Obazee says Buhari and Mustapha should face trial for $6.23 million fraud like Emefiele

Jim Obazee, a special investigator hired by President Bola Tinubu, questioned why former President Muhammadu Buhari and his Secretary to the Government of the Federation, Boss Mustapha, are not facing trial like Godwin Emefiele. This is for the fraudulent withdrawal of $6.23 million from the Central Bank of Nigeria in February 2023.

Obazee made this statement while testifying as the 15th witness in Emefiele’s corruption trial at the FCT High Court in Maitama, Abuja, on Friday.

“For actions and inactions, Mr Buhari should be charged along with Emefiele in this $6.2 million fraud, even if posthumously, since national honours are given posthumously,” Obazee said. He was speaking while being questioned by prosecution lawyer, Rotimi Oyedepo, a Senior Advocate of Nigeria.

Obazee, who conducted months of investigations into corruption at the Central Bank under Emefiele, highlighted that Buhari, Mustapha, and others should also be prosecuted. “The situation in Nigeria is very unfortunate, especially for the federal government to have only Emefiele on trial in a fraud involving more than 10 people,” he added.

He explained that a large amount of money was given to suspected criminals without proper checks. Obazee, whose profile rose after these investigations, stated that according to the CBN Act, the N2.8 billion equivalent of the stolen $6.2 million should have been deposited before cash was handed over to the suspected criminals.

“Whatever you are doing to Mr Emefiele should also be done to Buhari, Mustapha, and Bashirudeen Maishanu, along with former board members of the CBN under Emefiele. If they are all prosecuted, it will serve as a deterrent, and Nigeria's problems will be reduced by 50 percent,” he said.

He also called for action against Bashirudeen Maishanu, a current CBN staff member who reportedly refunded $856,500 of the stolen money to the investigation panel. He noted that Mustapha denied any knowledge of the fraud but did not give weight to his defense. “As for Boss Mustapha, he denied to me that he did not sign the documents that initiated the request for the $6.23 million and led to the release to a person claiming to be a staff member of his office.”

Obazee's suggestion for posthumous prosecution of Buhari is not supported by Nigeria's legal framework. But the law allows authorities to go after assets linked to crimes committed by deceased individuals. A court can order the forfeiture of such assets for the government. Yet, no evidence has connected Buhari, who died in July 2025 at 82, to the $6.23 million fraud or any crime.

During the trial, Mustapha maintained that neither he nor Buhari knew anything about the theft. He said Buhari did not approve the withdrawal as claimed in the letter used to facilitate the payment. That letter, he said, was fake. The $6.23 million claim is part of the 20 charges against Emefiele by the Economic and Financial Crimes Commission. Other charges include criminal breach of trust, forgery, and conspiracy to commit a felony. Emefiele has strongly denied all charges.

In Count 20 of the indictment, the prosecution claimed that Emefiele and his aide, Odoh Eric Ocheme, who is currently at large, “knowingly obtained by false pretence” $6.23 million from CBN on 8 February 2023. They allegedly committed this fraud using a false letter dated 26 January 2023.

Obazee reacts to evidence

Obazee showed visible anger on Friday when he saw a letter from the Presidency that was said to be signed by Buhari, approving the $6.23 million release. He was also upset by a letter from the SGF's office directing the money to be given to Jubril Abubakar, a staff member.

His frustration grew when he noted Mustapha’s extrajudicial statement. This prompted him to question why Mustapha and others were not prosecuted. He confirmed a previous testimony by Elohor Okpoziakpo, stating both Buhari and Mustapha were unaware of the letter that ordered the release of the $6.23 million.

Obazee revealed that Maishanu returned $850,000 from the total amount. He also suggested that the Manager of the Abuja branch of the CBN should be prosecuted for failing to follow proper procedures before releasing the money.

Emefiele’s role in the fraud

During cross-examination, Emefiele’s lawyer, Mathew Burka, a SAN, asked if any funds were recovered from Emefiele. Obazee said no funds were recovered. However, he stated that Emefiele should have been aware of the theft if the CCTV and BVN system in the Abuja branch were properly used before releasing the money.

He added that the missing funds should have been detected in the CBN's annual financial statements if those in charge had been diligent. The trial judge, Hamza Muazu, then adjourned the case until 20 October. Obazee’s testimony reflects part of Okpoziakpo’s earlier statements, which included names of those who benefited from the disputed $6.23 million. Okpoziakpo also stated that some suspects admitted to the illegal withdrawal from the CBN vault. However, he confirmed that Emefiele did not benefit from the alleged fraud during his time in office.