Richard Agulu, a former employee of Zenith Bank, testified before the Federal Capital Territory High Court in Abuja on Tuesday, July 7, that he personally processed cash deposits worth billions of naira for former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Agulu, the third prosecution witness called by the Economic and Financial Crimes Commission (EFCC), stated that he received instructions from Emefiele's personal assistant, Eric Ocheme, to handle the funds.
Details of the Deposits
Agulu told Justice Yusuf Halilu that Ocheme would contact him by telephone to arrange the receipt of large cash sums. These funds were subsequently deposited into accounts belonging to two companies: Ifeabigo Integrated Services and Kelvito Integrated Services. In some instances, the cash was temporarily stored in the bank's vault, according to a report by Vanguard.
During cross-examination by defence counsel Mathew Burkaa (SAN), Agulu maintained that he acted strictly on Ocheme's verbal instructions, which he said originated from Emefiele himself. He insisted that every transaction followed standard banking procedures and that he had received verbal clearance from senior colleagues within the bank to manage the former governor's accounts.
“For every transaction, I followed normal banking procedures. I was given a verbal waiver by my superiors to attend to the defendant's transactions,” Agulu told the court. However, when pressed to name the bank officials who authorised him, he declined to disclose their identities, as reported by Daily Trust.
Emefiele's Legal Battles
The EFCC is prosecuting Emefiele on an amended 20-count charge that includes alleged criminal breach of trust, conspiracy, forgery, unlawful possession of property, and conferring corrupt advantage. The total sum involved in the Abuja case is approximately ₦7.8 billion. Emefiele has pleaded not guilty to all counts.
Investigators allege that large cash sums were channelled through Kelvito Integrated Services and Ifeabigo Integrated Services, companies they claim were connected to transactions involving the former governor. Tuesday's testimony from Agulu forms part of the prosecution's effort to demonstrate how those funds were allegedly collected, processed, and held.
Emefiele's legal troubles extend beyond Abuja. He is simultaneously facing separate criminal proceedings in Lagos covering alleged abuse of office, unlawful gratification, and foreign exchange transactions running into billions of naira and millions of dollars. The former apex bank chief was suspended from office in June 2023 and has consistently denied all allegations levelled against him across the multiple cases.
Trial Adjourned
Justice Halilu adjourned proceedings to allow the prosecution to continue presenting its case. In a related development, Legit.ng earlier reported that Emefiele's request for Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja to recuse himself from his case was rejected. Justice Oshodi maintained that the allegations of the defence counsels were unsustainable because there was no substantial evidence to back them up. According to the judge, the hearing has been conducted with utmost fairness, and the allegations of lack of fairness lacked merit.
