Former CBN Governor Godwin Emefiele’s trial continues as witnesses detail alleged ₦1.6bn cash transfers, proxy accounts, and structured withdrawals
₦1.6bn Transfers, Cash Pickups Revealed as ex-CBN Governor Emefiele Trial Continues
The ongoing trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, took a dramatic turn on Wednesday, January 21, 2026, as detailed testimonies before the Federal Capital Territory High Court, Maitama, laid bare an intricate web of cash movements, proxy accounts, and transfers allegedly running into billions of naira.
Emefiele is standing trial before Justice Yusuf Halilu, prosecuted by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of properties suspected to be proceeds of crime valued at ₦7.83 billion.
Ex-Zenith Bank Staff Links Cash Transactions to Emefiele
Testifying as Prosecution Witness 3 (PW3), Richard Agulu, a staff member of the Nigerian Communications Commission (NCC) and former Zenith Bank employee, gave a blow-by-blow account of how large volumes of cash were allegedly received, warehoused, deposited, and transferred on the instructions of the former apex bank chief.
Led in evidence by Rotimi Oyedepo, SAN, Agulu told the court that he worked with Zenith Bank from July 2007 to March 2023, serving at the Maitama branch and other locations in Abuja.
He recalled that Jim Ovia was Zenith Bank’s Managing Director before Godwin Emefiele took over, adding that Emefiele frequently visited Abuja branches before leaving the bank in 2014 to assume office as CBN Governor.
Agulu further told the court that he knew Eric Ocheme, a former Zenith Bank staff member who later moved to the CBN to serve as Emefiele’s personal assistant.
“My Lord, Mr. Eric, as the personal assistant to the defendant, used to run errands for him. On the defendant’s instruction, I used to receive cash from Eric and disburse same when needed,” PW3 testified.
According to the witness, the cash was either kept in the bank’s vault or deposited into selected accounts, stressing that the funds were received on behalf of Godwin Emefiele, though not paid into his personal Zenith Bank account.
₦1.6bn Transfers to Property Firm
PW3 identified Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to his friend, Peters Adebayo, a businessman based in Abuja.
He told the court that between 2020 and 2022, he lodged multiple cash deposits and transfers into the account using funds supplied by Eric Ocheme on Emefiele’s behalf.
The witness painstakingly detailed transactions, including deposits of ₦50 million, ₦25 million, ₦99 million, and several structured cash lodgments across February to August 2021, some involving as many as eight separate deposits in one day.
According to PW3, on August 25, 2021, he transferred ₦600 million and ₦300 million from Ifeabigo Integrated Services to MG Properties Limited, also identifying Exhibit C, the account of Kelvito Integrated Services, from which an additional ₦700 million was transferred to the same company.
“I transferred a total sum of ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric,” he told the court.
PW3 said he did not know the purpose of the transfers at the time they were made.
Structured Withdrawals, Cash Pickups
The witness further testified that on September 2, 2021, four transfers totaling over ₦300 million were received from Ace Frozen Foods Ventures, followed by 22 withdrawals of ₦10 million each and one withdrawal of ₦5 million.
“Mr. Eric came to pick the cash, and I made the withdrawals for him,” PW3 said.
He explained that deposits and withdrawals continued through late 2021 and into early 2022, adding that during some lodgments, he instructed bank staff to use the narration “CD/Peter Adebayo” to reflect the account signatory.
PW3 disclosed that he later made a statement to the EFCC confirming that the transactions were carried out on Eric’s instruction on behalf of the defendant.
“I was confronted with these transfers by the EFCC, and I confirmed that I was instructed to make the transfers to MG Properties by Eric on behalf of the defendant. I do not know the purpose of the transfers,” he said.
Access Bank Compliance Officer Testifies
Earlier, the prosecution called Olomotam Egoro, a compliance officer with Access Bank, as Prosecution Witness 2 (PW2).
Egoro told the court that in June 2025, Access Bank received an EFCC request seeking details of the Ace Frozen Foods Ventures account, including statements from inception.
He identified the bank’s response dated May 29, 2025, which was admitted as Exhibit E, confirming under cross-examination that Emefiele’s name did not appear anywhere in the documents.
He added that the account mandate holders were Kamaru Lasisi and Raphael Ibhafidon Uguomore.
Trial Adjourned
Justice Yusuf Halilu subsequently adjourned the matter to February 16, 2026, for continuation of trial and further cross-examination. Read More
