A Deputy Director overseeing Banking Supervision at the Central Bank of Nigeria (CBN), Malam Bashirudeen Maishanu, has accepted responsibility for the disappearance of $6.2 million from the bank during the tenure of former governor Godwin Ifeanyi Emefiele.

Maishanu specifically acknowledged responsibility for the withdrawal of $2.5 million from the total amount. He made the admission on Thursday while giving evidence at the High Court of the Federal Capital Territory in the trial of Emefiele, who faces procurement-related charges.

Emefiele is being tried before Justice Hamza Muazu in Maitama on an amended 20-count charge including criminal breach of trust, forgery, abuse of office, conspiracy, and obtaining money by false pretence during his time as CBN governor. The Economic and Financial Crimes Commission (EFCC) is prosecuting the case on behalf of the Federal Government under case number CR/577/2023.

The former governor is alleged to have fraudulently obtained $6.23 million meant for international election observers during the 2023 general election. He is also accused of using his position to award six vehicle supply contracts to Sa’adatu Ramalan Yaro, a CBN staff member, between 2018 and 2022, worth N1.21 billion. The contracts were awarded to April 1616 Investment Limited, where Yaro is a director and shareholder. Emefiele has pleaded not guilty to all charges.

During cross-examination by Emefiele’s counsel, Matthew Burkaa SAN, Maishanu told the court that the disappearance of the funds was entirely his responsibility.

“I admitted to the Special Investigative Panel appointed by President Bola Tinubu that I am answerable for the loss of the money. I take responsibility because I was inadvertently involved in the withdrawal, and the personal assistant to Emefiele, Eric Ocheme, was unavailable,” he said.

He explained that he did not know the withdrawal was fraudulent until he was confronted with documents showing forged signatures of former President Muhammadu Buhari and the then Secretary to the Government of the Federation, Boss Mustapha.

Maishanu added that he neither met Emefiele nor handed him any money from the $6.2 million transaction. “All instructions I received came from Eric Ocheme. I did not see Emefiele’s approval until I met with the special investigator,” he said.

He also admitted to being inadvertently involved in the withdrawal, believing the payment was legitimate due to CBN’s rigorous internal processes. Maishanu said suspicion arose when he, a friend, and another person were given $2.5 million from the total sum. He noted that he had returned a large portion of the money through the special investigator and did not report the cash “gift” to the bank.

Earlier, Maishanu narrated that in early January 2023, Emefiele’s assistant, Eric Ocheme, sent an intermediary, Ahmed, to coordinate the transaction under the pretense of presidential approval. On February 8, 2023, Ahmed and Maishanu’s friend collected the $6.2 million from the CBN Garki branch, with Maishanu later receiving $2.5 million, of which $1.9 million was deposited with a developer.

Maishanu confirmed that the $6.2 million was never used for its intended purpose and that he faced sanctions from the CBN over the matter.

After hearing the testimony, Justice Hamza Muazu adjourned the case until January 30.