By Julius Uche | Fact Frontier.
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The high-profile trial of Godwin Ifeanyi Emefiele, the former Governor of the Central Bank of Nigeria (CBN), entered a critical phase this week as fresh evidence was presented before the Federal Capital Territory (FCT) High Court in Abuja. The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on allegations spanning procurement fraud, abuse of office, forgery, and the illegal withdrawal of public funds during his tenure at the apex bank.
Emefiele, who led the CBN from 2014 to 2023, is facing a 20-count charge that includes accusations of “obtaining by false pretence” and “criminal breach of trust” related to financial transactions purportedly conducted without proper authorization.
Explosive Court Testimony on $6.23 Million Withdrawal
In proceedings on January 29, 2026, a key prosecution witness — Bashirudden Muhammed Maishanu, an Assistant Director at the CBN — testified that $6.23 million was withdrawn from the Garki branch of the CBN using forged documents. According to the witness, the withdrawal occurred on February 8, 2023, and was allegedly justified on the basis that the funds were intended for election observers and related logistics ahead of the 2023 general elections.
Maishanu, identified in court as the 11th Prosecution Witness (PW11), told Justice Hamza Muazu that he did not participate in the monitoring of the 2023 elections and initially believed the withdrawal complied with procedural requirements. However, upon later review of the supporting paperwork, he said it became clear that key signatures — including those purportedly of senior officials — were forged.
I couldn’t conclude it was fraudulent at that time because documents had been processed for a specific purpose. What made me suspicious was the volume of money left with my friends,Maishanu told the court, characterizing the episode as a “set-up.”
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In a dramatic twist, the witness also admitted responsibility for part of the withdrawal — specifically $2.5 million — which he said was distributed among associates. His testimony underscores the complexity and internal involvements alleged in the case.
Prosecution’s Narrative and Charges
The EFCC’s amended charge sheet states that Emefiele and his co-defendants knowingly obtained public funds under false pretences, including large sums allegedly diverted under the guise of official CBN business.
Prosecutors contend that beyond the $6.23 million questioned in court this month, other charges include corruption in procurement processes, such as the alleged irregular award of vehicle contracts worth millions of naira — purportedly benefitting individuals close to Emefiele.
The prosecution has repeatedly argued that Emefiele abused his position of trust, manipulating internal controls to facilitate unauthorized payments. In response, his defence team has vigorously denied wrongdoing, maintaining that all transactions were for legitimate central bank operations.
Court Schedule and Legal Maneuvering
In a sign of the trial’s intensification, Justice Muazu has fixed ten additional days for the continuation of proceedings, indicating that the court anticipates lengthy deliberations given the case’s complexity.
Legal representatives for Emefiele have filed multiple motions challenging aspects of the prosecution’s case, including the reliability of witness testimony and the handling of evidence by the EFCC. However, the court has largely rejected these efforts to derail the proceedings, emphasizing procedural fairness.
Public and Political Context
The trial comes against a backdrop of intense public scrutiny. During his tenure as CBN governor, Emefiele was widely criticised for controversial policies such as the 2022-2023 naira redesign, which many Nigerians say contributed to widespread cash shortages and economic hardship. Though unrelated to the criminal charges, this policy has continued to shape public perception of Emefiele’s legacy.
Additionally, civil society groups have at times questioned the pace and transparency of the legal process, with some alleging procedural irregularities in how the EFCC has conducted the investigations. These claims have been part of broader debates about the independence of electoral and anti-graft institutions in Nigeria.
Looking Ahead
As the trial continues through early February 2026, key questions remain: How convincingly can the EFCC link Emefiele to the alleged fraudulent withdrawals? Can the defence effectively counter the testimony of internal bank officials? And what will be the broader implications of a conviction — or acquittal — for Nigeria’s financial governance?
