- Jim Obazee told the court Buhari and Boss Mustapha should have faced trial over the alleged $6.2 million CBN fraud
- He said the investigation involved several individuals beyond former CBN governor Godwin Emefiele
- The court adjourned Emefiele’s trial until October 20 for further proceedings
The Federal Capital Territory High Court in Abuja on Friday heard testimony from President Bola Tinubu’s Special Investigator on the Central Bank of Nigeria, Jim Obazee, who argued that the alleged $6.2 million fraud linked to the apex bank involved more people than those currently standing trial.
Eko Hot Blog gathered that Obazee, appearing as a witness for the Economic and Financial Crimes Commission (EFCC), gave evidence in the ongoing prosecution of former Central Bank Governor Godwin Emefiele, who is facing 20 counts related to alleged conspiracy, abuse of office and financial misconduct.
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While addressing the court, the investigator said the late former President Muhammadu Buhari, if alive, and former Secretary to the Government of the Federation, Boss Mustapha, should also have been prosecuted over the disputed transaction.
He told the court that investigators examined documents allegedly authorising the release of $6.2 million, including a letter said to have come from the former president and another reportedly issued through the Office of the Secretary to the Government of the Federation instructing the CBN to release the money to Jibril Abubakar for expenses connected with foreign election observers.
Obazee, however, acknowledged that Mustapha had denied authorising the payment and had maintained that the documents attributed to him and the late president were forged.
According to the witness, the investigation pointed to the involvement of several individuals, and he argued that criminal proceedings should extend beyond Emefiele.
He identified Mustapha, Jibril Abubakar, CBN staff member Bashirudeen Maishanu and other officials allegedly connected to the transaction as persons who should also face prosecution.
The investigator further criticised officials at the Abuja branch of the Central Bank, alleging they failed to carry out proper verification procedures before the funds were released.
He disclosed that Maishanu refunded $856,500 to the investigative panel during the course of the inquiry.
During cross examination, Emefiele’s lawyer, Matthew Burkaa (SAN), questioned Obazee about whether investigators found evidence directly linking the former CBN governor to the funds.
In response, the witness admitted that no money was recovered from Emefiele and that investigators did not discover any transfer of the alleged proceeds into his personal bank accounts.
Even so, Obazee maintained that Emefiele, as CBN governor at the time, should have been aware of the transaction if the bank’s internal monitoring systems, including CCTV recordings and Bank Verification Number records, had functioned effectively.
He also informed the court that President Bola Tinubu directed him in December 2023, in the presence of the Attorney General of the Federation and the EFCC Chairman, to investigate the transaction and identify offences that could be prosecuted.
When asked why charges had already been filed before that directive was issued, Obazee said he could not explain the sequence of events because he is not a legal practitioner.
Following the proceedings, Justice Hamza Muazu adjourned the matter until October 20 for the continuation of the trial.
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