Former Zenith Bank Employee Testifies in High-Profile Trial
Richard Agulu, a former employee of Zenith Bank, testified on Tuesday at the Federal Capital Territory (FCT) High Court in Maitama, Abuja. He revealed that he was verbally authorized by the bank’s management to process over NOK 5 billion in contested transactions that deviated from the institution’s established operating procedures.
Details of the Unauthorized Transactions
Agulu, who served as the third prosecution witness, provided this testimony during cross-examination by Matthew Bruker, SAN, legal counsel for former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Agulu stated that Macauley Ihekoronye, then head of operations at Zenith Bank, granted this exemption due to the transactions being deemed “unusual.”
Execution of Non-Compliant Transfers
The witness admitted to transferring NOK 5 billion into the accounts of Ifidigo and Kervit Investment without adhering to standard banking procedures. He explained that these transactions occurred outside of regular banking hours.
Key Figures Involved in the Case
Prosecutors indicated that the person responsible for executing the transfer was Eric Okeme, identified as Emefiele’s personal assistant, who is currently evading law enforcement. Agulu further acknowledged that he deposited cash into customer accounts, with transaction narratives suggesting the deposits were made directly by the account holders.
Legal Complications and Compliance Issues
During cross-examination, Agulu conceded that the transactions did not meet Zenith Bank’s formal procedures. However, he argued that the unique circumstances surrounding the transactions justified the verbal waiver. Notably, he also pointed out that he had not faced prosecution from the Economic and Financial Crimes Commission (EFCC) despite bypassing the bank’s formal procedures.
Clarifying Emefiele’s Involvement
Agulu clarified to the court that he did not interact directly with Emefiele throughout the transaction process. Moreover, he mentioned that his statement to the EFCC did not include any claim of providing a payment receipt to the former CBN governor.
Charges Against Emefiele and Okeme
Emefiele and Okeme are currently being prosecuted under charge number FCT/HC/CR/358/2025. The EFCC has accused them of illegally managing billions of naira in proxy accounts at Zenith Bank. Additionally, allegations have surfaced that Emefiele forged a document entitled “Irrevocable Power of Attorney between MG Properties Limited and H and Y Business Global Limited” in January 2021 to create the false impression of legitimacy.
Proceedings and Next Steps
The alleged misconduct contravenes Articles 319, 362, and 364 of the Penal Code, to which Emefiele has pleaded not guilty. Following Agulu’s cross-examination, Mr. Bruker requested the court to acknowledge the witness’s reluctance to answer questions related to his involvement in the disputed transactions. Prosecuting lawyer Abbas Mohammed countered this request, asserting that it was within the court’s jurisdiction to determine if a witness was withholding information. Judge Yusuf Khalil subsequently adjourned the case until November 3 for further proceedings.
