The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele continued on Wednesday at the Federal Capital Territory High Court, Maitama, Abuja, as a prosecution witness detailed alleged cash transactions and bank transfers totaling over ₦1.6 billion, carried out on Emefiele’s instructions.
Emefiele is facing an eight-count charge brought by the Economic and Financial Crimes Commission (EFCC), including criminal breach of trust, conspiracy, forgery, and unlawful possession of properties allegedly linked to proceeds of crime amounting to ₦7.83 billion. He is being tried before Justice Yusuf Halilu.
Testifying as Prosecution Witness Three, Richard Agulu, a former staff member of Zenith Bank, said he worked at several branches, including the Maitama branch in Abuja, between July 2007 and March 2023. Agulu told the court he knew Emefiele from his time as Managing Director of Zenith Bank before Emefiele became CBN governor in 2014. He also knew Eric Ocheme, a former Zenith Bank staff who later became Emefiele’s personal assistant at the Central Bank.
Agulu explained that, while at Zenith Bank, he received and disbursed cash on Emefiele’s instructions via Ocheme. He said the funds were either kept in the bank’s vault or deposited into specific accounts, but not into Emefiele’s personal account.
The witness identified Exhibit B as the account of Ifeabigo Integrated Services, belonging to his friend Peters Adebayo. He testified 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, including large cash deposits and transfers. He stated that on August 25, 2021, acting on instructions from Emefiele via Ocheme, he transferred ₦600 million and ₦300 million from the Ifeabigo account to MG Properties Limited, and an additional ₦700 million from the Kelvito Integrated Services account, bringing the total transferred to ₦1.6 billion.
“In total, I transferred ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr Eric,” Agulu said.
He added that similar transactions continued through late 2021 and into January 2022, including structured cash withdrawals handed over to Ocheme. Agulu stated he did not know the purpose of the ₦1.6 billion transfers and later confirmed the transactions to EFCC investigators.
Earlier, Prosecution Witness Two, Olomotam Egoro, a compliance officer with Access Bank, testified that the bank provided documents requested by the EFCC relating to the Ace Frozen Foods Ventures account. Under cross-examination, Egoro said Emefiele’s name did not appear in the account records supplied.
The case was adjourned to February 16, 2026, for continuation of the trial and further cross-examination.