EFCC Closes Case Against Emefiele as Ex-CBN Governor Moves to File No-Case Submission
The Economic and Financial Crimes Commission (EFCC) on Friday closed its prosecution in the alleged $6.2 million fraud case against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, after the testimony of the Federal Government’s special investigator, Jim Obaze.
Testifying before the FCT High Court in Abuja, Obaze told Justice Hamza Muazu that the late former President Muhammadu Buhari should be posthumously charged, while former Secretary to the Government of the Federation (SGF), Boss Mustapha, should also face prosecution over their alleged roles in the controversial release of the funds.
The money, allegedly withdrawn from the Federal Government’s foreign exchange account domiciled with the CBN, was said to have been earmarked for international election observers during the 2023 general elections.
Obaze faulted the decision to prosecute only Emefiele, arguing that several other individuals allegedly involved in authorising, processing, and collecting the funds should equally face trial.
He maintained that the letters purportedly authorising the release of the money, allegedly originating from the Presidency and the Office of the SGF, could not simply be dismissed, insisting that Boss Mustapha, the Abuja CBN Branch Manager, Jibril Abubakar, who allegedly collected the money, and CBN official Bashirudeen Maishanu should all be prosecuted.
According to Obaze, the CBN ought not to have released the $6.2 million without first receiving the naira equivalent, as required under the apex bank’s regulations. He added that prosecuting all those allegedly involved would strengthen accountability and serve as a deterrent against future financial crimes.
However, during cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN), Obaze admitted that investigators found no evidence showing that any of the allegedly stolen funds were transferred into Emefiele’s personal account, and that he did not personally recover any money from the former CBN governor.
Following the close of the prosecution’s case, Emefiele’s legal team informed the court that it would file a no-case submission, arguing that the evidence presented was insufficient to warrant the former CBN governor entering a defence.
Justice Hamza Muazu subsequently adjourned the matter until October 20, 2026, for further proceedings.
