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Emefiele Case: Investigator Seeks Probe of Buhari, Boss Mustapha Over Alleged $6.2m CBN Fraud

The Special Investigator appointed by President Bola Ahmed Tinubu to probe the activities of the Central Bank of Nigeria (CBN), Jim Obazee, on Friday told the High Court of the Federal Capital Territory that former President Muhammadu Buhari and former Secretary to the Government of the Federation (SGF), Boss Mustapha, should also have been investigated and prosecuted over the controversial release of $6.2 million from the Federal Government’s foreign exchange account domiciled at the CBN.

Obazee made the remarks while testifying as a prosecution witness in the ongoing trial of former CBN Governor Godwin Emefiele, who is facing a 20-count charge bordering on conspiracy, abuse of office and fraud instituted by the Economic and Financial Crimes Commission (EFCC).

Led in evidence by the Director of Public Prosecution of the Federation, Rotimi Oyedepo (SAN), Obazee criticised what he described as the selective prosecution of Emefiele in a transaction that, according to him, involved several other individuals.

The witness reacted after being shown documents, including a letter purportedly signed by the late President Buhari authorising the release of the funds and another allegedly issued from the Office of the Secretary to the Government of the Federation directing the CBN to release the money to Jibril Abubakar, who was presented as a staff member in the SGF’s office for purported logistics relating to foreign election observers.

Obazee noted that subsequent statements by former SGF Boss Mustapha, both during the investigation and before the court, denied knowledge of the transaction and alleged that the documents, including the one attributed to Buhari, were forged.

Expressing dissatisfaction with the development, the Special Investigator told the court that all those allegedly connected with the transaction should face prosecution.

“For actions and inactions, Buhari ought to have been charged along with Emefiele in this alleged $6.2 million fraud, even if posthumously,” Obazee said.

He also maintained that Boss Mustapha should stand trial alongside Emefiele, arguing that documents allegedly emanating from the SGF’s office initiated the request that led to the release of the funds.

Obazee further urged the prosecution of officials involved in processing the payment, including the then Abuja Branch Manager of the CBN, alleging that due diligence was not observed before the money was released.

According to him, under established CBN procedures, the naira equivalent of the foreign exchange transaction ought to have been deposited before the $6.2 million could lawfully be released.

The witness also called for the prosecution of Jibril Abubakar, who allegedly collected the funds, and Bashirudeen Maishanu, a serving CBN staff member whom he claimed admitted involvement during the investigation and refunded $856,500 to the investigative panel.

“Whatever you are doing to Emefiele by way of prosecution ought to have been done to Buhari, Mustapha, Maishanu and former members of the CBN Board. If all of them are prosecuted, it will serve as a deterrent,” he told the court.

However, under cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN), Obazee acknowledged that he did not recover any money directly from the former CBN governor and that investigators found no evidence showing that any portion of the alleged proceeds was transferred into Emefiele’s personal accounts.

He nevertheless argued that, in his view, Emefiele ought to have been aware of the transaction as CBN Governor, particularly if available security systems, including CCTV footage and the Bank Verification Number (BVN) portal at the Abuja branch of the apex bank, had been effectively utilised before the funds were released.

Obazee also stated that the alleged fraudulent transaction should have been detected during the preparation of the CBN’s annual financial statements if the institution’s internal controls had functioned effectively.

During his testimony, the Special Investigator disclosed that President Tinubu invited him on December 19, 2023, in the presence of the Attorney-General of the Federation and the Chairman of the EFCC, where he was directed to identify offences that could be brought against Emefiele regarding the alleged $6.2 million fraud.

When confronted with the fact that the charge against Emefiele had already been filed on August 14, 2023, before the date he mentioned, Obazee responded that 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.

Emefiele has pleaded not guilty to all the charges and continues to enjoy the constitutional presumption of innocence until proven guilty by the court.