The trial of the former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, continued on Wednesday, January 21, 2026, before Justice Yusuf Halilu of the Federal Capital Territory, FCT, High Court, Maitama, Abuja, with detailed testimonies from the third and second prosecution witnesses, shedding light on alleged complex cash movements and bank transactions running into billions of naira.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties suspected to be proceeds of crime to the tune of ₦7,831,002,396.

Led in evidence by Rotimi Oyedepo, SAN, the witness, Prosecution Witness 3, PW3, Richard Agulu, a staff of the Nigerian Communications Commission, NCC, told the court that he joined the Commission in 2023 after working with Zenith Bank from July 2007 to March 2023. He said he served in the Maitama branch of the bank and some others.

Agulu recalled that while he was at Zenith Bank, Jim Ovia was the Managing Director before Godwin Emefiele took over the position. According to him, Emefiele regularly visited the Abuja branches and left Zenith Bank in 2014 when he was appointed Governor of the CBN.

The witness also told the court that he knew one Eric Ocheme, who was a staff of Zenith Bank before moving to the Central Bank of Nigeria to work as Emefiele’s personal assistant.

Explaining the nature of his dealings with the defendant, PW3 said that while at Zenith Bank, staff salaries and entitlements were paid through accounts domiciled with the bank. He added that, in the course of his duties, transactions occurred involving Emefiele and Eric.

“My Lord, Mr. Eric, as the personal assistant to the defendant, used to run errands for him. On the defendant’s instruction, I used to receive cash from Eric and disburse same when needed,” he testified.

According to PW3, the cash he received was either warehoused in the bank’s vault or deposited into certain accounts. When asked on whose behalf he received the funds, he stated clearly that he received the cash on behalf of the defendant, Godwin Emefiele.

Although he acknowledged that Emefiele had an account with Zenith Bank, PW3 said the funds were not paid into the defendant’s personal account but were kept and disbursed strictly based on instructions conveyed through Eric.

PW3 was shown Exhibits B, C and D and identified Exhibit B as the account of Ifeabigo Integrated Services. He told the court that the account belonged to a friend of his, Mr. Peters Adebayo, a businessman involved in construction, agency and merchandising, who resides in Abuja.

The witness said that between 2020 and 2022, he lodged several sums into the Ifeabigo Integrated Services account using funds he received from Eric on behalf of the defendant. He then proceeded to analyse the transactions in chronological order.

According to him, on February 3, 2021, two transfers of ₦20 million and ₦30 million, totaling ₦50 million, were paid into the account. This was followed by a ₦25 million transfer on February 24, 2021.

On March 4, 2021, PW3 said he personally deposited ₦19 million and ₦12.5 million in cash. On March 9, 2021, further deposits of ₦14 million and ₦9 million were made. On March 31, 2021, ₦50 million was received by transfer, while an additional ₦30 million was deposited in cash on the same day.

He told the court that on April 15, 2021, ₦24 million was deposited in cash, while on April 21, 2021, two transfers of ₦99 million each were credited into the account. On May 10, 2021, ₦19 million and ₦13 million were deposited, and on June 17, 2021, a transfer of ₦72 million was received.

The witness testified that on June 28, 2021, multiple deposits totaling ₦60 million were made, followed by a cash deposit of ₦50 million on July 1, 2021. On July 12, 2021, two cash deposits of ₦100 million and ₦70 million were lodged, while a transfer of ₦99 million followed on July 14, 2021.

According to the witness, on August 18, 2021, he deposited ₦40 million and ₦45 million in cash. On August 25, 2021, eight deposits were made into the account, comprising six deposits of ₦50 million each, as well as ₦25 million and ₦5 million.

PW3 told the court that on the same August 25, 2021, acting on instructions from the defendant through Eric, he transferred ₦600 million and ₦300 million from the Ifeabigo Integrated Services account to MG Properties Limited.

He further identified Exhibit C as the account of Kelvito Integrated Services and said that ₦700 million was transferred from that account to MG Properties Limited on the same day.

In his words, “I transferred a total sum of ₦1.6 billion to MG Properties Limited on the defendant’s instruction through Mr. Eric.”

He added that additional transfers of ₦90 million, ₦85 million and ₦50 million were received into the account on August 25, 2021, while on August 30, 2021, three deposits of ₦50 million, ₦60 million and ₦50 million were made.

PW3 further testified that on September 2, 2021, four transfers of ₦92 million, ₦91 million, ₦93 million and ₦24 million were received into the account from Ace Frozen Foods Ventures. On the same day, he said there were structured cash withdrawals involving 22 withdrawals of ₦10 million each and one withdrawal of ₦5 million.
“Mr. Eric came to pick the cash, and I made the withdrawals for him,” he said.

According to PW3, deposits and transfers continued through October, November and December 2021 and into January 2022, involving repeated cash lodgments and account-to-account transfers, all of which he said he carried out on behalf of the defendant through Eric.

He explained that during some of the deposits, he instructed bank staff to use the narration “CD/Peter Adebayo,” being the name of the account signatory, to reflect the lodgments.

PW3 also told the court that similar cash transactions occurred in Exhibit C, the Kelvito Integrated Services account, including multiple cash deposits on August 25, 2021, and the ₦700 million transfer to MG Properties Limited.

Asked what the ₦1.6 billion transferred to MG Properties was meant for, the witness said he did not know the purpose of the payment at the time.

He further disclosed that he was invited and questioned by the EFCC over the transactions.

“I was confronted with these transfers by the EFCC, and I confirmed that I was instructed to make the transfers to MG Properties by Eric on behalf of the defendant. I do not know the purpose of the transfers,” he said.

Under cross-examination, PW3 confirmed that he worked in the banking sector for 17 years and agreed that only account holders or authorised signatories could lawfully approve withdrawals. He added that, in the transactions he described, the owners and signatories to the accounts authenticated the withdrawals.

Earlier in the proceedings, the prosecution also called Olomotam Egoro, a compliance officer with Access Bank, as Prosecution Witness 2 (PW2).

Egoro told the court that he joined Access Bank in May 2020 and that his duties include handling regulatory enquiries and liaising with law enforcement agencies. He testified that sometime in June 2025, Access Bank received a request letter from the EFCC concerning the account of Ace Frozen Foods Ventures.

According to him, the EFCC requested the customer’s account details, mandate, statement of account from inception to May 2025 and a certificate of identification. He said his team processed the request by retrieving the account information from the bank’s system and responded formally to the EFCC.

PW2 identified the bank’s response dated May 29, 2025, which was tendered and admitted in evidence as Exhibit E. Under cross-examination, he confirmed that the name of the defendant did not appear anywhere in the documents.

He further told the court that the mandate holders of the Ace Frozen Foods Ventures account were Kamaru Lasisi and Raphael Ibhafidon Uguomore, adding that the documents did not disclose the individual owners of the company.

Justice Halilu thereafter adjourned the matter to February 16, 2026, for continuation of trial and further cross-examination.

Operatives of the Department of State Services (DSS) have released Ogun State-based pastor Kayode Olawoye and two of his associates, Johnson Idowu and Korede Oluwadare, following intense public outcry.

Olawoye became an internet sensation following his exposé on the poor state of some roads in Ogun State, which he had repeatedly drawn to the attention of the state government.

A family source close to Olawoye confirmed his release in a telephone conversation with PUNCH Metro on Tuesday.

In an earlier interview with our correspondent, Olawoye’s family had raised concerns over his detention after he was allegedly invited by the DSS.

Speaking with PUNCH correspondent earlier on Tuesday, Olawoye’s wife, Shola Olawoye, said her husband received a phone call from the DSS on Sunday evening, asking him to report to its Ogun State office by 2 p.m. on Monday, January 19, 2026.

According to her, the officials described the invitation as a “friendly interrogation visit,” assuring him that it was nothing serious.

She said Olawoye arrived at the DSS office at about 1:30 p.m. on Monday but was held without family members having access to him, adding that several efforts made to reach him proved abortive.

She also noted that two other associates, Benjamin Olaleye and Joshua, who accompanied him to the DSS office, were also detained.

“I have not been able to speak with him since he entered the office. I don’t know his condition—whether he has eaten or even taken water. The people who went with him also had their phones seized, and we have not heard from any of them,” she said.

Shola said that while she was at the DSS office to inquire about her husband’s welfare, she was told to leave and return later, with assurances that he would be released after questioning.

She added that she waited until late Monday night and into Tuesday morning without receiving any update on his status, adding that the detention may be linked to his continued advocacy for the improvement of road infrastructure across the state.

She continued, “This is a man who is fighting for grassroots governance. He is not a criminal. He is not fighting or abusing the governor. He is not anti-politics, anti-peace, or protesting. He is simply saying, ‘Our governor should fulfil his campaign promises.’ That is all he is doing, and I don’t understand when being civil became a crime in my state.

“I do not know when being civil and asking for your rights turned into a criminal offence. He has been detained as if he were a criminal. Bandits are on TikTok and everywhere, yet the DSS has not detained any of them.

But they have detained my husband since yesterday. It has been almost 24 hours now, and I have not heard anything from him. I need the help of the whole of Nigeria.”

Another family member, who did not want to be named, explained that Olawoye had been invited on two occasions in the past and had always honoured the invitations.

The family source said this was the third time Olawoye had been invited by the DSS, adding that during previous visits, he was questioned about his public commentary on the condition of roads in Ogun State.

The source alleged that DSS officials had repeatedly asked whether he was sponsored to publicise poor road infrastructure in the state, an allegation Olawoye denied, maintaining that he had no sponsor.

“The first time he was invited, I was with him at the meeting. They asked who was sponsoring him to showcase the bad roads that Governor Dapo is not fixing. He replied that nobody was sponsoring him and that he was instructed by God to speak out about the bad roads so that the governor would fix them.

“The second time, they asked him the same question again—that he should name the people sponsoring him. He told them nobody was sponsoring him,” the family member said.

The news of his detention, however, sparked public outcry, with social media users condemning the action.

Reacting to the detention, Amnesty International Nigeria, condemned Olawoye’s detention in a statement on Tuesday.

The human rights advocacy group described the detention as unlawful and abuse of human rights.

The statement read, “The Nigerian authorities must end the incessant intimidation and harassment of Pastor Kayode Olawoye — a cleric widely known for advocating for better road infrastructure in Ogun State.

“Subjecting such a peaceful advocate for good governance to bizarre intimidation by the Department Of State Services is unlawful. The advocacy of Pastor Kayode is justified given the shocking and deplorable state of roads in Ogun — his state. Criticizing Gov. Dapo Abiodun is not crime.

“The authorities have an obligation to uphold and protect fundamental human rights. Instead of investing in desperate attempts to punish activists, the government should be listening to them and doing more to addressing people’s concerns.”

In an update on Tuesday night, the family source told our correspondent that Olawoye and the two associates who were with him had been released.

The source said, “Mr Olawoye and the two associates have been released. They were freed on Tuesday night after more than 24 hours in detention.”

Meanwhile, when contacted on Tuesday, the State Director of the DSS in Ogun State, Peter Afunanya, did not respond to messages sent to his line, nor did he pick calls placed to him as of the time of filing this report.

The governor’s Special Adviser on Information and Strategy, Kayode Akinmade, asked our correspondent to call back when contacted on Tuesday.

He was, however, not reachable as of the time of filing this report.

PUNCH

Nigeria’s banking sector is being reshaped by one of the most ambitious recapitalisation programmes in its history.

If you bank, invest, or do business in Nigeria, understanding how this works and where each bank stands matters.

In 2024, the Central Bank of Nigeria raised minimum capital requirements and introduced three banking “tiers”: regional, national, and international.

Banks have until March 31, 2026, to comply.

Here’s what that means:

International banks need ₦500bn in paid-up capital

National banks need ₦200bn

Regional banks need ₦50bn

Paid-up capital is key. Retained earnings don’t count.

Several banks, including Access Bank, Zenith Bank, GTBank, UBA, Fidelity Bank, and First Bank of Nigeria, have already met the ₦500bn threshold and secured international licences.

Others, such as Stanbic IBTC, Citibank Nigeria, and Wema Bank, have secured national licences and appear focused on domestic operations.

First City Monument Bank, a subsidiary of FCMB Group Plc, sits between these groups. In 2024, it raised ₦147.5bn in a public offer, pushing its banking subsidiary above ₦200bn in paid-up capital and securing its national licence. That means FCMB’s core banking operations are not at risk under the new rules.

The bank is now raising additional capital to reach the ₦500bn mark required for an international licence.

This includes further share sales and shareholder-approved funding options. Regulatory review is ongoing.

Why does this matter to customers? A bank’s licence affects what it can do.

International banks can finance cross-border trade and large projects. National banks focus on domestic lending. Both are viable models.

For FCMB customers, the national licence already ensures continuity.

The international licence would expand services beyond Nigeria into the rest of Africa and the world.

The recapitalisation is also driving mergers, downgrades, and niche strategies across the sector, making Nigeria’s banking system more structured and transparent.

By 2026, the system will be stronger, not because every bank has become international, but because each has chosen a sustainable path.