Emefiele: I was Given Oral Waiver to Transact in Disputed Accounts – Witness
A witness in the trial of the ex-governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday told an FCT High Court, sitting in Maitama, Abuja, that he was given an oral waiver to handle disputed transactions into companies’ accounts.
The witness, Richard Agulu, a former Zenith Bank staff member, is the third prosecution witness (PW3) and clarified during cross-examination by Mathew Burkaa, SAN, counsel to Emefiele in Abuja.
Emefiele was charged along with one Eric Ocheme, said to be at large, in the charge marked FCT/HC/CR/358/2025.
The defendants were also accused by the EFCC of unlawfully keeping in their possession billions of naira in proxy accounts in the Zenith Bank.
Emefiele was alleged to have, sometime in January 2021, forged a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intention of causing it to be believed that the said titled document was executed by or by the authority of H and Y Business Global Limited.
The offences, according to the EFCC, contravened the provisions of Sections 319, 362 and 364 of the Penal Code. Emefiele, however, pleaded not guilty to the charges against him.
Agulu told the court that because the transaction was a peculiar situation, he did not operate within Zenith Bank’s operational policy procedures.
“It is a peculiar transaction I have permission or a waiver to operate, and I was given an oral waiver.
The witness told the court that he got an oral waiver from the Zenith Bank Head of Operations, Macauly Ihekoronye, to effect the cash lodgment.
Agulu admitted transferring more than N5 billion without following due process into the accounts of Ifeadigo and Kelvito Investment.
He said due process or banking procedure was not followed because the transfer transactions into the two companies’ accounts were carried out outside banking hours.
Agulu further told the court that the instruction to carry out the transfers was obtained from one Eric Ocheme, said to be a personal assistant to the defendant.
Answering a question, the witness further admitted depositing cash into customers’ accounts and indicated in the narrations that it was done by the account owners.
He also admitted that he was not put on trial by the EFCC despite circumventing the banking procedures in the cash lodgment he carried out.
Confronted by the defence counsel with the operational policy procedures of the Zenith Bank, the witness said that the transactions without due process were carried out because of the peculiar situation at the time.
Answering further questions, the witness said he did not have physical contact with the defendant throughout the transactions, and in his statement to the EFCC, he never claimed to have delivered payment receipts to the defendant.
The defence counsel, upon conclusion of his cross-examination, applied to the court to take judicial notice of the demeanour of the witness.
He added the witness’s unwillingness and deliberate refusal to answer questions in respect of his participation in the disputed Bank transactions.
The prosecution counsel, Abbas Mohammed, objected to the request, adding that it was the sole responsibility of the court to take notice of whether a witness was holding back information or not. Justice Yusuf Halilu later adjourned the matter for further trial until Nov.3. #Emefiele: I was Given Oral Waiver to Transact in Disputed Accounts – Witness#
Emefiele Asks Court to Foreclose Prosecution if it Fails to Produce Witnesses
