Bashirudeen Maishanu, a former Deputy Director of Banking Supervision at the Central Bank of Nigeria (CBN), gave an explosive testimony on Thursday, detailing how he received a $2.5 million “gift” from funds illegally withdrawn for election logistics.
Testifying before Justice Hamza Muazu at the FCT High Court, Maishanu linked the payout to the $6.2 million allegedly siphoned from the apex bank under the watch of former governor Godwin Emefiele.
Emefiele is currently facing an amended 20-count charge brought by the EFCC, including criminal breach of trust, forgery, and obtaining money under false pretenses.
Central to the case is the allegation that the former governor knowingly diverted $6.23 million—funds officially earmarked for international election observers during the 2023 polls—for unauthorized use.
Beyond the election fund scandal, the prosecution alleges Emefiele abused his office to award six vehicle procurement contracts totaling ₦1.21 billion to April 1616 Investment Limited.
The firm is reportedly owned by Sa’adatu Ramalan Yaro, a CBN staff member and director of the company.
Despite the mounting evidence presented by prosecution counsel Rotimi Oyedepo (SAN), Emefiele has maintained his innocence, pleading not guilty to all charges.
Maishanu told the court that the scheme began in early January 2023.
He testified that Emefiele’s Personal Assistant, Eric Ocheme, dispatched an intermediary to coordinate a transaction allegedly authorized by the President—a claim now at the heart of the forgery and fraud allegations.
“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 CBN and obtain the defendant’s (Emefiele’s) approval.
“He told me they wanted 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 I suggested that I call someone I know and he agreed,” he said.
Maishanu further testified that he was instructed to proceed with the cash payment once the Governor’s formal approval was secured.
According to the witness, an intermediary named Ahmed later confirmed that Emefiele had signed off on the transaction.
Consequently, on February 8, 2023, Ahmed and a friend of the witness reportedly visited the Garki, Abuja branch of the CBN to withdraw the $6.2 million in cash.
The witness (PW11) told the court that Ahmed subsequently distributed $2.5 million of the proceeds between him, his friend, and a third individual.
Maishanu noted that he expressed concern to his associate at the time, describing the multimillion-dollar “gift” as “outrageous.”
“It was outrageous because we never negotiated any payment. I thought it was a set up,” he said.
He added that they deposited $1.9 million with a developer out of the $2.5 million as he told others that they must not touch the money.
The witness told the court that he was sanctioned by CBN for the money, adding that the $6.2 million was never used for the purpose it was meant for.
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 the defendant, I am answerable to the money being lost
”I took that took responsibility for the loss because I was inadvertently involved in the withdrawal and that the personal assistant to Emefiele, Eric Ocheme, was nowhere to be found,” he said.
He told the court that he did not know that the withdrawal was a fraud until he was confronted with document to show that the signatures of the then President Muhammad Buhari, the then Secretary to the Government of the Federation (SGF), Boss Mustapha were forged.
“The disappearance of the 6.2million dollars 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 severally to reach him and 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 as far as the $6.2 million transaction was concerned, adding that, “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.
Maishanu testified that he only participated in the withdrawal because he trusted the CBN’s internal checks.
“I know that the CBN has rigorous processes for payments,” he told the court, explaining why he originally thought the disbursement was genuine.
His confidence wavered, however, upon receiving the $2.5 million share, a sum he admitted was suspicious.
Though he failed to report the funds to the CBN at the time, Maishanu stated he has now returned a large part of that money through the office of the Special Investigator.
The trial is set to resume on Friday before Justice Muazu.
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