A witness in the trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Thursday told a Federal Capital Territory High Court in Abuja that $6.23 million was withdrawn from the CBN’s Garki Branch using forged documents.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 witness, the money was allegedly intended for election-related expenses, including payments to election observers, but the withdrawal was processed through fraudulent approvals.
What the EFCC is saying
According to the statement, Bashirudden Muhammed Maishanu, an Assistant Director at CBN and the eleventh prosecution witness (PW11), told the court that he was approached in January 2023 by an individual named Alhaji Ahmed.
Ahmed claimed to have obtained presidential approval for the cash withdrawal.
“The Eleventh Prosecution Witness, PW11, Bashirudden Muhammed Maishanu in the trial of former Governor of Central Bank of Nigeria, Godwin Emefiele, on Thursday, January 29, 2026, told Justice Hamza Muazu of the Federal Capital Territory High Court, Abuja, that the sum of $6,230,000.00 (Six Million, Two Hundred and Thirty Thousand United States Dollars) was withdrawn from the Garki Branch of the Apex Bank on February 8, 2023 through forged papers for alleged election observers and logistics,” the statement read in part.
How it played out
According to the EFCC statement, the witness said he was asked to recommend someone to collect the money, as he could not go personally. His friend later collected the $6.23 million from the Garki Branch, after which $2.5 million was left with him and two others.
- He added that he later realized the documents authorizing the withdrawal were likely forged and described the incident as a set-up. He stressed that he had no involvement in monitoring the 2023 elections and did not initially know the withdrawal was fraudulent, the statement noted.
- The statement further said that Maishanu explained CBN’s internal procedures for approving cash withdrawals, which include board or governor approval and a traceable document flow.
He reportedly said the bank applies sanctions ranging from warnings and demotion to dismissal for erring staff, depending on the nature and gravity of the offence, and noted that he himself did not face any disciplinary action in relation to the matter.
The trial is ongoing, with the court scheduled to continue proceedings on Friday, January 30, 2026, as it examines the involvement of Emefiele and others in the alleged fraudulent withdrawal.
Flashback
In June 2023, the Department of State Services confirmed that Godwin Emefiele, former CBN Governor under the Buhari administration, was in its custody, hours after initially denying his arrest.
His suspension followed a directive by President Bola Tinubu, who ordered him to hand over to the Deputy Governor (Operations), Folashodun Adebisi Shonubi, pending investigations and financial sector reforms.
- After his suspension, Emefiele filed a fundamental human rights suit over his detention, which the court granted. He was arraigned in July 2023 on charges of illegal possession of firearms and ammunition, a case later withdrawn and struck out.
- In November 2023, the EFCC arraigned him on procurement-related charges, which were subsequently amended. In April 2024, he was again arraigned before a Lagos High Court over alleged abuse of office linked to foreign exchange allocations. He pleaded not guilty, and the cases remain pending.
What you should know
Former CBN Governor Godwin Emefiele has spent over three years facing legal cases over alleged fraud during his tenure, including the unlawful acquisition of property and large sums of money.
In May 2025, bank representatives were listed as witnesses in the EFCC case, which involves N7.8 billion and 753 housing units at Plot 109, Lokogoma District, FCT.
- Emefiele and Eric Ocheme are accused of unlawfully controlling the property, transferring N7.8 billion across multiple accounts, and executing a false Irrevocable Power of Attorney to misrepresent authority over the estate.
- The EFCC has listed witnesses from Zenith Bank and Access Bank to provide documents and evidence. The property was inspected by the Minister of Housing and recovered following a final forfeiture order in December 2024, which the court ruled was “reasonably suspected to have been acquired with proceeds of unlawful activities.” Emefiele has reportedly appealed.
In February 2025, a Lagos Federal High Court ordered the forfeiture of $4.7 million, N830 million, and other properties linked to Emefiele, including $900,000 traced to his relative, Anita Joy Omoile.
