A prosecution witness on Wednesday gave detailed testimony at the Federal Capital Territory High Court in Maitama, Abuja, describing how over ₦1.6 billion was allegedly moved through multiple cash transactions and proxy accounts on the instructions of former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
The witness, Richard Agulu, appeared before Justice Yusuf Halilu in the ongoing trial over the alleged unlawful acquisition of an estate comprising 753 housing units in Abuja.
Agulu, a former bank official, testified that the funds were not kept in Emefiele’s personal bank account but were allegedly stored in bank vaults and third-party accounts, before being disbursed based on instructions relayed through Emefiele’s former aide, Eric Ocheme.
Led in evidence by prosecution counsel Rotimi Oyedepo, a Senior Advocate of Nigeria (SAN), the witness said he acted on directives conveyed by Ocheme, whom he described as Emefiele’s personal assistant at the time.
According to the witness, large sums of money were deposited intermittently between 2020 and 2022 into the account of Ifeabigo Integrated Services, a company owned by one of his associates.
He told the court that cash deposits included ₦75 million in February 2021, ₦134.5 million in March, ₦123 million in April, and several other deposits running into hundreds of millions of naira over subsequent months.
Agulu further stated that in July and August 2021 alone, multiple deposits and transfers were made, including two cash lodgements of ₦100 million and ₦70 million, as well as a transfer of ₦99 million.
He added that in August 2021, a total of ₦900 million was transferred in two tranches—₦600 million and ₦300 million—from the Ifeabigo Integrated Services account to MG Properties Limited.
On the same day, another ₦700 million was transferred from Kelvito Integrated Services to the same company, bringing the total amount allegedly moved to MG Properties Limited to ₦1.6 billion.
“I transferred the money based on instructions received from Eric Ocheme on behalf of the defendant,” the witness told the court, adding that he was unaware of the purpose of the transfers.
The witness also recounted additional transactions, including a ₦225 million transfer and several other deposits made toward the end of August 2021, as well as further inflows and withdrawals extending into January 2022.
During cross-examination, Agulu acknowledged that the transactions could only be executed by authorised signatories to the accounts but maintained that he acted strictly on instructions passed through Emefiele’s aide.
Earlier in the proceedings, the court also heard testimony from an Access Bank compliance officer, who confirmed that Emefiele’s name did not appear on documents linked to one of the companies involved, Ace Frozen Foods Ventures.
Emefiele, who served as CBN governor until his removal in 2023, has pleaded not guilty to all eight counts filed against him by the Economic and Financial Crimes Commission (EFCC).
The trial judge adjourned the case until February 16, 2026, for continuation of hearing.
The housing fraud case is one of several trials currently facing the former CBN governor in Abuja and Lagos.
