The trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, continued on Wednesday, January 21, 2026, before Justice Yusuf Halilu of the Federal Capital Territory High Court, Maitama, Abuja, with prosecution witnesses giving detailed accounts of alleged cash movements and bank transactions amounting to billions of naira.
According to a statement by the Economic and Financial Crimes Commission shared on its Facebook page on Thursday, Emefiele is standing trial on an eight-count charge filed by the commission bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties allegedly linked to proceeds of crime valued at ₦7.83 billion.
Testifying as Prosecution Witness Three (PW3), Richard Agulu, a staff member of the Nigerian Communications Commission and former Zenith Bank employee, told the court that he worked with the bank from 2007 until 2023, serving in several branches, including the Maitama branch in Abuja.
Led in evidence by prosecution counsel, Rotimi Oyedepo, SAN, Agulu recalled that Godwin Emefiele was the Managing Director of Zenith Bank before he was appointed CBN Governor in 2014.
He said Emefiele frequently visited Abuja branches of the bank and was familiar with several staff members.
PW3 also 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. According to him, Ocheme regularly conveyed instructions from Emefiele concerning cash transactions.
“My Lord, on the defendant’s instruction through Eric, I used to receive cash and disburse it when required,” Agulu said, adding that the funds were sometimes kept in the bank’s vault or deposited into specific accounts.
He stated that although Emefiele had a personal account with Zenith Bank, the funds in question were not paid into that account but were instead disbursed based on instructions allegedly relayed through Ocheme.
Agulu identified Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to a friend, Peters Adebayo. He told the court that between 2020 and 2022, he lodged multiple cash deposits and transfers into the account using funds he allegedly received on Emefiele’s behalf.
He gave a detailed breakdown of transactions, including several cash deposits and transfers ranging from ₦9 million to ₦99 million on different dates in 2021. According to the witness, on August 25, 2021, alone, multiple deposits were made into the account, after which he transferred ₦600 million and ₦300 million to MG Properties Limited.
PW3 further identified Exhibit C as the account of Kelvito Integrated Services, from which an additional ₦700 million was transferred to MG Properties Limited on the same day.
“In total, I transferred ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr Eric,” he told the court, adding that he did not know the purpose of the transfers at the time.
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He also testified that on September 2, 2021, large transfers were received from Ace Frozen Foods Ventures, followed by structured cash withdrawals involving multiple tranches of ₦10 million, which he said were handed over to Ocheme.
Under cross-examination, Agulu acknowledged that withdrawals could only be authorised by account holders or signatories, noting that the relevant signatories approved the transactions.
Earlier, the prosecution called Prosecution Witness Two (PW2), Olomotam Egoro, a compliance officer with Access Bank. Egoro testified that the bank received a request from the EFCC in June 2025 seeking details of the Ace Frozen Foods Ventures account. He confirmed that the requested documents were supplied and tendered in evidence, adding that Emefiele’s name did not appear in the account records.
Justice Halilu adjourned the case to February 16, 2026, for continuation of the trial and further cross-examination.