Alleged fraud: Witness narrates how Emefiele moved funds into family company accounts

The business relationship manager of Zenith Bank Plc, Mrs. Ifeoma Ogbonna, on Tuesday told Ikeja Special Offences Court in Lagos how the former Governor of the Central Bank of Nigeria, Godwin Emefiele, used his companies to secure several contracts from the apex bank.

Emefiele, is standing trial for alleged abuse of office and illegal allocation of $4.5bn, N2.8bn, while he was the CBN governor.

The embattled former CBN governor is facing 26 counts alongside his co-defendant, Henry Isioma Omoile, before Justice Rahman Oshodi, preferred against them by the Economic and Financial crimes commission.

Ogbonna who is the fifth prosecution witness told the court that she never had any dealings with the ex CBN governor but that she was receiving instructions from his wife Mrs Margaret Emefiele to transfer cash flow from CBN into their private companies Zenith Bank account.

She said that apart from Mrs. Emefiele she also receives instructions from two other people one John Ogah and Mr. Opeyemi Oludimu, who works for the Emefieles but is now late.

The witness who was led in evidence in chief by the EFCC prosecution counsel Mr. Rotimi Oyedepo, SAN, told the court how she received the instructions via her official email, and other time through phone calls and WhatsApp.

She told Justice Oshodi that the companies that received the cash flow from CBN, were Limelight multidimensional Ltd, Come support services Ltd, Ambswin resources Ltd and Magofarm.


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The witness testified that it was one Emmanuel that opened the accounts for Emefiele’s companies but that it was taken over by new signatories in 2021.

She said the two signatories to the accounts were one Stephen and Mrs. Patricia but that all transfer instructions that came to that account was instructed by Mrs. Emefiele.

“Whenever she sends us instructions or sends it through the other two people that works with them, I usually confirm from her.

“Limelight manages the facilities of CBN, located at Alakija. All transactions pertaining to power and fixing things that are not working was always done by the vendors.

“They have printing and miniting company located at Ikoyi. For Kome, they were also facilities for the CBN guest house in Ikoyi.”

Ogbonna further told the court that between March 9, and 11, 2015, the account received several cash flow from CBN.

“On February 22, 2021, there was a cash flow of N42,988,758.75 from CBN. On July 21, 2022, there was a cash flow of N37,279,964.70. On October 21, 2022, there was a credit flow of N44,641,077.60, and on May 10, 2023, there was a cash flow of N93,100,000, from CBN, among others.

Earlier Justice Oshodi granted Emefiele’s request to recall the first prosecution witness Monday Osazuwa for re- cross examination.

However, the case was adjourned till July 10, for the continuation of trial.

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