A prosecution witness in the ongoing trial of former Godwin Emefiele has revealed before the Federal Capital Territory (FCT) High Court in Maitama, Abuja, that standard banking procedures were repeatedly waived to facilitate the deposit and disbursement of billions of naira allegedly linked to the former Central Bank of Nigeria (CBN) governor.
The witness, Richard Agulu, a former Zenith Bank employee who currently works with the Nigerian Communications Commission (NCC), testified on Tuesday as the third prosecution witness in the case filed by the Economic and Financial Crimes Commission (EFCC).
Agulu disclosed that senior officials at Zenith Bank verbally approved waivers that allowed transactions outside the bank's established operational procedures. According to him, the waivers enabled the movement of large sums of money linked to Emefiele through accounts allegedly used as proxies.
Witness Identifies Former Zenith Bank Executive
During cross-examination by defence counsel Matthew Burkaa (SAN), Agulu identified Macaulay Ihekoronya, the bank's former Head of Operations, as one of the officials who approved the controversial waivers.
He told the court that instructions from his superiors, including Ihekoronya, enabled him to process deposits, transfers, and cash lodgements outside regular banking hours without written approval.
The witness admitted that some of the transactions were conducted contrary to normal banking procedures but insisted they were carried out under verbal waivers granted by senior officials.
"I was not given written approval, but I received verbal waivers from my superiors to handle the defendant's transactions," Agulu told the court.
Funds Allegedly Moved on Emefiele's Instructions
Agulu testified that he regularly received instructions from Emefiele through the former CBN governor's personal assistant, Eric Ocheme, who is currently said to be at large.
According to the witness, he received cash from Ocheme, deposited the funds into designated accounts, and supervised transfers based on instructions allegedly originating from Emefiele.
He also confirmed supervising the transfer of approximately ₦1.6 billion to MG Properties Limited following instructions allegedly communicated through Ocheme.
The witness added that withdrawals from accounts belonging to Kelvito Integrated Services and Ifeadigo Integrated Services were authenticated by the registered account owners and authorised signatories.
Defence Questions Witness Over Banking Procedures
The defence repeatedly questioned why Agulu failed to comply with Zenith Bank's operational guidelines governing cash deposits.
When confronted with the bank's policy manual, which outlines procedures such as cash counting, verification, and approval by supervising officers, Agulu argued that the policy presented in court had become obsolete before he left the bank.
He maintained that while standard procedures existed, exceptional cases involving waivers allowed transactions to proceed differently.
"There are different scenarios for different transactions," he explained.
However, when asked which official policy authorised such exceptions, Agulu acknowledged that there was no written policy, only verbal waivers.
Court Intervenes After Witness Hesitates
Proceedings took a dramatic turn when Agulu initially declined to identify the official who approved the waivers.
"I do not want to put anyone in trouble," he told the court.
Trial judge Justice Yusuf Halilu intervened, describing the matter as one of fairness and urging the witness to answer the question.
Following further prompting, Agulu eventually identified former Head of Operations Macaulay Ihekoronya as the official who granted the approvals.
The exchange sparked objections between prosecution and defence lawyers, with moments of laughter in the courtroom before proceedings resumed.
Witness Admits Personally Granting Waiver
In another significant revelation, Agulu admitted that on one occasion he authorised a cash lodgement on behalf of account holders without receiving approval from any superior officer.
Asked who authorised that particular transaction, he responded:
"There was no officer who authorised me to do so; in that case, I did it on my own."
He confirmed that the EFCC was aware of his actions but stated that he had not been charged over the transactions.
The defence questioned why he had not faced prosecution, but the EFCC argued that determining whom to charge remained solely within the commission's powers.
EFCC Alleges ₦7.8 Billion Fraud
The EFCC is prosecuting Emefiele on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, unlawful possession of suspected proceeds of crime, and other financial offences involving approximately ₦7.8 billion.
The anti-graft agency alleges that billions of naira linked to the former CBN governor were concealed in proxy accounts operated through Kelvito Integrated Services and Ifeadigo Integrated Services at Zenith Bank.
The commission further alleges that Emefiele used proceeds of crime to unlawfully acquire a housing estate comprising 753 residential units in Abuja while serving as CBN governor.
Although the estate has already been ordered forfeited to the Federal Government in a separate proceeding, Emefiele is currently challenging that decision on appeal.
Witness's Relationship With Company Director Examined
The defence also revisited Agulu's relationship with Peter Adebayo, owner of Ifeadigo Integrated Services.
Documents presented before the court reportedly listed both Agulu and Adebayo as directors of Rites Impex Project Limited.
While acknowledging the registration, Agulu insisted the company never commenced operations.
The defence sought to establish a business relationship between the witness and Adebayo as part of its cross-examination.
Case Adjourned
Following the conclusion of Agulu's testimony, Justice Yusuf Halilu discharged the witness and adjourned further proceedings in the case until 3 November.
Emefiele has consistently denied all allegations brought against him and maintains his innocence as the trial continues.