Alleged N7.8bn Property Fraud: Witness Tells Court How Billions Were Deposited For Emefiele

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Oscar Okhifo

A prosecution witness for the Economic and financial crimes commission (EFCC), has told an Abuja High Court how he allegedly deposited billions of naira into accounts linked to companies said to be connected with former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the ongoing trial over an alleged N7.8 billion fraud case.

NAIJAONPOINT , a former Zenith Bank employee, made the disclosure while appearing before the Federal Capital Territory High Court, Maitama, where Emefiele is facing charges bordering on criminal breach of trust, forgery, conspiracy and unlawful possession of property.

The Economic and Financial Crimes Commission (EFCC) had alleged that the former CBN governor used proxies and corporate entities to conceal ownership of funds and assets, including a 753-unit housing estate in Abuja.

Testifying before Justice Yusuf Halilu, NAIJAONPOINT said he was involved in several financial transactions involving large sums of money, which he claimed were carried out based on instructions allegedly linked to Emefiele through his aide, Eric Ocheme.

Ocheme, who is also listed as a defendant in the case, is currently said to be at large.

NAIJAONPOINT told the court that the transactions involved accounts belonging to companies connected with the alleged property arrangements, adding that he processed the payments based on instructions communicated through Ocheme.

During cross-examination, NAIJAONPOINT clarified that he did not receive money directly from Emefiele, but alleged that the former CBN governor issued instructions through phone communications for certain transactions to be carried out.

“I have not seen the first defendant giving money to Mr Ocheme, but he gives instructions through his phone to carry out transactions,” NAIJAONPOINT told the court.

NAIJAONPOINT further explained that the funds were moved through accounts belonging to companies involved in the alleged transactions, providing details of how the payments were processed.

Earlier in the proceedings, another prosecution witness, a Zenith Bank compliance officer, had testified about deposits made into accounts belonging to companies including MG Properties Limited, Ifedigo Integrated Services and Kelvito Integrated Services.

However, the compliance officer admitted during testimony that Emefiele’s name did not appear on the account-opening documents of the companies and that the records presented before the court did not directly identify him as the owner of the accounts.

The EFCC had accused Emefiele of using third parties and corporate entities to acquire properties allegedly linked to proceeds of unlawful transactions, including the Abuja housing estate.

The former CBN governor has pleaded not guilty to the charges and has consistently denied any wrongdoing, insisting that the allegations against him are unfounded.

The trial continues as the prosecution presents further witnesses and evidence in support of its case.