The third prosecution witness in the alleged ₦7.8 billion fraud trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said that he deposited billions of naira in cash on Emefiele’s behalf while working at Zenith Bank.
The witness, Richard Agulu, a former Zenith Bank employee, on Tuesday, testified before Justice Yusuf Halilu of the Federal Capital Territory High Court in Maitama, Abuja, that the cash was usually delivered by Emefiele’s personal assistant, Eric Ocheme, and deposited either into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept in the bank’s vault, based on the defendant’s instructions.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an eight-count charge bordering on conspiracy, criminal breach of trust, forgery and unlawful possession of properties allegedly linked to proceeds of crime valued at about ₦7.83 billion.
Under cross-examination by defence counsel, Mathew Burkaa (SAN), Agulu said he acted on Emefiele’s directives, which were often relayed through Ocheme’s phone. He added that he received the cash, processed the deposits and disbursed funds as instructed.
Agulu, who said he spent 17 years in the banking sector, maintained that all withdrawals from the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services were duly authorised by the account owners and signatories. He also told the court that he had verbal approval from his superiors to handle Emefiele’s transactions.
“My Lord, for every transaction, I followed normal banking procedures. There are waivers for certain customers who bring cash into the bank. I was not given written approval, but I received verbal approval from my superiors to attend to the defendant’s transactions. I cannot mention names because I do not want to put anyone in trouble,” he said.
The witness further testified that he supervised the transfer of ₦1.6 billion to MG Properties Limited on Emefiele’s instruction, conveyed through Ocheme.
Justice Yusuf Halilu adjourned the case until November 3, 4 and 5, 2026, for continuation of trial.
