A former Zenith Bank Plc employee has told the Federal Capital Territory High Court in Abuja that he deposited billions of naira in cash on behalf of former Central Bank of Nigeria Governor Godwin Ifeanyi Emefiele, as the Economic and Financial Crimes Commission continues prosecuting the Alleged ₦7.8bn Fraud case.
Justice Yusuf Halilu heard the testimony on Tuesday, 7 July 2026, during the continuation of the high-profile criminal trial in Maitama, Abuja.
Also read: EFCC witness says Emefiele did not benefit from alleged $6.2m CBN funds theft
Richard Agulu, who appeared as the third prosecution witness, said he received large cash sums from Eric Ocheme, identified as Mr Emefiele’s personal assistant, and deposited the money into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept the funds in Zenith Bank’s vault, depending on the instructions he received.
Under cross-examination by defence counsel Mathew Burkaa, SAN, Mr Agulu told the court that he acted on instructions allegedly conveyed by Mr Emefiele through Mr Ocheme’s telephone.
The former banker, who said he spent 17 years in the banking industry, maintained that he complied with standard 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. There are waivers for some certain customers who can bring cash into the bank,” Mr Agulu told the court.
The witness added that he had received verbal approval from his superiors to manage the defendant’s banking transactions, although he said no written authorisation was issued.
“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. I cannot mention names. I don’t want to put somebody in trouble,” Mr Agulu said.
In another significant aspect of the testimony, Mr Agulu said he supervised the transfer of ₦1.6 billion to MG Properties Limited following instructions allegedly relayed through Mr Ocheme.
The proceedings form part of the EFCC’s prosecution of Mr Emefiele on an eight-count charge involving alleged criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime valued at ₦7,831,002,396. Mr Emefiele has pleaded not guilty to the charges, and the allegations remain before the court.
The Alleged ₦7.8bn Fraud case is one of several criminal proceedings involving the former central bank governor since he left office in 2023.
The various cases have drawn sustained public attention because of Mr Emefiele’s leadership of Nigeria’s monetary authority during a period marked by foreign exchange reforms, the controversial naira redesign policy and broader economic challenges.
The prosecution has continued to present witnesses in support of its case, while the defence has challenged aspects of the evidence during cross-examination.
The trial is expected to determine whether the prosecution can establish the allegations beyond reasonable doubt.
Also read: EFCC witness says Emefiele did not benefit from alleged $6.2m CBN funds theft
Justice Halilu adjourned the matter until 3, 4 and 5 November 2026 for the continuation of the trial.
Mariam Balogun is a contributor to Freelanews.com, covering news, business, and public affairs.
