Matilda Omonaiye/
The trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, resumed yesterday, at the Federal Capital Territory (FCT) High Court, Maitama, Abuja, with a witness narrating how he disbursed over ₦1.6 billion based on instructions linked to the ex-apex bank chief.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) before Justice Yusuf Halilu on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime, valued at ₦7,831,002,396.
At the resumed hearing, the third prosecution witness, Richard Agulu, told the court that while he worked at Zenith Bank between 2007 and 2023, he handled transactions allegedly connected to Emefiele through Eric Ocheme, who he said later moved from Zenith Bank to the CBN where he worked as Emefiele’s personal assistant.
Led in evidence by Rotimi Oyedepo, SAN, Agulu said he received cash through Ocheme and disbursed it when required.
“My Lord, Mr. Eric, as the personal assistant to the defendant, used to run errands for him. On the defendant’s instruction, I used to receive cash from Eric and disburse same when needed,” the witness testified.
Agulu explained that the funds were either kept in the bank’s vault or deposited into certain accounts, stressing that he received the cash on behalf of Emefiele but that the monies were not paid into Emefiele’s personal Zenith account.
He identified Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to his friend, Peters Adebayo, an Abuja-based businessman involved in construction and merchandising.
According to the witness, between 2020 and 2022, he lodged several sums into the Ifeabigo account using funds allegedly received from Ocheme on behalf of Emefiele, listing multiple cash deposits and transfers running into hundreds of millions of naira across different dates.
Agulu told the court that on August 25, 2021, he transferred ₦600 million and ₦300 million from the Ifeabigo account to MG Properties Limited, also on instructions allegedly relayed through Ocheme.
He further identified Exhibit C as the account of Kelvito Integrated Services, from which he said ₦700 million was also transferred to MG Properties Limited on the same date.
“I transferred a total sum of ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric,” the witness said.
He added that he did not know the purpose of the transfers at the time, and later confirmed that he was questioned by the EFCC over the transactions.
“I was confronted with these transfers by the EFCC, and I confirmed that I was instructed to make the transfers to MG Properties by Eric on behalf of the defendant. I do not know the purpose of the transfers,” he told the court.
Under cross-examination, Agulu confirmed that he spent 17 years in the banking sector and agreed that only account holders or authorised signatories could approve withdrawals, adding that the account owners and signatories authenticated the withdrawals carried out.
Earlier in the proceedings, the prosecution also called Olomotam Egoro, a compliance officer with Access Bank, as the second prosecution witness.
Egoro told the court that in June 2025, Access Bank received a request from the EFCC concerning the account of Ace Frozen Foods Ventures, requesting the customer’s account details, mandate, statement of account and certificate of identification.
He identified the bank’s response dated May 29, 2025, which was tendered and admitted as Exhibit E.
However, under cross-examination, Egoro confirmed that Emefiele’s name did not appear in the documents. He also disclosed that the mandate holders of the Ace Frozen Foods Ventures account were Kamaru Lasisi and Raphael Ibhafidon Uguomore, noting that the documents did not reveal the individual owners of the company.
Justice Halilu adjourned the matter to February 16, 2026, for continuation of trial and further cross-examination.
0Related posts:
Cashless Nigeria: Why Emefiele May Lose the War – Femi Kusa …Musings on Buhari, Tinubu, Peter Obi, CBN
Zenith Bank Unveils ‘Style by Zenith 2.0’
How Emefiele Bought $2.5m House in Texas as CBN Governor under Buhari’s Watch
₦7.8bn Fraud: Ex-CBN Governor Emefiele Arraigned Over Unlawful Possession of 753 Housing Units
Staff, Customer Swindle Globus Bank of N900M after N1.7B Theft
Wild Goose Chase in Lightening, Thunder, and Rain