Witness Tells Court He Deposited Billions in Cash for Emefiele While at Zenith Bank

A former staff member of , Richard Agulu, has told the that he deposited billions of naira in cash on behalf of former Governor, , following instructions allegedly conveyed through Emefiele’s personal assistant, Eric Ocheme.

Agulu, who appeared as the third prosecution witness in the ongoing trial, told Justice Yusuf Halilu that while working at Zenith Bank, he received large cash sums brought by Ocheme and deposited them into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept the funds in the bank’s vault, depending on the instructions he received. He said the directives were communicated by Emefiele through his personal assistant.

Under cross examination by defence counsel, Mathew Burkaa, SAN, the witness maintained that he followed established banking procedures in carrying out the transactions. He explained that although he had no written approval, he acted under verbal waivers granted by his superiors, which permitted him to handle the defendant’s banking transactions. Agulu declined to identify the officials who granted the approvals, saying he did not want to implicate anyone.

The witness also informed the court that he supervised the transfer of ₦1.6 billion to MG Properties Limited on Emefiele’s instruction, again communicated through Ocheme. He added that withdrawals from the accounts involved were duly authorised by the recognised account holders and signatories.

Justice Yusuf Halilu subsequently adjourned the case until November 3, 4 and 5, 2026, for the continuation of trial.

The is prosecuting Emefiele on an eight count charge bordering on alleged criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime valued at about ₦7.83 billion. Emefiele has pleaded not guilty to the charges, and the case remains before the court.