Alleged ₦7.8bn Fraud: Witness Says He Deposited Billions In Cash

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took another turn on Tuesday as a prosecution witness told the court that he handled billions of naira in cash allegedly linked to the former apex bank chief while working at Zenith Bank.

Key Highlights:

• Witness says he handled cash deposits allegedly linked to Emefiele.
• Funds were allegedly paid in through Emefiele’s aide.
• Cash was deposited into company accounts or kept in a bank vault.
• Witness said he followed banking procedures.
• He also mentioned a ₦1.6bn transfer.
• Trial resumes November 3–5, 2026.

The witness, Richard Agulu, who testified as the third prosecution witness before the Federal Capital Territory High Court in Maitama, Abuja, said he received large cash deposits from Emefiele’s personal assistant, Eric Ocheme, and lodged the funds into accounts belonging to Ifeabigo Integrated Services and Kelvito Integrated Services or kept them in Zenith Bank’s vault, allegedly on Emefiele’s instructions.

According to Agulu, the instructions were usually communicated through Ocheme’s phone, while he was responsible for processing the transactions during his time as a Zenith Bank employee.

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Under cross-examination by defence counsel, Matthew Burkaa (SAN), the witness maintained that he followed standard banking procedures for every transaction and disclosed that he had verbal approval from his superiors to handle the defendant’s banking activities, although no written authorization was issued.

He also testified that withdrawals from the accounts were approved by the legitimate account signatories and stated that he supervised the transfer of ₦1.6 billion to MG Properties Limited based on instructions allegedly conveyed by Emefiele through his aide.

The matter was subsequently adjourned by Justice Yusuf Halilu until November 3, 4 and 5, 2026, for continuation of trial.

Emefiele is facing an eight-count charge filed by the Economic and Financial Crimes Commission over allegations of conspiracy, criminal breach of trust, forgery and unlawful possession of properties said to be proceeds of crime amounting to about ₦7.83 billion. He has denied the allegations, and the charges remain before the court.