The Special Investigator appointed by President Bola Tinubu to probe the activities of the Central Bank of Nigeria (CBN) under former governor Godwin Emefiele, Jim Obaze, on Friday told a Federal Capital Territory High Court that the late former President Muhammadu Buhari should be posthumously prosecuted over the alleged fraudulent withdrawal of $6.2 million from the Federal Government’s foreign exchange account domiciled at the CBN.
Obaze also demanded the immediate prosecution of former Secretary to the Government of the Federation (SGF), Boss Mustapha, insisting that he should be standing trial alongside Emefiele over the controversial transaction.
The investigator made the remarks while testifying as a prosecution witness for the Economic and Financial Crimes Commission (EFCC) in the ongoing 20-count charge bordering on conspiracy, abuse of office and fraud filed against Emefiele.
Led in evidence by the Director of Public Prosecution of the Federation, Rotimi Oyedepo (SAN), Obaze expressed outrage after being shown documents allegedly originating from the Presidency and the Office of the SGF authorising the release of the $6.2 million to one Jibril Abubakar, purportedly for logistics related to foreign election observers.
According to Obaze, he found it disturbing that only Emefiele was being prosecuted despite evidence suggesting the alleged involvement of several other individuals.
His anger intensified after reviewing statements and correspondence in which Boss Mustapha denied knowledge of the transaction and alleged that documents, including one purportedly signed by the late Buhari, had been forged by those behind the alleged fraud with the assistance of CBN officials.
Describing the situation as “very unfortunate,” Obaze argued that the prosecution had failed to hold all those allegedly connected to the transaction accountable.
“For actions and inactions, Buhari ought to be charged and must be charged along with Emefiele in this $6.2 million fraud, even if posthumously since national honours are given posthumously,” Obaze told the court.
“As for Boss Mustapha, as far as I am concerned, he denied to me that he did not sign the documents from his office which initiated the request for the $6.2 million and led to the release of the amount to a person who claimed to be a staff of his office.”
He further insisted that those who should also face prosecution include a manager at the CBN Abuja branch, current CBN staff member Bashirudeen Maishanu, Jibril Abubakar, and former members of the CBN board.
“Whatever you are doing to Emefiele by way of prosecution ought to have been done to Buhari, Mustapha, Maishanu and former board members of the CBN under Emefiele.
“If all of them are prosecuted, it will serve as a deterrent and the problems of Nigeria will be reduced and eliminated by 50 percent,” he said.
Obaze also told the court that Maishanu allegedly admitted involvement in the transaction and returned $856,500 to the special investigation panel, which was subsequently deposited with the CBN.
He criticised officials of the Abuja branch of the apex bank for allegedly releasing the funds without carrying out due diligence, adding that under the CBN Act, the naira equivalent of the funds ought to have been deposited before the foreign currency was released.
During cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN), Obaze admitted that investigators did not recover any money from the former CBN governor and that there was no evidence showing any transfer of the allegedly stolen funds into Emefiele’s personal account.
However, he argued that Emefiele ought to have known about the transaction, saying proper use of the CBN Abuja branch’s CCTV system and Bank Verification Number (BVN) platform could have prevented the alleged fraud.
He also maintained that the disappearance of the funds should have been detected during the CBN’s annual financial audit if appropriate oversight mechanisms had been followed.
Obaze further disclosed that President Bola Tinubu invited him on December 19, 2023, and, in the presence of the Attorney General of the Federation and the EFCC chairman, directed him to prepare chargeable offences against Emefiele over the alleged $6.2 million fraud.
But when reminded during proceedings that the charge had already been filed on August 14, 2023—months before his appointment—Obaze conceded that he was not a lawyer and could not explain the discrepancy.
Justice Hamza Muazu subsequently adjourned the matter until October 20, 2026, for continuation of trial.
