Manny Ita
The prosecution of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, reached a critical juncture today, Wednesday, January 21, 2026, at the Federal Capital Territory (FCT) High Court in Maitama. During the proceedings, the third prosecution witness, Richard Agulu, provided a detailed account of how over ₦1.6 billion was allegedly disbursed in cash under Emefiele’s direct instructions. Agulu, a former employee of Zenith Bank currently serving with the Nigerian Communications Commission (NCC), told Justice Yusuf Halilu that these transactions were facilitated through Emefiele’s personal assistant, Eric Ocheme, who acted as a primary liaison. The witness testified, “Mr. Eric, as the personal assistant to the defendant, used to run errands for him. On the defendant’s instruction, I used to receive cash from Eric and disburse same when needed.”
The testimony introduced significant new evidence regarding the handling of these funds, with Agulu alleging that the billions in question were never domiciled in Emefiele’s personal bank accounts. Instead, the witness explained that the cash was either held in the bank’s vault or deposited into various proxy accounts, such as that of a business identified as Ifeabigo Integrated Services. Agulu clarified to the court that while the funds were received and moved on behalf of the former CBN Governor, they remained shielded from his personal financial records. This revelation adds a fresh layer of complexity to the ₦7.8 billion criminal breach of trust case, in which the Economic and Financial Crimes Commission (EFCC) has accused Emefiele of the unlawful acquisition of a 753-unit housing estate and the misappropriation of billions in state funds.
The defense, led by Senior Advocate of Nigeria Rotimi Oyedepo, continues to navigate a trial marked by high-stakes allegations of money laundering, conspiracy, and forgery. Eric Ocheme, the aide mentioned in today’s testimony, remains a co-suspect and is reportedly at large. Emefiele, who led the apex bank from 2014 until his suspension in June 2023, has maintained his innocence throughout the multiple legal battles he currently faces. As the court adjourned the matter for the continuation of witness testimonies, legal experts noted that today’s evidence regarding “proxy account” management could be pivotal in the prosecution’s effort to link Emefiele to the vast assets currently under investigation.
