A Federal High Court in Abuja heard on Thursday how a forged letter purportedly from former President Muhammadu Buhari was used to authorize the instant withdrawal of $6.23 million from the Central Bank of Nigeria (CBN) just weeks before the 2023 general elections.
The startling revelation came from Bashirudden Muhammed Maishanu, an Assistant Director at the CBN, who testified as the 11th prosecution witness in the ongoing trial of former CBN Governor Godwin Emefiele.
Maishanu narrated to Justice Hamza Muazu how in early January 2023, he was approached by a man identified as Alhaji Ahmed, who claimed to be working with a Special Committee in the office of the Secretary to the Government of the Federation (SGF).
The Path to the Cash
According to his testimony, Ahmed, who gained an introduction through Emefieleโs then-personal assistant, Mr. Eric, informed him of a payment for โelection observers and logisticsโ that required presidential approval.
โAbout a week later, Ahmed met me and said they had obtained the Presidentโs approval. I demanded to see it, and he showed me a copy,โ Maishanu told the court, led by prosecutor Rotimi Oyedepo, SAN.
The witness stated that Ahmed requested cash payment and asked him to accompany or recommend someone to accompany them to the CBN branch. Maishanu declined but recommended a friend.
The Instant Withdrawal
On February 8, 2023, Maishanuโs friend and his driver went to the Garki Branch of the CBN and successfully withdrew the full $6,230,000 in cash.
โThereafter, they dropped my friend offโฆ My friend called and said they had cashed the money and that Mr. Ahmed had left with $2.5 million in cash with his friends,โ Maishanu testified.
He expressed shock at the volume of cash, calling it โoutrageous,โ and suggested to his friend that they keep the remaining money. โThey agreed,โ he stated.
Forgery and a “Set-Up”
Under cross-examination by Emefieleโs counsel, Matthew Burkaa, SAN, Maishanu was adamant the approval was fraudulent.
โI not only assume. I am sure,โ he said, citing the CBNโs โrigorous processesโ and the unlikelihood of such a sum being cleared with genuine documents.
He disclosed that he later met with a CBN official, Mr. Obazi, who showed him the forged documents. โI told him that I would accept personal responsibilityโฆ Until that point, I had no idea it was a fraud,โ Maishanu said, describing the entire episode and the $2.5 million left with him as a โset-up,โ not a gift.
Governor’s Authority and Internal Tracing
The witness clarified that while he did not see the specific approval signatures on all documents, the ultimate authority for such payments lies with the CBN Governor or the Committee of Governors, which is also chaired by the Governor.
He indicated that every official involved in the transactionโs flow would be identifiable. โThere is a flow and every person involved in that flow has his signature on the internal document,โ Maishanu stated.
When asked about sanctions for erring staff, he outlined CBNโs disciplinary process, which can lead to demotion, termination, or dismissal. He confirmed he had not faced any disciplinary action from the CBN board regarding this matter.
Justice Hamza Muazu adjourned the case until Friday, January 30, 2026, for the continuation of the trial.
Discussion about this post