‘I Transferred ₦1.6bn On Emefiele’s Instructions’ — Witness Tells Court

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The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, resumed on Wednesday at the Federal Capital Territory High Court, Maitama, Abuja, as a prosecution witness detailed how cash transactions and bank transfers totalling over ₦1.6 billion were executed on Emefiele’s orders.

Emefiele is facing trial before Justice Yusuf Halilu on an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC), including allegations of criminal breach of trust, conspiracy, forgery, and unlawful possession of properties linked to proceeds of crime amounting to ₦7.83 billion.

Testifying as Prosecution Witness Three, Richard Agulu, a staff member of the Nigerian Communications Commission, told the court that he previously worked with Zenith Bank between July 2007 and March 2023, including at its Maitama branch, Abuja.

Led by EFCC counsel, Rotimi Oyedepo, SAN, Agulu stated that Emefiele was formerly Managing Director of Zenith Bank before becoming CBN governor in 2014. He also confirmed knowing Eric Ocheme, a former Zenith Bank staffer who later became Emefiele’s personal assistant at the Central Bank.

Agulu testified that while at Zenith Bank, he received and disbursed cash on Emefiele’s instructions conveyed through Ocheme. He said the funds were either held in the bank’s vault or deposited into designated accounts, not into Emefiele’s personal account.

The witness identified Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to his friend Peters Adebayo. Between 2020 and 2022, he reportedly lodged multiple cash deposits and electronic transfers into the account on Emefiele’s behalf.

Agulu provided details of numerous transactions between February and August 2021, highlighting large cash deposits and transfers.

He stated that on August 25, 2021, acting on Emefiele’s instructions through Ocheme, he transferred ₦600 million and ₦300 million from the Ifeabigo Integrated Services account to MG Properties Limited. An additional ₦700 million was transferred the same day from the Kelvito Integrated Services account, bringing the total to ₦1.6 billion.

“In total, I transferred ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr Eric,” Agulu told the court.

He added that similar transactions continued through late 2021 and into January 2022, including structured cash withdrawals handed over to Ocheme. Agulu admitted he did not know the purpose of the ₦1.6 billion transfer but confirmed the transactions during EFCC questioning.

Earlier, Prosecution Witness Two, Olomotam Egoro, a compliance officer with Access Bank, said the bank provided documents requested by the EFCC relating to the Ace Frozen Foods Ventures account. Under cross-examination, Egoro noted that Emefiele’s name did not appear in the supplied account records.

Justice Halilu subsequently adjourned the trial to February 16, 2026, for continuation and further cross-examination.