Bashirudeen Maishanu, a witness for the EFCC, acknowledged his involvement in the theft of $6.2 million from the Central Bank of Nigeria (CBN) during a trial of former CBN Governor Godwin Emefiele.
Maishanu, who serves as a Deputy Director in Banking Supervision at the CBN, confessed to his role in the transfer of the funds from the Garki branch of CBN during the resumption of Emefiele's trial at the High Court of the Federal Capital Territory in Abuja.
The witness further stated that he, along with several associates, was given $2.5 million as a “gift” to facilitate the release of the stolen funds.
Emefiele faces an amended 20-count indictment related to charges including criminal breach of trust, forgery, abuse of office, conspiracy to commit fraud, and obtaining money under false pretenses during his time as CBN governor.
These charges, numbered CR/577/2023, were filed against him by the EFCC last year. The agency specifically accused Emefiele of fraudulently obtaining $6,230,000 intended for international election observers for the 2023 general elections.
Additionally, he is accused of unlawfully using his position to award six contracts worth N1,210,600,000 to Sa’adatu Ramalan Yaro, a CBN employee, between 2018 and 2022.
According to reports, these procurement contracts were awarded to April 1616 Investment Limited, where Yaro serves as both a director and shareholder.
Despite the allegations, Emefiele has pleaded not guilty to all charges against him.
During the latest hearing, Maishanu shocked the courtroom when he accepted partial responsibility for the crime for which the government seeks to penalize Emefiele. Previously, a Special Investigator, Obaze, had implicated Emefiele in the theft, presenting video evidence of a person withdrawing money from the bank.
Although Maishanu took responsibility at the hearing on Thursday, he revealed that he had confessed to Obaze and the police back in 2023.
When questioned by Emefiele's attorney, Matthew Burkaa SAN, the witness clarified that he accepted guilt for the theft of the $6.2 million, placing full blame on himself for the loss of the funds.
He stated, “I accepted responsibility for the loss as I was inadvertently involved in the withdrawal, and the Personal Assistant (PA) to Emefiele, Mr. Eric Ocheme, was unreachable.”
Maishanu emphasized that he was unaware the withdrawal was fraudulent until confronted with documents revealing forged signatures from then-President Muhammadu Buhari and the former Secretary to the Government of the Federation, Boss Mustapha.
He expressed, “The disappearance of the $6.2 million lies solely with me. I accept personal responsibility for several reasons.”
Maishanu added, “Primarily, I was inadvertently involved. Additionally, Mr. Eric (Emefiele’s PA) is unavailable. I have desperately attempted to contact him, even through mutual acquaintances. I did not realize it was an act of fraud.”
He asserted that he neither encountered Emefiele nor exchanged any funds with him concerning the $6.2 million transaction, insisting, “I received all directions from Eric Ocheme.”
Furthermore, he stated that he did not examine Emefiele’s authorization before the withdrawal until he interacted with the special investigator.
The witness described how he believed that the transaction was legitimate, asserting, “I trusted the CBN's rigorous payment verification processes.”
He admitted to feeling suspicious when he and an associate were given $2.5 million, indicating that he failed to report the so-called “gift” to the CBN.
Maishanu mentioned that he later returned a significant portion of the $2.5 million through the special investigator.
Earlier, providing evidence under prosecution’s guidance, Rotimi Oyedepo SAN, the witness recounted an incident in early January 2023 when Emefiele's PA, Eric Ocheme, sent an individual named Ahmed to him regarding a transaction they were facilitating at the CBN, purportedly sanctioned by the President.
He recounted, “About a week later, he (Ahmed) returned to inform me that they had secured the President's endorsement, which I insisted on seeing.”
“Upon showing me the documentation, he stated they would continue to procure Emefiele’s approval,” Maishanu testified.
“Ahmed indicated their intention for cash payment and asked if I could accompany them or suggest someone suitable. I opted not to go and proposed that I contact someone I knew. He agreed.”
The witness claimed that once Emefiele's consent was obtained, the group proceeded to cash the $6.2 million on February 8, 2023, at the Garki CBN branch.
Maishanu noted that Ahmed subsequently distributed $2.5 million among him, his friend, and another associate, which he projected was excessive for no prior negotiations.
“I thought it was absurd and suspected a possible setup,” he stated, adding that they deposited $1.9 million with a developer from their portion, instructing others not to touch the funds.
Claiming to have faced disciplinary actions from the CBN regarding the incident, Maishanu asserted that the $6.2 million was never utilized for its intended purpose.
Justice Muazu, after hearing the testimony, adjourned the case for further proceedings until Friday.
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