Emefiele Trial: Ex-Colleague Explains ₦1.6bn Disbursement in Court
The ongoing trial of former Central Bank of Nigeria Governor, Godwin Ifeanyi Emefiele, took a dramatic turn as prosecution witnesses provided detailed testimonies on alleged large-scale cash transactions directed by the embattled ex-bank chief. The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on multiple counts including criminal breach of trust, conspiracy, forgery and unlawful possession of proceeds of crime amounting to billions of naira.
A prosecution witness, Richard Agulu, a former Zenith Bank employee, told the court that he acted on instructions allegedly linked to Emefiele while handling large cash transactions during his time at the bank.
Agulu explained that the instructions were not communicated directly by Emefiele but were relayed through Eric Ocheme, a former Zenith Bank staff member who later became the ex-CBN governor’s personal assistant. According to him, cash was regularly received from Ocheme and disbursed strictly based on directives passed on to him.
“On the defendant’s instruction, I used to receive cash from Eric and disburse same when needed,” Agulu told the court.
He added that the funds were not paid into Emefiele’s personal account. Instead, the money was either kept in the bank’s vault or moved through corporate accounts belonging to third-party companies.
Agulu further told the court that on August 25, 2021, he carried out a series of transfers following instructions relayed by Ocheme. According to him, ₦600 million and ₦300 million were transferred from Ifeabigo Integrated Services to MG Properties Limited, while an additional ₦700 million was moved from another account, Kelvito Integrated Services, to the same beneficiary.
“I transferred a total sum of ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric,” he said.
Beyond electronic transfers, the witness also described structured cash withdrawals, stating that funds were withdrawn in tranches of ₦10 million and ₦5 million and handed over to Ocheme for onward delivery, allegedly based on instructions linked to Emefiele.
The EFCC alleges that the transactions form part of a broader scheme in which the former apex bank governor used proxies and corporate entities to move and control large sums of money while in office.
Emefiele has pleaded not guilty to the charges, and the court has adjourned proceedings for continuation of trial.
The case is being closely watched by analysts and financial sector stakeholders, given its potential implications for corporate governance, banking controls and accountability within Nigeria’s financial system.
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