Emefiele’s Former Colleague Testifies on ₦1.6bn Disbursement in EFCC Corruption Trial

Emefiele’s Former Colleague Testifies on ₦1.6bn Disbursement in EFCC Corruption Trial

The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele continued on Wednesday, January 21, 2026, at the Federal Capital Territory High Court, Maitama, Abuja, with detailed testimonies from Prosecution Witnesses 2 and 3 shedding light on complex cash movements and bank transfers allegedly running into billions of naira.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge including criminal breach of trust, conspiracy, forgery, and unlawful possession of suspected proceeds of crime totaling ₦7.83 billion.

Led in evidence by Rotimi Oyedepo, SAN, Prosecution Witness 3 (PW3), Richard Agulu, a former Zenith Bank staff and current NCC employee, testified about his role in handling cash disbursements on Emefiele’s instructions. Agulu explained that he received cash from Eric Ocheme, Emefiele’s personal assistant, which he either deposited into bank accounts or held in the bank vault for disbursement.

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The witness identified Exhibit B as the account of Ifeabigo Integrated Services and detailed dozens of cash lodgments and transfers between 2020 and 2022. On August 25, 2021, Agulu said he transferred a total of ₦1.6 billion to MG Properties Limited from Ifebigo Integrated Services and Kelvito Integrated Services, all based on instructions relayed through Ocheme.

PW3 provided a chronological breakdown of the deposits and transfers, including amounts ranging from ₦5 million to ₦100 million, as well as structured withdrawals he facilitated on the defendant’s instructions. He emphasized that while the transactions were executed as instructed, he did not know the ultimate purpose of the funds at the time.

Under cross-examination, Agulu confirmed his 17-year banking experience and that all withdrawals were authenticated by account owners or authorized signatories, ensuring formal compliance with banking procedures.

Earlier, Prosecution Witness 2 (PW2), Olomotam Egoro, a compliance officer at Access Bank, testified about handling regulatory requests from the EFCC concerning accounts of Ace Frozen Foods Ventures. Egoro confirmed that while the bank provided the requested account details, Emefiele’s name did not appear on any documents.

The court proceedings, presided over by Justice Yusuf Halilu, were adjourned to February 16, 2026, for continuation of trial and further cross-examination.

The trial has attracted national attention, highlighting the EFCC’s efforts to combat financial crimes, recover alleged public funds, and hold high-profile public officials accountable for mismanagement of resources.

Emefiele’s Former Colleague Testifies on ₦1.6bn Disbursement in EFCC Corruption Trial