The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele took a sensational turn on Friday when special investigator Jim Obazee openly expressed astonishment that only Emefiele is facing trial in the alleged $6.2 million fraud case.
Obazee, appointed by President Bola Tinubu to investigate the scandal, made the remarks while testifying as the 15th and final prosecution witness at the Federal Capital Territory High Court.
He insisted that several other high-profile figures including the late former President Muhammadu Buhari, ex-Secretary to the Government of the Federation (SGF) Boss Mustapha, and senior CBN officials, should also be prosecuted over the diversion of the funds.
Emefiele is standing trial on a 20-count amended charge that includes criminal breach of trust, procurement fraud, forgery, abuse of office, and corruptly conferring advantages on two firms — April 1616 Nigeria Ltd and Architekon Nigeria Ltd. The charges centre on the alleged illegal release of $6.23 million purportedly meant for international election observers during the 2023 general elections. He has pleaded not guilty and remains on bail.
Led in evidence by EFCC counsel Rotimi Oyedepo (SAN), Obazee referenced letters from the Presidency and the SGF’s office authorising the release of the money to Jibril Abubakar, presented as a staff member of the SGF’s office.
The witness expressed strong dissatisfaction with denials issued by the late President Buhari and Boss Mustapha regarding the letters. He demanded that all implicated parties, including CBN staff Bashirudeen Maishanu (from whom he recovered $856,500), the Abuja branch manager of the CBN, and members of the bank’s Board of Governors during Emefiele’s tenure, be brought before the court.
“For actions and inactions, Buhari ought to be charged along with Emefiele in this $6.2 million fraud, even if posthumously,” Obazee stated. He was equally blunt about Mustapha, saying the former SGF denied signing documents from his office that triggered the release.
Obazee criticised the CBN for failing to follow due process under the CBN Act, which he said required the naira equivalent (about N2.8 billion) to be deposited before the dollar amount could be released. He argued that basic checks, such as CCTV and BVN verification at the Abuja branch, were not carried out.
During cross-examination by Emefiele’s lead counsel, Mathew Burka (SAN), Obazee conceded that no funds were recovered directly from Emefiele and that there was no evidence of transfers into his personal accounts. He maintained, however, that the former governor should have been aware of the transaction.
The Economic and Financial Crimes Commission (EFCC) formally closed its case after presenting 15 witnesses and several documents. Emefiele’s defence team announced plans to file a no-case submission, indicating they believe the prosecution has not established a prima facie case.
Justice Hamza Muazu adjourned proceedings to October 20 for arguments on the no-case application.
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