N124.86bn withdrawn by CBN from Consolidated Fund not traced to Emefiele – EFCC witness tells court

A witness of the Economic and Financial Crimes Commission, EFCC,  Dr Ali Mohammed, on Wednesday, admitted at the High Court of the Federal Capital Territory, FCT, that the ₦124.86 billion withdrawn by the Central Bank of Nigeria, CBN, from the Consolidated Revenue Account of the federal government was not traced to Godwin Emefiele

He said the withdrawal of the sum by CBN under Emefiele’s regime was not queried by the Federal Ministry of Finance as well as the Accountant General of the Federation.

On a suggestion that the money was used on the instruction of former President Muhammadu Buhari to subsidise Hajj pilgrimage, the witness said he was not aware of that.

The witness, who is a Director, Home Finance, in the Federal Ministry of Finance, testified in the trial of the former governor of CBN by EFCC on alleged economic crimes.

Under cross examination by Emefiele’s lawyer, Olalekan Ojo SAN, in the ongoing trial of the former CBN governor for the naira redesign, the EFCC witness told the court that he was not aware of the use of the money to subsidize Hajj pilgrimage on the directive of former President Muhammadu Buhari.

The witness told Justice Maryanne Anenih that the said N124.86 billion was neither traced to Emefiele’s account nor was he a signatory to the Consolidated Revenue Account that belongs to the Federal Government.

He told the court that he was not aware of the public transactions that led CBN to withdraw the said amount from the consolidated revenue account.

He said he was invited by EFCC in respect of the withdrawal of the N124.86 billion but that he was neither interrogated on the circumstances that led to the withdrawal nor made to make any statements in respect of the same during his visit to the commission.

He added that he was not shown any documents indicting the defendant on the withdrawal of the money by EFCC operatives.

On the three letters that emanated from the Federal Ministry of Finance and the Office of the Accountant General, the witness told the court that none of the letters suggested the name of Emefiele as a signatory to the Consolidated Revenue Account.

He said the Ministry of Finance did not write any letter to the CBN requesting the purpose of the money, despite the advice by the Accountant General of the Federation.

The witness also said the three letters did not suggest that the former CBN governor authorised the debit from the Federal Government account.

He said his ministry did not take any steps in respect of the money withdrawn other than mere informing the Special Investigator that it was not aware of the transaction.

The witness told the court that he had no  interactions with the Special Investigator that probed CBN under Emefiele.

Answering a question, the witness told the Court that he was not aware that late President Muhammadu Buhari obtained approval for the use of ‘Ways and Means” policy between 2016 and 2023 from the National Assembly.

Meanwhile, Justice Anenih has adjourned the case till November 26 for continuation of trial.

Emefiele is being prosecuted by EFCC,on behalf of the Federal Government, before Justice Maryanne Anenih, sitting at Maitama, Abuja, on a four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public.

He was, among others, alleged in the charge marked,  FCT/HC/ CR/264/2024, to have between October 19, 2022 and March 5, 2023 disobeyed the direction of Section 19 of CBN Act by approving the printing of 375,520,000 pieces of colour swapped N1,000 notes at a total cost of N11,052,068,062 without the recommendation of the CBN Board  and strict approval of the President, Federal Republic of Nigeria, which caused injury to the public.

According to EFCC, the offences allegedly committed by the former CBN Chief were against Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.

He, however, pleaded not guilty to the charge.