Finance Ministry Unaware of Emefiele’s N124.86bn CBN Withdrawal, Court Told
A director in the Federal Ministry of Finance told an Abuja court on Tuesday that the ministry had no knowledge of the withdrawal of N124.86 billion from the Central Bank of Nigeria during Godwin Emefiele’s tenure as governor.
Ali Mohammed, who testified as the tenth prosecution witness in the ongoing trial of the former CBN governor, made the disclosure before Justice Maryanne Anineh at the Federal Capital Territory High Court in Maitama.
Led in evidence by EFCC counsel Abbas Mohammed, the witness explained that the Ministry of Finance received a letter from the Special Investigator probing the CBN under Emefiele. The letter concerned an alleged withdrawal of about N154 billion.
Mohammed said he supervises three divisions under the Department of Home Finance: State and Public Finance, Trade, and Banking and Other Financial Institutions.
After receiving the inquiry, he contacted the heads of the three divisions. None of them was aware of the transaction.
He then wrote, through the Permanent Secretary, to the Office of the Accountant-General of the Federation to seek clarification.
The OAGF replied in writing that it too had no knowledge of the movement of funds and concluded that the money represented a direct credit from the CBN.
The witness told the court that the documents, including letters from the Ministry of Finance and the Accountant-General’s office, were later forwarded to the Special Investigator.
Certified true copies of the documents were tendered and admitted as Exhibits AJ, AK and AL without objection from defence counsel Olalekan Ojo, SAN.
Explaining one of the exhibits, Mohammed said the figure had been classified in the ministry’s records as “a direct debit letter by the Central Bank of Nigeria.”
He defined direct debit as a withdrawal made from the CBN without recourse to any other office in Nigeria.
Ordinarily, he added, the Office of the Accountant-General would be directed before any such withdrawal from the Consolidated Revenue Fund.
Earlier on Tuesday, the ninth prosecution witness, Hamisu Abdullahi, Director of Banking Services at the CBN, continued his testimony.
An email conveying a directive from the then CBN governor regarding the recovery of N1.4 billion was admitted as an exhibit.
Justice Anineh adjourned the case to Wednesday, 7 October 2026, for cross-examination of the latest witness and continuation of trial.
Emefiele is facing a four-count charge brought by the Economic and Financial Crimes Commission.
The charges relate to alleged disobedience to lawful directives and acts said to have caused harm to the public in connection with the controversial naira redesign policy.
The latest testimony adds a significant layer to the prosecution’s case, highlighting that a major financial movement under Emefiele’s leadership occurred without the knowledge or approval of the Federal Ministry of Finance or the Accountant-General’s office.
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