The Federal Capital Territory High Court sitting in Maitama, Abuja, on Wednesday ordered the remand of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the Kuje Correctional Centre as his trial over alleged financial crimes entered a crucial stage.
The case, presided over by Justice Yusuf Halilu, continued with the testimony of a prosecution witness who detailed how cash transactions and bank transfers amounting to over ₦1.6 billion were allegedly executed on Emefiele’s instructions.
Emefiele is facing an eight-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of properties allegedly linked to proceeds of crime valued at about ₦7.83 billion.
Testifying before the court, Prosecution Witness Three, Richard Agulu, told the court that he previously worked with a commercial bank for over 15 years and handled cash transactions linked to Emefiele while the latter was in public office.
According to the witness, the transactions were carried out through instructions relayed by a close associate of the former CBN governor. He stated that the funds were not paid into Emefiele’s personal account but were instead lodged into company accounts and later transferred to other corporate entities.
Agulu further informed the court that between 2020 and 2022, several large cash deposits and electronic transfers were made, including a ₦1.6 billion transfer executed in a single day to a property development company.
He told the court that although he carried out the transactions as instructed, he was not aware of the purpose for which the funds were transferred. The witness added that he later confirmed the transactions during investigations by anti-graft authorities.
Earlier testimony from another prosecution witness revealed that banking documents supplied to investigators did not bear Emefiele’s name directly, a development that formed part of ongoing arguments in the case.
Following proceedings, Justice Halilu adjourned the matter to February 16, 2026, for continuation of trial and further cross-examination of witnesses, while ruling on the former apex bank chief’s bail application was reserved.
The case remains one of Nigeria’s most closely watched financial crime trials, with significant implications for accountability and governance in public office.
