By Yemi Oyeyemi
The Special Investigator appointed by President Bola Tinubu to probe activities at the Central Bank of Nigeria (CBN) under former Governor Godwin Emefiele, Mr Jim Obazee, on Friday urged the prosecution of the late former President Muhammadu Buhari and former Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, over their alleged roles in the disputed release of $6.2 million from the Federal Government’s foreign exchange account domiciled at the CBN.
Obazee made the call while testifying as a prosecution witness for the Economic and Financial Crimes Commission (EFCC) before the High Court of the Federal Capital Territory in Abuja. The EFCC has charged Emefiele with a 20-count charge bordering on conspiracy, abuse of office and fraud.
Led in evidence by the Director of Public Prosecution of the Federation, Mr Rotimi Oyedepo, SAN, Obazee expressed concern after he was shown documents said to include a letter purportedly signed by the late President Buhari authorising the release of the funds and another from the Office of the SGF directing Emefiele to release the money to one Jibril Abubakar, who was identified as a staff member of the SGF’s office.
The witness also referred to subsequent correspondence and extra-judicial statements by Boss Mustapha in which the former SGF denied knowledge of the transaction and maintained that neither he nor the late President Buhari authorised the release of the funds. According to Obazee, Mustapha alleged that the relevant documents, including the one attributed to Buhari, were forged by those involved in the alleged fraud with the assistance of CBN officials.
Reacting to the documents, Obazee described the situation as “very unfortunate” and questioned why only Emefiele was standing trial in a case he claimed involved several other individuals.
He urged the court to ensure that Mustapha is prosecuted alongside Emefiele and also called for the prosecution of the then manager of the CBN’s Abuja branch, alleging that the funds were released without due diligence.
According to Obazee, the CBN’s procedures required the naira equivalent of the $6.2 million—about N2.8 billion—to be deposited before the foreign currency could be released.
He further urged the prosecution of Jibril Abubakar, who allegedly collected the money on the authority of the SGF’s office, and Bashirudeen Maishanu, a serving CBN employee, whom he alleged admitted involvement in the transaction and refunded $856,500 to the investigative panel.
Obazee also argued that the late President Buhari should be held accountable, saying that although the former president is deceased, a posthumous prosecution should be considered.
“For actions and inactions, Buhari ought to be charged along with Emefiele in this $6.2 million fraud, even if posthumously,” Obazee told the court.
He added that Mustapha should also face trial, stating that the former SGF had denied signing the documents that allegedly initiated the request for the funds.
Obazee further maintained that prosecuting all those allegedly connected with the transaction would serve as a deterrent against corruption.
Under cross-examination by Emefiele’s counsel, Mr Matthew Burkaa, SAN, Obazee admitted that he did not recover any money from the former CBN governor and that there was no evidence showing that any of the disputed funds was transferred into Emefiele’s personal account.
However, he maintained that Emefiele, as CBN governor at the time, ought to have been aware of the transaction if internal control measures, including CCTV surveillance and the Bank Verification Number (BVN) system at the Abuja branch, had been properly utilised before the funds were released.
The witness also said the alleged disappearance of the funds should have been detected during the CBN’s annual financial audit if officials responsible had exercised due diligence.
Responding to another question, Obazee told the court that President Tinubu invited him on December 19, 2023, and, in the presence of the Attorney-General of the Federation and the EFCC Chairman, directed him to prepare chargeable offences against Emefiele over the alleged $6.2 million fraud.
When it was pointed out to him that the charges against Emefiele had been filed on August 14, 2023, before the date he mentioned, Obazee said he was not a lawyer and could not explain the discrepancy.
Justice Hamza Muazu subsequently adjourned the matter until October 20 for continuation of trial.