CRIMEFEATUREDNATIONAL

How Emefiele Uses Zenith Bank To Launder $4.5bn into Wife Companies

The Economic and Financial Crimes Commission (EFCC) has revealed that the Central Bank of Nigeria (CBN) under Godwin Emefiele transferred funds through Zenith Bank to companies operated by the wife of the former governor.

The EFCC provided details of the questionable transfers during the trial of the former CBN governor for allegedly misusing his office to the tune of $4.5 billion and N2.8 billion.

Mrs. Ifeoma William Ogbonnaya, a marketer and Assistant Manager at Zenith Bank, testified as the fifth prosecution witness.

She identified several large transfers from CBN into companies operated by the wife of the suspended CBN governor.

These companies include Limelight, which manages CBN facilities in Lagos, and Magbo Farms in Ogun State, Mrs. Ogbonnaya stated that she would receive transfer instructions from individuals working with Mrs. Margaret Emefiele and would await final standing order confirmation from Mrs. Emefiele before carrying out the instructions.

Mrs. Ogbonnaya explained that significant amounts of money were credited into the accounts of these companies from CBN on various dates.

The EFCC also pointed out that similar transactions were recorded almost every month across the country, and these inflows were allegedly for services rendered by the companies to the CBN.

The first Defendant,  Olalekan Ojo SAN had prayed to court to recall one of the Prosecutor’s Witness, PWI who had testified running an errands for Emefiele, sending money to clients for cross-examination.

Justice Rahman Oshodi granted the request and subsequently adjourned for continuation of trial.

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Akinlade I. WAHAB is a dedicated journalist and the proprietor of I-WAHAB Media. He embarked on his career at Murhi International TV (MiTV) and subsequently joined Radio Nigeria as a Judicial Correspondent.With a profound interest in legal reporting, he currently holds the positions of Chairman at the National Association of Judicial Correspondents (NAJUC), Ikeja Branch, and Chairman at the Nigeria Union of Journalists (NUJ), Radio Nigeria Chapel.As the owner of I-WAHAB Media, he has successfully established Top Court News, a platform renowned for providing comprehensive coverage of court cases and legal developments, with the aim of promoting transparency within the judicial system.Akinlade's diligent work and unwavering commitment to ethical reporting have earned him immense respect within the Nigerian journalism community.

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