Former Zenith Bank employee Richard Agulu testified to processing over N5 billion in disputed transactions during the trial of former CBN Governor Godwin Emefiele.
Agulu received oral waivers from bank management to bypass standard operational procedures. The witness transferred these funds into accounts linked to an aide of Emefiele.
Transactions occurred outside normal banking hours based on specific instructions received by the witness. Agulu characterized the non-compliant transfers as peculiar in nature.
The testimony places Zenith Bank’s internal controls under scrutiny and exposes the lender to potential regulatory risks.