Ministry of Finance Unaware of CBN Withdrawal

A witness from the Federal Ministry of Finance, Ali Mohammed, testified before the Federal Capital Territory High Court in Maitama, Abuja, on October 6, 2026, regarding the withdrawal of N124.86 billion from the Central Bank of Nigeria. The witness stated that the Ministry was unaware of this significant financial withdrawal under the Emefiele administration. This testimony highlights a critical oversight by the Department of Home Finance, which oversees the CBN's operations. The witness explained that the Department is composed of three main divisions, including State and Public Finance, Trade Division, and Banking and Other Financial Institutions. He clarified that the State and Public Finance Investment Division is the specific division responsible for overseeing the CBN's financial activities. The witness further noted that the Department does not pay money directly to individuals or organizations, emphasizing the need for proper oversight. He was required to write a formal letter through the Permanent Secretary to the Office of the Accountant-General of the Federation to ascertain whether the office was aware of the transaction. This letter serves as the primary evidence that,