The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele continued on Tuesday after 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 working at Zenith Bank.
The witness, Richard Agulu, a former Zenith Bank employee and the third prosecution witness (PW3), made the disclosure during cross-examination by Emefiele’s counsel, Matthew Burkaa (SAN) before Justice Yusuf Halilu.
Witness Explains How Cash Was Deposited
Agulu told the court that Emefiele’s personal assistant regularly delivered large sums of cash to him for processing.
According to the witness, he either paid the money into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept the cash in Zenith Bank’s vault, depending on the instructions he allegedly received from the former CBN governor.
“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.”
Transactions Followed Banking Procedures, Witness Says
Agulu, who said he spent 17 years in the banking sector, insisted that he followed standard banking procedures while handling the transactions.
He explained that withdrawals from the two company accounts received approval from the authorised account holders and signatories. In addition, he told the court that his superiors gave him verbal approval to process the transactions.
“For every transaction, I followed normal banking procedures. I was not given written approval, but I had verbal waivers from my superiors to attend to the defendant’s transactions.”
The witness, however, declined to identify those superiors, saying he did not want to implicate anyone.
Witness Mentions ₦1.6bn Transfer
Agulu also testified that he supervised the transfer of ₦1.6 billion to MG Properties Limited.
He said he carried out the transaction after receiving instructions allegedly conveyed by Emefiele through his personal assistant.
Court Adjourns Trial
Following the witness’s testimony, 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 said to be proceeds of crime involving ₦7.83 billion. The former CBN governor has pleaded not guilty to all the charges.
