A senior official of the Central Bank of Nigeria (CBN), Malam Bashirudeen Maishanu, who serves as a Deputy Director in the Banking Supervision Department, has taken responsibility for the disappearance of $6.2 million during the tenure of former CBN Governor, Godwin Ifeanyi Emefiele.
Maishanu made the disclosure on Thursday, the 29th of January, 2026, while testifying before the High Court of the Federal Capital Territory in Abuja, where Emefiele is being tried over alleged procurement-related offences.
The witness specifically admitted responsibility for the withdrawal of $2.5 million from the total sum in question.
The matter is before Justice Hamza Muazu of the Maitama Division, with Emefiele facing an amended 20-count charge bordering on criminal breach of trust, forgery, conspiracy, abuse of office, and obtaining money by false pretence. The charges were filed by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Government in suit number CR/577/2023.
According to the prosecution, the former CBN governor allegedly obtained $6,230,000 under false pretence, claiming the funds were meant for international election observers during the 2023 general election. He was also accused of using his office to award six vehicle supply contracts between 2018 and 2022, valued at N1,210,600,000, to a CBN staff member, Sa’adatu Ramalan Yaro.
The contracts were allegedly awarded to April 1616 Investment Limited, a company in which Yaro is said to be a director and shareholder. Emefiele, however, denied all allegations and pleaded not guilty to the charges.
While being cross-examined by defence counsel, Matthew Burkaa, SAN, Maishanu told the court that the loss of the funds was his responsibility alone.
He said, “I admitted to the Special Investigative Panel appointed by President Bola Tinubu to investigate CBN activities under Emefiele that I am answerable for the money being lost.
“I took responsibility for the loss because I was inadvertently involved in the withdrawal and because the personal assistant to Emefiele, Eric Ocheme, was nowhere to be found,” he said.
The witness explained that he only realised the transaction was fraudulent after being confronted with documents allegedly bearing forged signatures of former President Muhammadu Buhari and former Secretary to the Government of the Federation, Boss Mustapha.
He told the court, “The disappearance of the $6.2 million rests on me. I accept personal responsibility for a number of reasons.
First, I was inadvertently involved. Second, Mr Eric (Emefiele’s PA) is nowhere to be found. I have tried several times to reach him, even through friends very close to him. I did not know it was a fraud,” he said.
Maishanu further stated that he neither met Emefiele nor handed any money to him in connection with the transaction, stressing that he acted solely on instructions from Eric Ocheme.
He said, “I did not receive any instructions from him; all instructions I received were from Eric Ocheme.”
He added that he did not sight Emefiele’s approval for the withdrawal until the intervention of the special investigator.
Testifying as PW11, Maishanu said he believed the transaction was legitimate because of the strict payment procedures within the apex bank, explaining that he only became suspicious after receiving $2.5 million from the withdrawn sum.
He told the court that he did not formally report the money, which he described as a “gift,” but disclosed that he had refunded a substantial portion of it through the special investigator.
Earlier, while giving evidence-in-chief led by prosecution counsel, Rotimi Oyedepo, SAN, the witness narrated how Emefiele’s personal assistant allegedly sent one Ahmed to him in early January 2023 to facilitate the transaction, claiming presidential approval had been secured.
He said, “About a week later, he (Ahmed) met me again and told me they had obtained the President’s approval, which I demanded to see.
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“He showed me and then told me that they would now proceed to the CBN to obtain the defendant’s (Emefiele’s) approval.
“He told me they wanted a cash payment and that I should either go with them or recommend someone to go with them.
“I told him I could not go with them and suggested that I call someone I know, and he agreed.”
Maishanu further told the court that Ahmed later informed him that the approval had been secured, after which the cash was withdrawn on February 8, 2023, at the Garki branch of the CBN in Abuja.
He said that Ahmed later shared $2.5 million among him, his friend, and another individual, a development he described as suspicious.
He said, “It was outrageous because we never negotiated any payment. I thought it was a setup,” he said.
According to the witness, $1.9 million from the amount he received was deposited with a property developer, while he cautioned others not to touch the funds.
Maishanu disclosed that he was sanctioned by the CBN over the incident and confirmed that the $6.2 million was never applied to its intended purpose.
Following his testimony, Justice Hamza Muazu adjourned the matter until the 30th of January, for continuation of hearing.