An Economic and Financial Crimes Commission (EFCC) witness, Dr Ali Mohammed, on Wednesday told an FCT High Court that the N124.86 billion withdrawn by the Central Bank of Nigeria (CBN) from the federal government’s Consolidated Revenue Account was not traced to former CBN Governor, Godwin Emefiele. The EFCC witness admission on the N124.86 billion withdrawal came during cross-examination in the ongoing trial over the naira redesign.
Mohammed, a Director of Home Finance in the Federal Ministry of Finance, also said the withdrawal made under Emefiele’s tenure was never queried by the Ministry or the Accountant-General of the Federation.
Led by Emefiele’s lawyer, Olalekan Ojo, SAN, the cross-examination before Justice Maryanne Anenih produced several concessions from the EFCC’s witness. He said the money was not traced to Emefiele’s account and that the former governor was not a signatory to the Consolidated Revenue Account, which belongs to the Federal Government.
When it was put to him that the funds may have been used to subsidise Hajj pilgrimage on the instruction of the late President Muhammadu Buhari, he replied that he knew nothing about that. He also said he was unaware of the public transactions that led the CBN to make the withdrawal.
The witness further told the court that although the EFCC invited him over the withdrawal, he was neither interrogated about the circumstances nor asked to write any statement. According to him, operatives did not show him any document indicting the defendant.
On three letters from the Ministry of Finance and the Office of the Accountant-General, he said none named Emefiele as a signatory to the account, and none suggested that he authorised the debit. He added that the Ministry never wrote the CBN to ask the purpose of the money, despite the Accountant-General’s advice, and took no step beyond telling the Special Investigator that it was unaware of the transaction. He also said he had no interaction with the Special Investigator who probed the CBN under Emefiele.
Asked about the “Ways and Means” facility, he said he was not aware that the late Buhari obtained National Assembly approval for its use between 2016 and 2023.
Justice Anenih adjourned the matter till November 26 for continuation of trial.
What the testimony means: Nigerians should note that this evidence relates to the N124.86 billion withdrawal, while the formal charges concern the naira redesign. The court has not ruled on guilt or innocence, and the trial is still ongoing.
The Backstory: The Charges Against Emefiele and the Naira Redesign Case
Emefiele is being prosecuted by the EFCC on behalf of the Federal Government before Justice Anenih at the Maitama Division of the Court in Abuja on a four-count charge bordering on disobedience to the direction of law and illegal acts causing injury to the public. The charge is marked FCT/HC/CR/264/2024.
The anti-graft agency alleges that between October 19, 2022, and March 5, 2023, he disobeyed Section 19 of the CBN Act by approving the printing of 375,520,000 pieces of redesigned N1,000 notes, at a total cost of N11,052,068,062. According to the EFCC, this was done without the CBN Board’s recommendation and without the President’s strict approval, harming the public.
The EFCC says the alleged offences violate Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990, and are punishable under the same law. Emefiele pleaded not guilty. The naira redesign was one of the most controversial policies of his tenure, so the case continues to draw public interest as proceedings move toward November.
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