The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, continued on Wednesday, January 21, 2026, before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, Maitama, Abuja, with extensive testimonies from the third and second prosecution witnesses, revealing alleged intricate cash flows and banking transactions involving billions of naira.
Emefiele is standing trial at the instance of 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 ₦7,831,002,396.
Testifying as Prosecution Witness 3 (PW3), Richard Agulu, a staff member of the Nigerian Communications Commission (NCC), told the court that he joined the Commission in 2023 after spending over 15 years at Zenith Bank between July 2007 and March 2023. He said he worked at the Maitama branch and other branches of the bank.
Agulu recalled that during his time at Zenith Bank, Jim Ovia was the Managing Director before Godwin Emefiele assumed the role. He stated that Emefiele frequently visited Abuja branches and left Zenith Bank in 2014 following his appointment as CBN Governor.
He further told the court that he knew one Eric Ocheme, a former Zenith Bank staff who later moved to the CBN and worked as Emefiele’s personal assistant.
Explaining his interaction with the defendant, PW3 said that staff salaries and entitlements at Zenith Bank were paid through domiciled accounts, and in the course of his official duties, certain transactions involved Emefiele and Eric.
“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,” he testified.
PW3 stated that the cash received was either stored in the bank’s vault or paid into selected accounts, adding that he collected the funds on behalf of the defendant, Godwin Emefiele. Although he confirmed that Emefiele maintained an account with Zenith Bank, he said the monies were not paid into the defendant’s personal account but were disbursed strictly based on instructions relayed through Eric.
The witness identified Exhibits B, C and D, describing Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to his friend, Peters Adebayo, an Abuja-based businessman involved in construction, agency and merchandising.
According to PW3, between 2020 and 2022, he paid various sums into the Ifeabigo Integrated Services account using funds received from Eric on behalf of the defendant. He then outlined the transactions in sequence, detailing multiple cash deposits and transfers ranging from millions to tens of millions of naira between February and August 2021.
He further told the court that on August 25, 2021, acting on instructions from the defendant through Eric, he transferred ₦600 million and ₦300 million from the Ifeabigo Integrated Services account to MG Properties Limited.
PW3 also identified Exhibit C as the account of Kelvito Integrated Services, from which ₦700 million was transferred to MG Properties Limited on the same day.
In his words, “I transferred a total sum of ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric.”
He added that further deposits and transfers were made into the account on August 25 and August 30, 2021, while on September 2, 2021, multiple transfers were received from Ace Frozen Foods Ventures. He said that same day, there were structured cash withdrawals, including 22 withdrawals of ₦10 million each and one of ₦5 million.
“Mr. Eric came to pick the cash, and I made the withdrawals for him,” he said.
PW3 told the court that similar transactions continued through October, November and December 2021 and into January 2022, all carried out on behalf of the defendant through Eric. He explained that during some deposits, he instructed bank staff to use the narration “CD/Peter Adebayo,” reflecting the account signatory’s name.
He also confirmed that comparable cash movements occurred in Exhibit C, including the multiple deposits on August 25, 2021, and the ₦700 million transfer to MG Properties Limited.
Asked about the purpose of the ₦1.6 billion payment to MG Properties, PW3 said he was unaware of its intended use.
He disclosed that the EFCC later invited and questioned him over the transactions.
“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.
Under cross-examination, PW3 acknowledged his 17-year banking career and agreed that only account holders or authorised signatories could approve withdrawals, adding that the relevant account owners and signatories authenticated the transactions.
Earlier, the prosecution presented Olomotam Egoro, a compliance officer with Access Bank, as Prosecution Witness 2 (PW2). Egoro testified that he joined the bank in May 2020 and handles regulatory enquiries and liaison with law enforcement agencies.
He told the court that in June 2025, Access Bank received an EFCC request concerning the account of Ace Frozen Foods Ventures, seeking details including the mandate, statements of account and identification documents. He said the bank retrieved the information and formally responded.
PW2 identified the response dated May 29, 2025, which was admitted as Exhibit E. Under cross-examination, he confirmed that the defendant’s name did not appear in the documents and that the account mandate holders were Kamaru Lasisi and Raphael Ibhafidon Uguomore, noting that the documents did not reveal the company’s individual owners.
Justice Halilu subsequently adjourned the case to February 16, 2026, for continuation of trial and further cross-examination.