“Emefiele Alleged Used Zenith Bank Accounts To Orchestrate Fraud Without Checks By Lender”- EFCC

Details of how Godwin Emefiele allegedly used Zenith Bank accounts to orchestrate fraud without checks by the lender has emerged.

Fresh revelations have emerged linking Zenith Bank to the alleged multi-billion-naira fraud orchestrated by former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

According to court filings and investigations by the Economic and Financial Crimes Commission (EFCC), Emefiele utilized multiple Zenith Bank accounts to launder illicit funds and acquire a sprawling 753-unit housing estate in Abuja, all without apparent scrutiny from the bank.

The EFCC’s eight-count charge, filed at the High Court of the Federal Capital Territory, Abuja, alleges that Emefiele, in collaboration with an associate, Eric Ocheme (currently at large), funneled over ₦7.8 billion through proxy accounts held at Zenith Bank. These accounts, registered under companies such as Kelvito Integrated Services and Ifedigo Integrated Services, reportedly received substantial sums between 2019 and 2022:

• ₦167 million in 2019

• ₦1.23 billion in 2020

• ₦2.94 billion in 2021

• ₦1.98 billion in 2022

These funds were allegedly used to acquire a prime estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, spanning 150,462.86 square meters and comprising 753 housing units.

The EFCC contends that Zenith Bank failed in its due diligence obligations by allowing these transactions to proceed without raising red flags or reporting suspicious activities, as mandated by anti-money laundering regulations. The bank’s oversight, or lack thereof, is now under scrutiny, with calls for a thorough investigation into its compliance practices.

Further compounding the issue, a prosecution witness, Mrs. Ifeoma Ogbonnaya, a business relationship manager with Zenith Bank, testified that Emefiele used proxies to obtain contracts from the CBN, channeling funds through various companies linked to him.

In addition to the Abuja property case, Emefiele faces separate charges in Lagos over the alleged fraudulent allocation of $2 billion in foreign exchange, among other financial misdeeds during his tenure as CBN governor.

The unfolding scandal not only implicates Emefiele but also raises serious questions about Zenith Bank’s role and responsibilities in monitoring and reporting financial transactions. As the investigation continues, stakeholders and the public await further disclosures on the extent of the bank’s involvement and the measures it will take to address these grave allegations.

Meanwhile, NaijaOnPoint Nigeria reports that Zenith Bank has not publicly responded to these allegations at the time of this report.

Zenith Bank Plc, founded by Jim Ovia CFR, in 1990, has since grown astronomically to become one of the leading financial institutions in Africa.