Emefiele Trial: Finance Ministry Disowns N124.86bn CBN Withdrawal

The Federal Ministry of Finance had no record or prior knowledge of the N124.86 billion allegedly withdrawn from the Consolidated Revenue Account by the Central Bank of Nigeria (CBN) under former Governor Godwin Emefiele, an Economic and Financial Crimes Commission (EFCC) witness has told the High Court of the Federal Capital Territory.

The witness, Ali Mohammed, a director in the Federal Ministry of Finance, disclosed this while testifying before Justice Maryanne Anenih on Tuesday.

Mohammed, who oversees three divisions within the ministry’s Home Finance Unit, said the alleged withdrawal did not pass through the ministry’s official channels and only came to the attention of officials after he received an inquiry from the presidential special investigator appointed by President Bola Tinubu to investigate activities at the apex bank.

According to Bush Radio Academy, Mohammed told the court that after receiving the inquiry, he convened an emergency meeting with the heads of the three divisions under his supervision to determine whether they had any information or documentation relating to the transaction.

He said all three officials confirmed that they had no prior knowledge or records concerning the withdrawal of the funds from the Consolidated Revenue Account.

Seeking further clarification, Mohammed said he formally wrote to the Accountant General of the Federation through the Permanent Secretary of the Ministry of Finance to ascertain whether the transaction had been documented within the government’s financial records.

The Accountant General’s Office subsequently responded that it had no record of the transaction, according to the witness. Mohammed said this led officials to conclude that the funds may have been disbursed independently by the CBN without going through the ministry’s established procedures.

The correspondence between the ministry and the Accountant General’s Office was presented before the court and admitted as exhibits without objection from Emefiele’s defence counsel, Olalekan Ojo, SAN.

The testimony forms part of the ongoing trial involving the former CBN governor and allegations surrounding financial transactions carried out during his tenure.

The court has adjourned further proceedings until October 7, when the defence is expected to cross-examine the witness.