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 Emefiele’s then-personal assistant, Mr. Eric, informed him of a payment for “election observers and logistics” that required presidential approval.
“About a week later, Ahmed met me and said they had obtained the President’s approval. I demanded to see it, and he showed me a copy,” 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, Maishanu’s friend and his driver went to the Garki Branch of the CBN and successfully withdrew the full $6,230,000 in cash.
“Thereafter, they dropped my friend off… 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,” Maishanu testified.
He expressed shock at the volume of cash, calling it “outrageous,” and suggested to his friend that they keep the remaining money. “They agreed,” he stated.
Forgery and a “Set-Up”
Under cross-examination by Emefiele’s counsel, Matthew Burkaa, SAN, Maishanu was adamant the approval was fraudulent.
“I not only assume. I am sure,” he said, citing the CBN’s “rigorous processes” 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. “I told him that I would accept personal responsibility… Until that point, I had no idea it was a fraud,” Maishanu said, describing the entire episode and the $2.5 million left with him as a “set-up,” 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 transaction’s flow would be identifiable. “There is a flow and every person involved in that flow has his signature on the internal document,” Maishanu stated.
When asked about sanctions for erring staff, he outlined CBN’s 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.
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