Emefiele trial: Witness testifies on alleged N1.6bn transfer, billions in cash deposits By Ladidi Al-Hassan 

Emefiele trial: Witness testifies on alleged N1.6bn transfer, billions in cash deposits

By Ladidi Al-Hassan

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took a dramatic turn on Tuesday as a prosecution witness told the Federal Capital Territory (FCT) High Court in Abuja that he handled billions of naira in cash deposits allegedly linked to the former apex bank chief while serving as a staff member of Zenith Bank.

The third prosecution witness (PW3), Richard Agulu, a former Zenith Bank employee, made the revelation before Justice Yusuf Halilu during cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN).

Agulu told the court that the cash was routinely delivered to him by Emefiele’s personal assistant (PA) and was either paid into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept in Zenith Bank’s vault, depending on instructions allegedly issued by the defendant.

He said he acted strictly on Emefiele’s directives, which were communicated through the defendant’s 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,” the witness said.

Agulu, who testified that he spent 17 years in the banking industry, maintained that all withdrawals from the accounts were duly authorised by the account holders and signatories.

He further told the court that every transaction 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 also testified that, acting on Emefiele’s instruction conveyed through his personal assistant, he supervised the transfer of N1.6 billion to MG Properties Limited.

After the day’s 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.

Emefiele has pleaded not guilty to all the charges.