to outright dismissal, depending on the severity of the offence.
He reportedly noted that he did not face any internal disciplinary action in relation to the transaction.
Status of the trial
The trial is ongoing, with the court expected to continue proceedings on Friday, January 30, 2026.
The court is examining the alleged roles played by Emefiele and other parties in connection with the withdrawal.
Background
Godwin Emefiele, who served as CBN Governor under the administration of former President Muhammadu Buhari, was suspended in June 2023 by President Bola Tinubu and later taken into custody by the Department of State Services.
Since then, he has faced multiple criminal and civil cases, including charges related to procurement, foreign exchange allocations, and alleged abuse of office.
Several of these cases are still pending in courts in Abuja and Lagos, while the EFCC continues to pursue asset forfeiture and recovery actions linked to alleged proceeds of unlawful activities.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
