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Emefiele is standing trial on an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC), bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties allegedly suspected to be proceeds of crime amounting to ₦7.83 billion.

Led in evidence by Rotimi Oyedepo, SAN, Prosecution Witness Three (PW3), Mr. Richard Agulu, a staff member of the Nigerian Communications Commission (NCC), told the court that he previously worked with Zenith Bank between July 2007 and March 2023, serving in several branches, including Maitama, Abuja.

Agulu testified that while at Zenith Bank, Godwin Emefiele was first Managing Director before leaving the bank in 2014 to become CBN Governor. He also told the court that he knew one Eric Ocheme, a former Zenith Bank staff who later joined the CBN as Emefiele’s personal assistant.

According to PW3, during his time at Zenith Bank, he handled transactions involving large cash movements linked to instructions from Emefiele, which were conveyed through Eric.

“My Lord, Mr. Eric, as the personal assistant to the defendant, used to run errands for him. On the defendant’s instruction, I received cash from Eric and disbursed it when needed,” Agulu testified.

He said the cash received was either stored in the bank’s vault or deposited into accounts, stressing that he acted on behalf of Emefiele. Although Emefiele had a personal account with Zenith Bank, PW3 said the funds in question were not paid into that account but were disbursed strictly based on instructions.

PW3 identified Exhibit B as the account of Ifeabigo Integrated Services, which he said belonged to his friend, Mr. Peters Adebayo, an Abuja-based businessman. He told the court that between 2020 and 2022, he deposited large sums into the account using funds received from Eric on Emefiele’s behalf.

He gave a detailed breakdown of deposits and transfers made into the account, including multiple cash lodgments and transfers ranging from ₦5 million to ₦100 million between February and August 2021, running into several hundreds of millions of naira.

According to the witness, on August 25, 2021 alone, several deposits were made into the account, after which he transferred ₦600 million and ₦300 million to MG Properties Limited on the defendant’s instruction through Eric.

He also identified Exhibit C as the account of Kelvito Integrated Services, from which an additional ₦700 million was transferred to MG Properties Limited the same day.

“In total, I transferred ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric,” PW3 told the court.

He further testified that more deposits and structured cash withdrawals followed, including multiple withdrawals of ₦10 million each, which he said were handed over to Eric. According to him, similar transactions continued through late 2021 into January 2022.

PW3 said he later came under EFCC investigation over the transactions and confirmed to investigators that he acted on instructions relayed by Eric on behalf of Emefiele, though he claimed not to know the purpose of the payments.

Under cross-examination, the witness acknowledged that withdrawals could only be authorised by account holders or signatories and said the withdrawals in question were duly authenticated by the account owners.

Earlier, the prosecution called Prosecution Witness Two (PW2), Mr. Olomotam Egoro, a compliance officer with Access Bank. He told the court that in June 2025, Access Bank received a request from the EFCC for details of the account of Ace Frozen Foods Ventures.

Egoro said the bank supplied the requested account mandate, statements and identification documents, which were admitted in evidence as Exhibit E. Under cross-examination, he confirmed that Emefiele’s name did not appear in the documents and that the account signatories were Kamaru Lasisi and Raphael Ibhafidon Uguomore.

Justice Halilu adjourned the matter to February 16, 2026, for continuation of trial and further cross-examination.