A Deputy Director in charge of Banking Supervision with the Central Bank of Nigeria, CBN, Malam Bashirudeen Maishanu, has accepted responsibility for the disappearance of the sum of $6.2 million in the CBN during the tenure of former governor Godwin Ifeanyi Emefiele.
The CBN top officer specifically accepted responsibility for the withdrawal of $2.5 million out of the total amount.
He made the admission on Thursday at the High Court of the Federal Capital Territory while giving evidence in the trial of Emefiele on procurement charges.
Emefiele is standing trial before Justice Hamza Muazu, sitting at Maitama, on an amended 20-count charge bordering on criminal breach of trust, forgery, abuse of office, conspiracy to obtain by false pretence, and obtaining money by false pretence while serving as CBN governor.
He is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Government in the case marked CR/577/2023.
Emefiele was, among others, alleged to have knowingly obtained by false pretence the sum of $6,230,000, which was meant for international election observers for the 2023 general election.
He was alleged to have used his position as CBN governor to award six different contracts for the supply of vehicles to one Sa’adatu Ramalan Yaro, a member of staff of CBN, between 2018 and 2022, to the tune of N1,210,600,000.
The procurement contracts were said to have been awarded to April 1616 Investment Limited, of which Sa’adatu Ramalan Yaro is a director and shareholder.
The former CBN governor, however, pleaded not guilty to the charges preferred against him.
While being cross-examined by the counsel for Emefiele, Matthew Burkaa SAN, the witness told the court that the disappearance or loss of the money rests solely on him.
“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.
He told the court that he did not know the withdrawal was fraudulent until he was confronted with documents showing that the signatures of then-President Muhammadu Buhari and the then Secretary to the Government of the Federation (SGF), Boss Mustapha, were forged.
“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.
He said that he neither met Emefiele nor gave him any money in relation to the $6.2 million transaction, adding, “I did not receive any instructions from him; all instructions I received were from Eric Ocheme.”
He further told the court that he did not see Emefiele’s approval before the money was withdrawn until he met with the special investigator.
According to PW11, he was inadvertently involved in the withdrawal of the money as he believed the payment was genuine “because I know that the CBN has rigorous processes for payments.”
He said he became suspicious when he, his friend, and one other person were given $2.5 million out of the money, adding that he never officially reported the “gift” to the apex bank.
He said he had refunded a large part of the $2.5 million given to him through the special investigator.
Earlier, while being led in evidence by the prosecution counsel, Rotimi Oyedepo SAN, the witness narrated how, sometime in early January 2023, Emefiele’s personal assistant, Eric Ocheme, sent one Mr Ahmed to meet him over a transaction they were processing at the CBN on the authority of the President, who had already given his approval.
“About a week later, he (Ahmed) met me again and told me they had obtained the President’s approval, which I demanded to see.
“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.”
He added that once the governor’s approval had been obtained, he and his friend could proceed for the cash payment.
PW11 told the court that he was later informed by Ahmed that Emefiele’s approval had been obtained, and on February 8, 2023, Ahmed and his (the witness’s) friend went to the Garki, Abuja branch of CBN to cash the $6.2 million.
He further said that Ahmed later gave him, his friend, and one other person $2.5 million out of the money, adding that he told his friend the amount was outrageous.
“It was outrageous because we never negotiated any payment. I thought it was a setup,” he said.
He added that they deposited $1.9 million with a developer out of the $2.5 million, instructing others not to touch the money.
The witness said he was sanctioned by the CBN for the money.
Maishanu told the court that the $6.2 million was never used for its intended purpose.
Meanwhile, Justice Hamza Muazu, after listening to his testimony, adjourned further hearing until January 30.
