Jim Obaze, the Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN) under former Governor Godwin Emefiele, has told a Federal High Court that the late former President Muhammadu Buhari and former Secretary to the Government of the Federation (Boss Mustapha) should also face prosecution over the alleged unlawful withdrawal of $6.2 million from the Federal Government’s foreign exchange account.
A fresh twist has emerged in the ongoing trial of former CBN Governor Godwin Emefiele, as Special Investigator Jim Obaze told the Federal Capital Territory High Court that the late former President Muhammadu Buhari and former SGF Boss Mustapha should also have been prosecuted over their alleged roles in the controversial $6.2 million withdrawal from the Federal Government’s foreign exchange account domiciled at the Central Bank of Nigeria.
Obaze made the remarks while testifying as a prosecution witness for the Economic and Financial Crimes Commission (EFCC) in the ongoing 20-count trial against Emefiele, who is facing charges bordering on conspiracy, abuse of office and fraud.
During his testimony, Obaze argued that accountability over the disputed transaction should not be limited to Emefiele alone.
He stated that, in his view, Buhari “ought to be charged,” even posthumously, while Boss Mustapha should also stand trial alongside the former CBN governor and other officials allegedly connected to the transaction.
The alleged $6.2 million withdrawal became public in 2023 after questions were raised over documents authorising the release of funds purportedly meant for logistics related to foreign election observers.
During earlier proceedings, former SGF Boss Mustapha denied authorising the transaction and maintained that documents allegedly originating from his office—including one bearing the late President Buhari’s signature—were forged.
While testifying, Obaze expressed disagreement with those denials and insisted that several individuals connected with the transaction should equally face prosecution if investigators believe sufficient evidence exists.
Obaze further told the court that a CBN official allegedly admitted involvement in the transaction and returned $856,500 to the investigative panel.
However, during cross-examination, he also acknowledged that investigators did not recover any money from Godwin Emefiele personally and found no evidence that the disputed funds were transferred into Emefiele’s personal bank account. He nevertheless maintained that, as CBN Governor, Emefiele should have been aware of the transaction because of the bank’s internal control systems.
Justice Hamza Muazu subsequently adjourned the matter until October 20, 2026, for continuation of trial.
The testimony marks another significant development in one of Nigeria’s most closely watched financial crime cases. The court has not made any findings on Obaze’s assertions, and the allegations remain subject to judicial determination as the trial of former CBN Governor Godwin Emefiele continues.