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Millions flowed from CBN to Emefiele’s wife, court hears

Banker details transactions, companies used in alleged scheme

A Zenith Bank Assistant Manager, Ifeoma Ogbonnaya, testified in court that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele used his position to transfer substantial sums of money to his wife, Margaret Emefiele.

The News Agency of Nigeria (NAN) reports that while testifying in Emefiele’s trial for alleged abuse of office and fraud, Ogbonnaya explained how the former utilized Zenith Bank to channel millions of naira to his wife through several companies.

The companies included Amswing Resources and Solutions, Limelight Dimensional Service Ltd., Omec Support Service Ltd., and Mango Farm.

Ogbonnaya, who also serves as a Business Relationship Manager, clarified that although she did not interact directly with Emefiele, she received instructions from his wife, as well as two other individuals connected to him, to transfer funds from CBN accounts to private company accounts at Zenith Bank.

She asserted that Margaret Emefiele was the ultimate beneficiary of these accounts, personally authorizing all transactions. Ogbonnaya received transfer instructions via email or through intermediaries, but always with Margaret Emefiele’s final approval.

Read also: Group condemns placing Emefiele’s wife on wanted list

The witness detailed specific instances of large sums, totalling millions of naira, being transferred from the CBN to these companies between 2015 and 2023.

Ogbonnaya communicated with Margaret Emefiele about these transactions through various channels, including email, phone calls, and WhatsApp. Documentation of these transactions, originating from Ogbonnaya’s work computer, was presented as evidence in court.

While Ogbonnaya provided her account number used for communication with Margaret Emefiele, she needed to retrieve some digits from her phone, a request challenged by the defence.

This testimony, given on Tuesday, July 9, is part of a larger trial where Emefiele faces accusations of abuse of office, bribery, and fraudulent activities during his tenure as CBN Governor. The trial is ongoing, with further proceedings scheduled for Wednesday, July 10.

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