Finance Ministry Denies Knowledge of N124.86bn CBN Withdrawal in Emefiele Trial

​The Federal Ministry of Finance has disowned a controversial withdrawal of N124.86 billion executed under the watch of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

​Testifying before the Federal Capital Territory (FCT) High Court in Maitama, Abuja, on Tuesday, Ali Mohammed, a Director in the Ministry, revealed that neither his department nor the Office of the Accountant-General of the Federation (OAGF) was notified or privy to the multi-billion-naira transaction.

​Key Highlights of the Court Proceedings

• ​Direct Debit Without Recourse: Testifying as the tenth prosecution witness (PW10), Mohammed explained that the transaction was classified in ministry records as a “direct debit”, meaning funds were pulled directly from the CBN without the authorization or knowledge of overseeing government bodies.

• ​Exhaustive Inquiries: Prompted by an inquiry from a special investigation team, Mohammed convened his three division heads—covering State and Public Finance, Trade, and Banking and Financial Institutions—only to find that none had records of the transaction.

• ​OAGF Confirmation: Formal correspondence with the OAGF—the custodian of federal payments—confirmed that the office was equally kept in the dark, verifying that the funds did not pass through standard budgetary channels or proper approvals.
• ​Admitted Exhibits: Certified true copies of the investigative communications and official denials were tendered by the prosecution and admitted by Justice Maryanne Anineh as Exhibits AJ, AK, and AL with no objections raised by the defence counsel, Olalekan Ojo, SAN.

• ​Additional Evidence: Earlier in the session, the court heard testimony from PW9, Hamisu Abdullahi, CBN’s Director of Banking Services, who authenticated an email trail (Admitted as Exhibits AH1 and AH2) detailing directives from the former governor regarding the recovery of a separate N1.4 billion debit.

​Background Context

​Emefiele is currently facing trial brought forward by the Economic and Financial Crimes Commission (EFCC). The charges center on alleged disobedience of lawful directives, abuse of office, and actions causing public harm, notably linked to the controversial naira redesign policy and unauthorized financial extractions from the Consolidated Revenue Fund.

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​The trial has been adjourned to October 7, 2026, for the cross-examination of the witness and the continuation of proceedings.