Emefiele’s Former Colleague In Zenith Bank Narrates How He Allegedly Disbursed Over ₦1.6bn On His Instruction.

Emefiele.

The trial of the former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, continued on Wednesday, January 21, 2026, before Justice Yusuf Halilu of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, with detailed testimonies from the third and second prosecution witnesses, shedding light on alleged complex cash movements and bank transactions running into billions of naira.

 

Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime to the tune of ₦7,831,002,396. 

Led in evidence by Rotimi Oyedepo, SAN, the witness, Prosecution Witness 3, PW3, Richard Agulu, a staff of the Nigerian Communications Commission, NCC, told the court that he joined the Commission in 2023 after working with Zenith Bank from July 2007 to March 2023.  He said he served in the Maitama branch of the bank and some others. 

Agulu recalled that while he was at Zenith Bank, Jim Ovia was the Managing Director before Godwin Emefiele took over the position. According to him, Emefiele regularly visited the Abuja branches and left Zenith Bank in 2014 when he was appointed Governor of the CBN.

The witness also told the court that he knew one Eric Ocheme, who was a staff of Zenith Bank before moving to the Central Bank of Nigeria to work as Emefiele’s personal assistant.

Explaining the nature of his dealings with the defendant, PW3 said that while at Zenith Bank, staff salaries and entitlements were paid through accounts domiciled with the bank.  He added that, in the course of his duties, transactions occurred involving Emefiele and Eric. 

“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,” he testified. 

According to PW3, the cash he received was either warehoused in the bank’s vault or deposited into certain accounts. When asked on whose behalf he received the funds, he stated clearly that he received the cash on behalf of the defendant, Godwin Emefiele.

Although he acknowledged that Emefiele had an account with Zenith Bank, PW3 said the funds were not paid into the defendant’s personal account but were kept and disbursed strictly based on instructions conveyed through Eric.

PW3 was shown Exhibits B, C and D and identified Exhibit B as the account of Ifeabigo Integrated Services. He told the court that the account belonged to a friend of his, Mr. Peters Adebayo, a businessman involved in construction, agency and merchandising, who resides in Abuja. 

The witness said that between 2020 and 2022, he lodged several sums into the Ifeabigo Integrated Services account using funds he received from Eric on behalf of the defendant. He then proceeded to analyse the transactions in chronological order. 

According to him, on February 3, 2021, two transfers of ₦20 million and ₦30 million, totaling ₦50 million, were paid into the account. This was followed by a ₦25 million transfer on February 24, 2021.

On March 4, 2021, PW3 said he personally deposited ₦19 million and ₦12.5 million in cash. On March 9, 2021, further deposits of ₦14 million and ₦9 million were made. On March 31, 2021, ₦50 million was received by transfer, while an additional ₦30 million was deposited in cash on the same day.

He told the court that on April 15, 2021, ₦24 million was deposited in cash, while on April 21, 2021, two transfers of ₦99 million each were credited into the account. On May 10, 2021, ₦19 million and ₦13 million were deposited, and on June 17, 2021, a transfer of ₦72 million was received. 

The witness testified that on June 28, 2021, multiple deposits totaling ₦60 million were made, followed by a cash deposit of ₦50 million on July 1, 2021.  On July 12, 2021, two cash deposits of ₦100 million and ₦70 million were lodged, while a transfer of ₦99 million followed on July 14, 2021.

According to the witness, on August 18, 2021, he deposited ₦40 million and ₦45 million in cash. On August 25, 2021, eight deposits were made into the account, comprising six deposits of ₦50 million each, as well as ₦25 million and ₦5 million. 

PW3 told the court that on the same August 25, 2021, acting on instructions from the defendant through Eric, he transferred ₦600 million and ₦300 million from the Ifeabigo Integrated Services account to MG Properties Limited.

He further identified Exhibit C as the account of Kelvito Integrated Services and said that ₦700 million was transferred from that account to MG Properties Limited on the same day. 

In his words, “I transferred a total sum of ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric.”

He added that additional transfers of ₦90 million, ₦85 million and ₦50 million were received into the account on August 25, 2021, while on August 30, 2021, three deposits of ₦50 million, ₦60 million and ₦50 million were made.

PW3 further testified that on September 2, 2021, four transfers of ₦92 million, ₦91 million, ₦93 million and ₦24 million were received into the account from Ace Frozen Foods Ventures.  On the same day, he said there were structured cash withdrawals involving 22 withdrawals of ₦10 million each and one withdrawal of ₦5 million.

“Mr. Eric came to pick the cash, and I made the withdrawals for him,” he said. 

According to PW3, deposits and transfers continued through October, November and December 2021 and into January 2022, involving repeated cash lodgments and account-to-account transfers, all of which he said he carried out on behalf of the defendant through Eric. 

He explained that during some of the deposits, he instructed bank staff to use the narration “CD/Peter Adebayo,” being the name of the account signatory, to reflect the lodgments. 

PW3 also told the court that similar cash transactions occurred in Exhibit C, the Kelvito Integrated Services account, including multiple cash deposits on August 25, 2021, and the ₦700 million transfer to MG Properties Limited. 

Asked what the ₦1.6 billion transferred to MG Properties was meant for, the witness said he did not know the purpose of the payment at the time. 

He further disclosed that he was invited and 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 said. 

Under cross-examination, PW3 confirmed that he worked in the banking sector for 17 years and agreed that only account holders or authorised signatories could lawfully approve withdrawals. He added that, in the transactions he described, the owners and signatories to the accounts authenticated the withdrawals.

Earlier in the proceedings, the prosecution also called Olomotam Egoro, a compliance officer with Access Bank, as Prosecution Witness 2 (PW2).

Egoro told the court that he joined Access Bank in May 2020 and that his duties include handling regulatory enquiries and liaising with law enforcement agencies. He testified that sometime in June 2025, Access Bank received a request letter from the EFCC concerning the account of Ace Frozen Foods Ventures.

According to him, the EFCC requested the customer’s account details, mandate, statement of account from inception to May 2025 and a certificate of identification. He said his team processed the request by retrieving the account information from the bank’s system and responded formally to the EFCC.

PW2 identified the bank’s response dated May 29, 2025, which was tendered and admitted in evidence as Exhibit E.  Under cross-examination, he confirmed that the name of the defendant did not appear anywhere in the documents.

He further told the court that the mandate holders of the Ace Frozen Foods Ventures account were Kamaru Lasisi and Raphael Ibhafidon Uguomore, adding that the documents did not disclose the individual owners of the company.

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