Witness tells FCT High Court disputed cash lodgments were executed outside banking hours under verbal approval as defence challenges credibility of prosecution evidence.
By A1NEWS International
ABUJA, Nigeria | July 7, 2026
A former staff member of Zenith Bank Plc on Tuesday told the Federal Capital Territory High Court that he processed disputed transactions worth over ₦5 billion without complying with established banking procedures after receiving what he described as an “oral waiver” from a senior bank official.
The witness, Richard Agulu, testified as the third prosecution witness (PW3) during the ongoing trial of former Central Bank of Nigeria Governor Godwin Emefiele, who is facing multiple charges brought by the **Economic and Financial Crimes Commission (EFCC).
Agulu made the disclosures under cross-examination by senior defence counsel Mathew Burkaa before Justice Yusuf Halilu sitting in Maitama, Abuja.
Witness Says Transactions Were Handled Under Verbal Approval
During cross-examination, Agulu acknowledged that the disputed transactions were carried out outside the standard operational framework of Zenith Bank.
According to him, the transfers constituted what he described as a “peculiar transaction,” prompting him to rely on verbal authorization rather than the bank’s documented operational procedures.
“It is a peculiar transaction. I had permission or waiver to operate. I was given an oral waiver,” the witness told the court.
He identified the source of the verbal approval as Macauly Ihekoronye, who allegedly authorized him orally toHe identified the source of the verbal approval as Macauly Ihekoronye, who allegedly authorized him orally to process the disputed cash lodgments.
₦5 Billion Transferred Without Following Standard Banking Procedures
The witness admitted transferring more than ₦5 billion into the accounts of Ifeadigo Investment and Kelvito Investment without observing the bank’s prescribed operational processes.
Agulu explained that the transactions were processed outside official banking hours, making compliance with conventional procedures impossible under the circumstances.
He further testified that the operational instructions did not originate from Emefiele directly but came from Eric Ocheme, who he described as a personal assistant to the former CBN governor.
Ocheme is standing trial alongside Emefiele in absentia, having been declared at large.
Witness Admits Recording Customers as Depositors
In another significant revelation, Agulu acknowledged that he personally lodged cash into customers’ accounts while recording in the transaction narration that the deposits were made by the account holders themselves.
He also confirmed that, despiteadmitting to circumventing banking regulations during the transactions, he had not been prosecuted by the EFCC.
The admission became one of the central issues explored by the defence in an apparent effort to question both the integrity of the witness and the reliability of the prosecution’s evidence.
No Direct Contact With Emefiele, Witness Says
Agulu also told the court that throughout the transactions in question, he never had any physical interaction with Emefiele.
He further admitted that in the statement he made to the EFCC, he never claimed to have personally delivered payment receipts or transaction documents to the former CBN governor.
The testimony appeared to reinforce the defence’s argument regarding the absence of direct evidence linking Emefiele to the disputed banking operations.
Charges Against Former CBN Governor
Emefiele and Ocheme are being prosecuted in charge number FCT/HC/CR/358/2025.
According to the EFCC, the defendants unlawfully maintained billions of naira in alleged proxy accounts domiciled with Zenith Bank.
The anti-corruption agency further alleges that Emefiele, sometime in January 2021, forged a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited”, intending it to appear as though it had been validly executed by or on behalf of H and Y Business Global Limited.
The prosecution maintains that the alleged offences contravene Sections 319, 362 and 364 of the Penal Code.
Emefiele has pleaded not guilty to all charges.
Defence Questions Witness’s Conduct in Court
At the conclusion of cross-examination, defence counsel Burkaa urged the court to take judicial notice of what he described as the witness’s demeanor while testifying.
According to the senior advocate, the witness was reluctant and deliberately evasive in responding to questions relating to his personal involvement inthe disputed banking transactions.
However, prosecution counsel Abbas Mohammed opposed the application, arguing that assessing the credibility and demeanor of witnesses remains the exclusive responsibility of the trial judge.
Justice Halilu declined to make an immediate pronouncement on the request.
Court Adjourns Trial
Following the day’s proceedings, Justice Halilu adjourned the matter until November 3, 2026, for continuation of trial.
The case remains one of several high-profile corruption prosecutions involving the former apex bank governor, with proceedings expected to continue focusing on the handling of disputed financial transactions, alleged proxy accounts, and documentary evidence tendered by the prosecution.
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