\n\nA key prosecution witness in the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele told a Federal Capital Territory (FCT) High Court in Abuja on Monday that he never received any cash directly from the ex‑CBN boss in connection with the controversial acquisition of a 753‑unit residential estate.
Richard Agulu, a former Zenith Bank official who now works with the Nigeria Communications Commission (NCC), appeared as the third prosecution witness in the Economic and Financial Crimes Commission’s (EFCC) eight‑count charge against Emefiele. The ex‑central banker is accused of unlawfully acquiring the disputed housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, which covers 150,462.86 square metres and comprises 753 housing units.
Under cross‑examination by Emefiele’s defence counsel, Matthew Burkaa, Agulu made it clear that he did not receive any funds directly from Emefiele during the transactions linked to the property. Instead, he told the court that all instructions came through the former CBN governor’s personal assistant, Eric Ocheme.
“I never received a dime directly from the defendant,” Agulu said in court. “I received the funds through his personal assistant (Eric Ocheme).” He also admitted that he had never seen Emefiele hand money to Ocheme himself, even though he carried out transactions based on voice instructions presumed to be from the former CBN governor.
When pressed further, Agulu told the court he did not have Emefiele’s phone number nor could he recall how many times the transactions took place. He added that some instructions were communicated via telephone calls involving Ocheme, though he could not specify whether that was directly from the defendant or passed through the aide.
During proceedings, the defence tendered Agulu’s extrajudicial statement made to the EFCC to refresh his memory. Initially objected to by the prosecution, the document was ultimately admitted into evidence and marked as Exhibit G after arguments in court. Agulu acknowledged that his earlier statement referenced instructions from Emefiele via his aide but did not explicitly mention phone communication.
The witness also said transactions he referenced were authenticated by the owners of two companies — Kelvito Integrated Services (owned by Chukwuma Okpala) and Ifeadigo Integrated Services (owned by Peter Adebayo) — whose accounts he handled under instruction. He explained that, according to Zenith Bank’s operational policies and CBN guidelines, a staff member was only permitted to process transactions when formal communication, cheques or presence of an account holder was involved. However, he admitted he included the names of the companies on deposit slips anytime funds were paid in, despite neither Emefiele nor Ocheme being account holders.
Justice Yusuf Halilu subsequently adjourned the matter to April 22, 2026, for the continuation of the witness’s cross‑examination.
The case against Emefiele, which has generated widespread public attention, centres on allegations that he knowingly controlled property and funds reasonably suspected to have been acquired through unlawful activities during his tenure as CBN governor. He has denied any wrongdoing.
