How I Deposited Billions In Cash For Emefiele, Witness Reveals

A prosecution witness in the alleged ₦7.8 billion fraud trial of a former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has told the Federal Capital Territory High Court that he deposited billions of naira in cash allegedly on behalf of the former apex bank chief.

The witness, Richard Agulu, a former employee of Zenith Bank, told the court on Tuesday that the cash was delivered to him by Emefiele’s former personal assistant, Eric Ocheme.

Agulu, who is the third prosecution witness in the case, testified before Justice Yusuf Halilu during cross-examination by Emefiele’s counsel, Matthew Burkaa.

According to the witness, the funds were deposited into accounts belonging to Ifeabigo Integrated Services and Kelvito Integrated Services or kept in the bank’s vault, depending on instructions allegedly conveyed through Ocheme.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Emefiele on an eight-count charge bordering on alleged criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime.

The former CBN governor has pleaded not guilty to the charges.

Agulu told the court that during his years in the banking sector, he received cash from Ocheme and processed transactions based on instructions he alleged emanated from Emefiele.

He said withdrawals from the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services were, however, authorised by the signatories to the accounts.

The witness, who said he spent 17 years in the banking industry, maintained that he followed banking procedures while handling the transactions.

“For every transaction, I followed normal banking transaction procedures. I followed the steps for cash deposition but there are different scenarios for different transactions,” Agulu said.

He added that some customers were permitted to deposit large amounts of cash based on waivers granted by senior bank officials.

“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,” he told the court.

Asked to identify the senior officials who allegedly gave him verbal approval to process the transactions, Agulu declined.

“I cannot mention names. I don’t want to put somebody in trouble,” the witness said.

Agulu further told the court that he supervised the transfer of ₦1.6bn to MG Properties Limited.

Ocheme, who was mentioned in the charge, is reportedly at large.

Following the witness’s testimony, Justice Halilu adjourned the matter until November 3, 4 and 5, 2026, for continuation of trial.