How I Disbursed Over N1.6 Billion Allegedly on Emefiele’s Instruction, Witness Opens Up
- Prosecution witness claimed that over N1.6 billion was disbursed under former CBN governor Godwin Emefiele's instructions
- Emefiele faces multiple charges related to unlawful property acquisitions and managing proxy accounts
- Emefiele was removed not long after President Bola Tinubu used the address at his May 2023 inauguration as president to criticise a key policy spearheaded by Emefiele - the redesign of the naira
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Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public affairs and governance in Nigeria and Africa.
FCT, Abuja - A prosecution witness at the FCT High Court in Maitama, Abuja, has narrated how he allegedly disbursed over N1.6 billion on the instruction of Godwin Emefiele, the immediate past governor of the Central Bank of Nigeria (CBN).
As reported on Wednesday, January 21, by Premium Times, the third prosecution witness, Richard Agulu, a staff member of the Nigerian Communications Commission (NCC), said the money he received and disbursed was not domiciled in Emeifele’s personal account in Zenith Bank but kept in the bank’s vault or certain accounts.
Source: Facebook
Emefiele linked to N1.6bn disbursement
The witness, presented by the Economic and Financial Crimes Commission (EFCC), said the funds were disbursed based on the instructions of the former CBN governor through his aide, Eric Ocheme.
Agulu, a former staff member of Zenith Bank, gave this testimony while being led in evidence by prosecution lawyer Rotimi Oyedepo (SAN), during the trial of Emefiele on charges regarding the acquisition of multimillion-dollar properties in Abuja.
EFCC accused Emefiele of unlawfully acquiring an estate with 753 housing units and keeping possession of billions of naira in proxy accounts while he was serving as the CBN governor. But Emefiele denied all eight counts during his arraignment in June 2025.
Guardian quoted the witness as saying:
“I transferred a total sum of N1.6 billion to MG Properties Limited on the defendant’s instruction through Mr Eric."
Other transfers, according to the witness, included N225 million on 25 August 2021. He also referenced three deposits of N50 million, N60 million, and N50 million on 30 August 2021.
Source: Getty Images
Agbor stakeholders condemn Emefiele 'persecution'
Meanwhile, the Agbor Stakeholders Forum decried what it described as the relentless hounding and persecution of Emefiele.
In a statement signed by Kachiku Kanene for Agbor Stakeholders Forum, the group said it was pained “that our brother is being ridiculed and dragged in the muck by a country he served so creditably well."
It lauded Emefiele for initiating "far-reaching fiscal and development initiatives in agriculture, infrastructure and poverty alleviation."
Read more on Godwin Emefiele:
- Amid naira's struggles, EFCC uncovers how Emefiele reportedly spent N18bn, details emerge
- Emefiele to forfeit $2.04m, 7 landed properties, 2 shares
- Anxiety as court declines Emefiele's travel request, reason emerges
Emefiele reacts to allegation of terrorism financing
Legit.ng earlier reported that Emefiele described the allegation of him financing terrorism in Nigeria as mischievous and malicious.
Emefiele stated that “categorically and unequivocally that this claim is entirely fabricated, baseless, and a deliberate attempt to malign my name.
The 64-year-old banker said the claim was to mislead the public, and sow confusion for motives best known only to the publishers and their sponsors.”
Source: Legit.ng
