Investigator Seeks Trial of Buhari, Mustapha Over Alleged $6.2m CBN Fraud

A Special Investigator appointed by President Bola Tinubu, Jim Obaze, has urged that former President Muhammadu Buhari and former Secretary to the Government of the Federation (SGF), Boss Mustapha, should also face prosecution over the alleged unlawful withdrawal of $6.2 million from the Central Bank of Nigeria (CBN).

Obaze made the recommendation on Thursday while giving evidence in the ongoing trial of former CBN Governor, Godwin Emefiele, who is facing charges relating to alleged fraud, abuse of office and conspiracy.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele before the High Court of the Federal Capital Territory in Maitama on a 20-count charge.

During his testimony, Obaze said the actions and decisions surrounding the withdrawal of the funds should not be limited to Emefiele alone. He argued that the late former President Buhari should also have been included in the case, even if such prosecution would only be symbolic because of his death.

He also maintained that Boss Mustapha should face trial, claiming that the former SGF denied signing documents from his office which allegedly initiated the request for the $6.2 million and led to the release of the funds to an individual said to be a staff member in the SGF’s office.

Obaze further argued that other officials, including Bashirudeen Maishanu and former members of the CBN board during Emefiele’s tenure, should also be prosecuted alongside the former apex bank governor.

He added that Maishanu had returned $856,500 to the special investigation panel, and the money had since been deposited with the Central Bank of Nigeria.

While being led in evidence by EFCC counsel, Rotimi Oyedepo (SAN), Obaze examined documents relating to the disputed withdrawal and rejected claims by the Presidency and Boss Mustapha denying any involvement in the transaction.

The investigator also blamed the manager of the CBN’s Abuja branch, arguing that the branch released the money without carrying out the necessary verification procedures.

He asked the court to direct the arrest and prosecution of Jibril Abubakar, who allegedly collected the money on the authority of the SGF’s office, as well as Bashirudeen Maishanu, a serving CBN official who reportedly admitted involvement in the alleged theft and refunded part of the money.

Obaze stated that under the provisions of the CBN Act, the naira equivalent of the transaction, amounting to about ₦2.8 billion, ought to have been deposited before the release of the $6.2 million.

During cross-examination by Emefiele’s lawyer, Matthew Burkaa (SAN), Obaze admitted that he did not recover any money directly from the former CBN governor.

He also confirmed that there was no evidence showing that any portion of the disputed funds was transferred into Emefiele’s personal account.

However, Obaze maintained that Emefiele ought to have been aware of the transaction if proper security measures, including the use of CCTV cameras and the Bank Verification Number (BVN) system at the Abuja branch of the CBN, had been followed before the money was released.

He added that proper financial oversight should have exposed the disappearance of the funds through the bank’s annual financial statements if those responsible had carried out their duties diligently.

Obaze also informed the court that President Tinubu invited him on December 19, 2023, to investigate the matter. He said the meeting was attended by the Attorney-General of the Federation and the Chairman of the EFCC, where he was directed to prepare charges relating to the alleged $6.2 million fraud.

When defence counsel pointed out that the charge had been prepared on August 14, 2023, before the date Obaze mentioned, the witness replied that he was not a lawyer and therefore could not offer any explanation on the discrepancy.

Justice Hamza Muazu subsequently adjourned the case until October 20 for the continuation of the trial.