I Deposited Billions In Cash For Ex-CBN Emefiele At Zenith Bank– Witness Tells Court
A former staff member of Zenith Bank, Richard Agulu, has told the Federal Capital Territory High Court in Abuja that he handled billions of naira in cash allegedly deposited on behalf of former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, while acting on the defendant’s instructions.
Agulu, who appeared as the third prosecution witness (PW3) in Emefiele's ongoing trial before Justice Yusuf Halilu on Tuesday, testified that the cash was usually brought to him by Emefiele's personal assistant, Eric Ocheme.
Under cross-examination by Emefiele's counsel, Mathew Burkaa (SAN), the witness said he either lodged the money into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept the cash in Zenith Bank's vault based on instructions allegedly issued by Emefiele.
According to Agulu, Emefiele communicated the directives through Ocheme, who relayed the instructions via phone.
The witness told the court that during his time at Zenith Bank, he was specifically assigned to receive cash from Ocheme and disburse or deposit the funds in accordance with Emefiele's directives.
Agulu, who said he spent 17 years in the banking sector, further testified that withdrawals from the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services were authorised by the legitimate account holders and signatories.
He also maintained that although he did not receive written approval from the bank to handle the transactions, he acted under verbal waivers granted by his superiors.
“My lord, for every transaction, I followed normal banking transaction procedures. I followed the steps for cash deposition, but there are different scenarios for different transactions. There are waivers for some certain customers who can bring cash into the bank,” Agulu told the court.
“I was not given a written approval, but I was given a waiver to attend to the transaction of the defendant, which was verbal from my superiors. I cannot mention names. I don't want to put somebody in trouble.”
The witness further disclosed that he supervised the transfer of N1.6 billion to MG Properties Limited on Emefiele's instruction, which was also communicated through Ocheme.
Following the proceedings, Justice Halilu adjourned the matter until November 3, 4, and 5, 2026, for continuation of the trial.
Emefiele is facing an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC), bordering on alleged criminal breach of trust, conspiracy, forgery, and unlawful possession of properties suspected to be proceeds of crime amounting to N7,831,002,396.
The former CBN governor has pleaded not guilty to the charges, while the trial continues before the FCT High Court.