$6.23m Election Cash Scam: CBN Insider Tells Court How Forged Papers Enabled Instant Dollar Withdrawal Under Emefiele

A prosecution witness on Thursday gave chilling details of how $6.23 million was allegedly withdrawn in cash from the Central Bank of Nigeria (CBN) using forged documents purportedly meant for election observers and logistics, in the ongoing trial of former CBN Governor, Godwin Emefiele.
Testifying before Justice Hamza Muazu of the Federal Capital Territory High Court, Gwarimpa, Abuja, the Eleventh Prosecution Witness (PW11), Bashirudden Muhammed Maishanu, an Assistant Director at the CBN, said the cash was withdrawn from the Garki Branch of the apex bank on February 8, 2023, barely days before the general elections.
Led in evidence by the Director of Public Prosecution, Rotimi Oyedepo, SAN, the witness narrated how he became entangled in the transaction after being approached in early January 2023 by one Alhaji Ahmed, who claimed to be working with a Special Committee in the Office of the Secretary to the Government of the Federation (SGF).
According to Maishanu, Ahmed told him he was acting on the instruction of Eric, the then Personal Assistant to Emefiele, to facilitate a transaction allegedly backed by presidential approval.
“I demanded identification and asked him to call Mr. Eric to confirm. He did, and Mr. Eric confirmed that he knew him and asked him to see me,” the witness told the court.
Maishanu said Ahmed later returned with documents claiming presidential approval and disclosed that the payment would be processed in cash, requesting that Maishanu either accompany them or nominate someone.
“I told him I couldn’t go and suggested a friend instead,” he said.
He told the court that on February 8, 2023, his friend and a driver proceeded to the Garki CBN branch, where the sum of $6,230,000 was paid out in cash.
“Later, my friend called me and said the money had been collected. He also told me that Alhaji Ahmed left with $2.5 million in cash along with his associates,” Maishanu testified.
He said the cash handlers later dropped his friend off at a location within Ibrahim Coomasie Crescent, known as the 09 Clubhouse.
Shockingly, the witness told the court that $2.5 million was also left behind for him and two others.
“I saw the money and told them it was outrageous. We never negotiated for any payment with Ahmed. I suggested we keep the money, and they agreed,” he said.
Maishanu further testified that the transaction later raised serious suspicions, stressing that CBN operates strict and multi-layered payment procedures, making such a massive cash withdrawal highly unusual.
“I am sure the approval was fraudulent. The CBN has rigorous processes, whether for cash or electronic payments. For documents of that value to slip through strongly suggests forgery,” he said.
On internal discipline, the witness explained that the CBN sanctions erring officials based on the severity of misconduct, ranging from warnings to dismissal, following investigations by a disciplinary committee. However, he disclosed that he was never sanctioned in relation to the transaction.
“The Chairman of the CBN Board is the Governor,” he added.
The witness also stated that while he did not physically witness the signing of the approval documents, internal records clearly captured the transaction trail.
“There is a flow. Everyone involved in that flow has their signature on the internal documents,” he said.
He confirmed that the funds were tagged for election-related expenses, specifically “expenses on election overseers.”
Under cross-examination by defence counsel Mathew Burkar, SAN, Maishanu admitted he could not identify who exactly signed the approval but insisted that all individuals involved in the withdrawal could be traced through CBN documentation.
On the controversial $2.5 million, he clarified that the money was not his personal share but meant for three people, adding that at the time he received it, he did not immediately know it was fraudulent.
“I could not conclude it was fraud then because documents had been processed and paid for a stated purpose. What alarmed me was the sheer volume of money left with my friends,” he said.
He further told the court that he later met Mr. Obazi, who showed him the forged documents, prompting him to accept responsibility.
“I had become involved, Mr. Eric was nowhere to be found, and I feared the damage this would do to me. Until then, I had no idea it was a fraud,” he testified, insisting that the money was not a gift but “a set-up.”
Justice Muazu adjourned the matter to Friday, January 30, 2026, for continuation of trial.