The trial of a former Governor of the Central Bank of Nigeria, Godwin Emefiele, continued on Wednesday before the Federal Capital Territory High Court, Maitama, Abuja, as a prosecution witness narrated how alleged cash transactions and bank transfers amounting to over ₦1.6 billion were carried out on Emefiele’s instructions.
Emefiele is standing trial before Justice Yusuf Halilu on an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC), bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties allegedly linked to proceeds of crime totalling ₦7.83bn.
Testifying as Prosecution Witness Three, Richard Agulu, a staff member of the Nigerian Communications Commission, told the court that he worked with Zenith Bank between July 2007 and March 2023 and served at several branches, including the Maitama branch in Abuja.
Led in evidence by EFCC counsel, Rotimi Oyedepo, SAN, Agulu said Emefiele was formerly the Managing Director of Zenith Bank before his appointment as CBN governor in 2014.
He also told the court that he knew Eric Ocheme, a former Zenith Bank staff member who later became Emefiele’s personal assistant at the Central Bank.
Agulu testified that while working at Zenith Bank, he received and disbursed cash on behalf of Emefiele based on instructions conveyed through Ocheme.
According to him, the funds were either kept in the bank’s vault or deposited into specific accounts, but not into Emefiele’s personal account.
NAIJAONPOINT identified Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to his friend, Peters Adebayo.
He told the court that between 2020 and 2022, he lodged several cash sums and electronic transfers into the account using funds received on Emefiele’s behalf.
Agulu provided details of multiple transactions between February and August 2021 involving large cash deposits and transfers.
According to NAIJAONPOINT , on August 25, 2021, acting on instructions from Emefiele through Ocheme, he transferred ₦600m and ₦300m from the Ifeabigo Integrated Services account to MG Properties Limited.
He further told the court that an additional ₦700m was transferred the same day from the Kelvito Integrated Services account, bringing the total sum transferred to ₦1.6bn.
“In total, I transferred ₦1.6bn to MG Properties Limited on the defendant’s instruction through Mr Eric,” Agulu said.
Agulu added that similar transactions continued through late 2021 and into January 2022, including structured cash withdrawals which he said were handed over to Ocheme.
He told the court that he did not know the purpose of the ₦1.6bn transfer and later confirmed the transactions when questioned by EFCC investigators.
Earlier in the proceedings, Prosecution Witness Two, Olomotam Egoro, a compliance officer with Access Bank, told the court that the bank provided documents requested by the EFCC relating to the Ace Frozen Foods Ventures account.
Under cross-examination, Egoro stated that Emefiele’s name did not appear in the account records supplied to the commission.
Justice Halilu subsequently adjourned the case to February 16, 2026, for continuation of trial and further cross-examination.