Alleged ₦7.8bn Fraud: Witness Tells Court He Deposited Billions for Emefiele in Zenith Bank

The Third Prosecution Witness, PW3, Richard Agulu, on Tuesday, July 7 told Justice Yusuf Halilu of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, that while he worked at Zenith Bank, he handled cash deposits for former Central Bank of Nigeria, CBN, Governor, Godwin Emefiele.

The witness, a former staffer of Zenith Bank, testified during cross-examination by defence counsel, Mathew Burkaa, SAN.

According to Agulu, the cash was brought by Emefiele’s personal assistant, Eric Ocheme.

He said he would usually lodge the sums in the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services, or deposit them in Zenith Bank’s vault, all on Emefiele’s instruction.

He further told the court that while he was with Zenith Bank, he received instructions from Emefiele to receive cash from Ocheme and disburse them as directed. Emefiele, he said, would usually convey the instructions to him through Ocheme’s phone.

The witness, who stated that he worked in the banking sector for 17 years, said withdrawals made from the deposits into Ifeabigo Integrated Services and Kelvito Integrated Services accounts were authenticated by the real account owners and signatories.

He added that he had verbal waivers from his superiors to attend to the transactions of the defendant.

“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. 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,” he said.

The witness also told the court that he supervised the transfer of N1.6 billion to MG Properties Limited on Emefiele’s instruction through his personal assistant, Ocheme.

Justice Halilu adjourned the matter to November 3, 4 and 5, 2026 for continuation of trial.

The Charge

Emefiele is being 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 to the tune of ₦7,831,002,396, Seven Billion, Eight Hundred and Thirty-one Million, Two Thousand, Three Hundred and Ninety-six Naira.