Economy
Former Zenith Bank Associate Testifies on Emefiele’s Alleged ₦1.6 Billion Disbursement
The trial of Godwin Emefiele, the ex-Governor of the Central Bank of Nigeria (CBN), resumed on January 21, 2026, at the Federal Capital Territory High Court in Maitama, Abuja. Testimonies from key prosecution witnesses provided insights into alleged intricate cash transfers and banking activities involving billions of naira.
Emefiele faces prosecution by the Economic and Financial Crimes Commission (EFCC) on multiple charges, including criminal breach of trust, conspiracy, forgery, and possession of properties suspected to be linked to crime, amounting to ₦7.83 billion.
During the proceedings, Richard Agulu, a former employee of the Nigerian Communications Commission (NCC) and prior staff member at Zenith Bank, recounted his experiences under the guidance of Rotimi Oyedepo, SAN. Agulu began his tenure at Zenith Bank in 2007, working until 2023, and noted that Jim Ovia was the managing director before Emefiele took over in 2014.
Agulu identified Eric Ocheme, Emefiele’s former personal assistant at the CBN, and explained that while at Zenith Bank, he managed salary and entitlement disbursements through bank accounts. He stated, “On Emefiele’s direction, I would receive cash from Eric and disburse it as needed.”
He clarified that although Emefiele had an account with Zenith Bank, the funds were not deposited into his personal account but were instead managed according to Eric’s instructions.
Agulu presented evidence, including bank statements, showing that he deposited funds into the Ifeabigo Integrated Services account, which belonged to a business associate, Mr. Peters Adebayo. He detailed various transactions between 2020 and 2022, including multiple cash deposits and transfers that amounted to ₦1.6 billion directed to MG Properties Limited.
He explained that the transfers were executed based on Emefiele’s instructions relayed through Eric. Agulu acknowledged that he had no knowledge of the purpose of the ₦1.6 billion transfer at the time of the transactions.
Under cross-examination, Agulu reaffirmed his 17 years of banking experience and acknowledged that only account holders or authorized signatories could approve withdrawals.
Earlier, the prosecution also heard from Olomotam Egoro, a compliance officer at Access Bank, who discussed a request from the EFCC regarding the account of Ace Frozen Foods Ventures. He confirmed that the bank had provided the requested information, but noted that Emefiele’s name was not mentioned in the documents.
Justice Halilu scheduled the next hearing for February 16, 2026, for further examination of witnesses.
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