The ongoing trial of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, took a significant turn at the Federal Capital Territory (FCT) High Court in Abuja.
The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele took a fresh turn on Tuesday. A prosecution witness testified before the FCT High Court in Abuja that he handled billions of naira in cash deposits allegedly belonging to the former apex bank chief during his tenure at Zenith Bank.
The Third Prosecution Witness (PW3), former Zenith Bank employee Richard Agulu, made the disclosure before Justice Yusuf Halilu during cross-examination by Emefiele’s counsel Matthew Burkaa (SAN).
Agulu testified that the cash was regularly delivered to him by Emefiele’s personal assistant and was either deposited into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept in Zenith Bank’s vault based on instructions allegedly given by the defendant.
According to the witness, he acted solely on Emefiele’s directives which were communicated through the personal assistant.
“I was under the instruction of the defendant to receive cash from his personal assistant and disburse it as directed. The instructions usually came through the PA’s phone” he told the court.
Agulu, who noted that he spent 17 years in the banking sector maintained that all withdrawals from the accounts were authorized by the account owners and signatories.
He also insisted that the transactions complied with standard banking procedures, adding that he received verbal approval from his superiors to handle Emefiele’s transactions.
“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 had verbal waivers from my superiors to attend to the defendant’s transactions. I cannot mention their names because I do not want to put anyone in trouble” he said.
The witness further testified that he supervised the transfer of N1.6 billion to MG Properties Limited on Emefiele’s instruction, which was conveyed through the personal assistant.
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Following the proceedings, Justice Halilu adjourned the case until November 3, 4, and 5, 2026, for the continuation of the trial.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an eight-count charge bordering on alleged criminal breach of trust, conspiracy, forgery, and unlawful possession of properties suspected to be proceeds of crime involving N7.83 billion. He has pleaded not guilty to the charges.
