A former staff member of Zenith Bank, Richard Agulu, on Tuesday told the Federal Capital Territory High Court in Maitama, Abuja, that he deposited billions of naira in cash on behalf of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, while working at the bank.

Agulu, the third prosecution witness (PW3) in the trial, made the disclosure during cross-examination by Emefiele's counsel, Matthew Burkaa (SAN), before Justice Yusuf Halilu. 

The witness testified that the cash was delivered to him by Emefiele's personal assistant, Eric Ocheme, and was either lodged into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept in Zenith Bank's vault, based on the defendant's instructions.

According to him, Emefiele usually communicated the instructions through Ocheme's phone, directing him on how the funds should be handled or disbursed.

Agulu, who said he spent 17 years in the banking sector, maintained that all transactions were carried out in line with banking procedures.

He explained that although he did not receive written approval, he had verbal waivers from his superiors to handle the defendant's transactions.

"For every transaction, I followed normal banking procedures. I followed the steps for cash deposits, but there are different scenarios for different transactions.

"There are waivers for certain customers who can bring cash into the bank. I was not given written approval, but I was verbally authorised by my superiors to attend to the defendant's transactions," he told the court.

The witness, however, declined to identify the officials who granted the waivers, saying he did not want to implicate anyone.

He further testified that withdrawals from the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services were duly authenticated by the legitimate account owners and signatories.

Agulu also informed the court that he supervised the transfer of N1.6 billion to MG Properties Limited on Emefiele's instruction conveyed through Ocheme.

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

The Economic and Financial Crimes Commission (EFCC) 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 amounting to N7.831 billion.

Emefiele has pleaded not guilty to the charges, and the trial continues.