Emefiele Fraud Trial: EFCC Witness Admits No Evidence Ties Former CBN Governor to Bank Accounts

Abuja, Nigeria — The ongoing trial of former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, took a dramatic turn on Friday as the first prosecution witness called by the Economic and Financial Crimes Commission (EFCC) failed to establish any direct link between Emefiele and the bank accounts allegedly used for property transactions at Zenith Bank.

Emefiele, who served as CBN governor between 2014 and 2023, is facing multiple charges bordering on property fraud, abuse of office, and money laundering. The charges relate to a sprawling real estate project located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja — a 150,462.86-square-metre development reportedly comprising 753 housing units.

Alongside a co-defendant identified as Mr. Eric Ocheme (currently at large), Emefiele is accused of unlawfully controlling several billions of naira through proxy corporate accounts domiciled at Zenith Bank Plc.

Witness Could Not Identify Account Owners

At the resumed hearing before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, prosecution witness Mshelia Arhyel, a compliance officer at Zenith Bank, was led in evidence by EFCC counsel Rotimi Oyedepo, SAN.

Arhyel detailed how deposits and fund transfers were made into the accounts of MG Properties Limited, Ifedigo Integrated Services, and Kelvito Integrated Services — three firms alleged to be linked to the fraudulent property deal.

He also identified depositors and beneficiaries of the transactions, including Chukwuma Opara, Peters Adebayo, and one Wilson.

However, under cross-examination by Emefiele’s lead counsel, Matthew Burkaa, SAN, the witness admitted that he did not know the owners of the said accounts.

When asked whether he had ever made a statement to the EFCC regarding the accounts, Arhyel responded that he had not, adding that he was unaware he would be called to testify.

He further confirmed signing a certificate of compliance on May 29, but said he did not know it would later be tendered as evidence in court.

Crucially, when Burkaa asked whether Emefiele’s name appeared on any of the account opening documents, the witness replied, “No.”

Court Adjourns as Emefiele Challenges Jurisdiction

Following the cross-examination, Justice Halilu adjourned the matter until November 26, 2025, for continuation of the trial.

Earlier, the defence had filed a preliminary objection, challenging the court’s jurisdiction on the grounds that Emefiele was “not in any way linked to the charges.”

Burkaa urged the court to quash the charges, arguing that they were based on speculative evidence and lacked credible connection to the defendant.

In his response, EFCC counsel Oyedepo opposed the motion, insisting that the prosecution had established sufficient grounds to proceed.

After hearing both parties, Justice Halilu ruled that the trial would continue, noting that the defence’s objections would be considered in due course.

Breakdown of the Charges

In the first count, the EFCC alleged that Emefiele and Ocheme knowingly controlled a housing estate suspected to have been unlawfully acquired.

In subsequent counts, the defendants were accused of possessing ₦167 million, ₦1.23 billion, ₦900 million, and ₦600 million — all lodged in accounts belonging to Kelvito Integrated Services and Ifedigo Integrated Services, allegedly proceeds of unlawful activities.

The EFCC claims the funds were used to finance the acquisition and development of the Lokogoma property, which investigators say was traced to a network of shell companies and proxies.

Background: Emefiele’s Mounting Legal Troubles

This case adds to a growing list of legal battles facing the former apex bank governor since his suspension and subsequent arrest in 2023 under the current administration.

Emefiele, who was once celebrated for his aggressive monetary policies and currency reform efforts, now faces a web of corruption allegations, including abuse of office, procurement irregularities, and unlawful retention of public funds.

While he has consistently denied any wrongdoing, the ongoing prosecutions have raised critical questions about accountability and governance within Nigeria’s financial institutions.

By Naija247news Political & Legal Affairs Desk

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Reporting by Peter Anene, Business Editor in Lagos, Nigeria.