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Zenith Bank manager tells court how Emefiele moved funds from CBN to wife’s account
Zenith Bank manager tells court how Emefiele moved funds from CBN to wife’s account
An Assistant Manager with Zenith Bank Plc, Mrs Ifeoma Ogbonnaya, has narrated how Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), moved funds to his wife, Mrs Margaret Emefiele.
Ogbonnaya told an Ikeja Special Offences Court on Tuesday how Emefiele used the bank to move multimillion naira to his wife.
Emefiele is standing trial over abuse of office and alleged $4.5 billion and N2.8 billion fraud while in office.
Ogbonnaya, the fifth prosecution witness, was led in evidence by the Economic and Financial Crimes Commission (EFCC) Counsel, Mr Rotimi Oyedepo (SAN).
She told the court how Emefiele used Zenith Bank to transfer millions of naira in tranches to his wife through various companies.
Ogbonnaya said the companies that received the cash flow were Amswing Resources and Solution, Limelight Dimensional Service Ltd., Omec Support Service Ltd. and Mango Farm.
“Limelight manages the facilities of CBN, located at Alakija and all transactions pertaining to power and fixing things that are not working was always done by the vendors,” she said.
The witness who also doubles as a Business Relationship Manager, joined the bank in 2006.
Ogbonnaya said she never had direct dealings with the ex-CBN governor but received instructions from his wife to transfer cash from CBN into their private companies through Zenith Bank account.
She said apart from Mrs Emefiele she also received instructions from two other people, one Mr John Ogah and one Mr Opeyemi Oludimu, who worked for the Emefiele but now late.
The witness, however, said that she managed the various companies accounts through which the multimillion naira was sent to.
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“Mrs Margaret Emefiele, the ex-CBN governor’s wife, is the direct beneficiary of the accounts. The companies sent transfer instructions to my email and Margaret is the beneficial owner of the accounts.
“All transactions made in the accounts were confirmed by Mrs Emefiele before they were processed. She sends transfer instructions directly to my official email address with Zenith Bank or sends two other persons to act on her behalf but I still receive approval from her,” she said.
The witness also told the court that from March 9 to 11, 2015, the accounts received cash flow from the apex bank to the tune of N18. 9 million and N1.8 million respectively
“On Feb. 22, 2021, there was a cash flow of N43 million from CBN, on July 21, 2022, there was a cash flow of N37.3 million, on Oct. 21, 2022, there was a credit flow of N44.6 million, on May 10, 2023, there was a cash flow of N93.1 million from CBN, among others,” she said.
The witness further said that she usually communicate with Emefiele’s wife through email, phone calls and Whatsapp on transactions that were to be carried out on the accounts before processing them.
She said the bundles of documents which entailed the various transactions were printed from her office desktop computer.
“The documents were sent to my email and when investigation started, I was requested to print all the documents to the law enforcement which I did.
“I printed from the office desk top and took them to compliance officer. I also have certificate confirming that these documents were printed from Zenith Bank,” Ogbonnaya said.
The prosecution sought to tender the bundles of documents which entailed the various transactions that took place between the witness and Emefiele’s wife.
Emefiele’s Counsel, Mr Olalekan Ojo (SAN), and the second defence counsel, Mr Kazeem Gbadamosi (SAN), did not object the admissibility of the documents.
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The court, thereafter, admitted into evidence the certificate of identification, bundle of printed documents, following no objections from the defence.
The witness, thereafter, spoke into the documents and briefly explained the inflow and outflow of fund, purportedly sent from the CBN through Zenith Bank to Emefiele’s wife.
The prosecution also sought the indulgence of the court for the witness to write down the number in which she used to have conversations with Mrs Emefiele on an A4 paper which was admitted into evidence.
The witness, however, said that she could not remember some digits of the number by heart but she could recall it through her mobile phone.
The two defence counsel, however, objected to the witness, recalling the number through her phone.
The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi had earlier in the proceeding granted the application filed by the second defence counsel to recall the first prosecution witness, Monday Osazuwa.
EFCC had on April 8 arraigned Emefiele on 23 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage.
Also, his co-defendant Henry Omoile-Isioma, was arraigned on three counts bordering on acceptance of gift by agents.
The defendants, however, pleaded not guilty.
The judge, however, adjourned the case until July 10 for continuation of trial.
Zenith Bank manager tells court how Emefiele moved funds from CBN to wife’s account
(NAN)
News
Yahaya Bello reports to EFCC office with lawyers
Yahaya Bello reports to EFCC office with lawyers
A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.
Bello went to the anti-graft office with his lawyers in the morning.
The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.
He was said to have been taken by some operatives of the agency and are currently being grilled.
This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.
The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.
It stated that the 30-day window was still running for the summons earlier issued.
News
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.
Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.
The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.
Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency
The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.
Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.
“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively
“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.
Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.
News
Why we’re borrowing despite surplus revenues – FG
Why we’re borrowing despite surplus revenues – FG
The Federal Government has defended its decision to borrow to address budget deficits, despite surpassing revenue targets in 2024.
Finance Minister Wale Edun and Budget Minister Atiku Bagudu clarified this position during a session with the National Assembly’s Joint Committee on Finance, Budget, and National Planning. The meeting focused on the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Last week, the National Assembly approved President Bola Tinubu’s $2.2 billion loan request to fund the N9.7 trillion deficit in the 2024 budget partially.
During the session, key agency heads, including Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, Customs Comptroller-General Bashir Adeniyi, and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, presented their revenue reports.
The agencies reported exceeding their 2024 targets.
- Customs Service: Generated ₦5.352 trillion by September 30, surpassing its ₦5.09 trillion target for the year. For 2025, the agency projects ₦6.3 trillion, with a 10% increase planned for 2026.
- NNPCL: Achieved ₦13.1 trillion in revenue, exceeding the ₦12.3 trillion projection for 2024. Kyari announced a ₦23.7 trillion revenue target for 2025.
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- FIRS: Surpassed multiple tax collection goals, including ₦5.7 trillion from company income tax against a ₦4 trillion target. Education tax collections also exceeded expectations, reaching ₦1.5 trillion compared to a ₦70 billion target.
Overall, ₦18.5 trillion of the ₦19.4 trillion 2024 revenue target had been achieved by September, indicating the goal will be exceeded by year-end.
Despite these surpluses, the government insists borrowing remains essential to cover budget gaps and support vulnerable populations.
Bagudu explained, “Even with agencies exceeding revenue targets, borrowing is necessary to address deficits and boost productivity, particularly for the poorest. This aligns with Agenda 2050, which aims for a GDP per capita of $33,000.”
Edun also reiterated that loans were critical for adequately funding the budget.
The committee, led by Senator Sani Musa, questioned the rationale behind the borrowing and demanded further transparency. The Immigration Service was specifically asked to provide documents regarding an “unacceptable PPP arrangement” before the end of the week.
The session underscored the government’s balancing act between increased revenues and fiscal challenges requiring external borrowing.
Why we’re borrowing despite surplus revenues – FG
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