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Zenith Bank Manager Testifies in Emefiele Trial Over Alleged Financial Transactions

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cc: Emefiele

Mrs. Ifeoma Ogbonnaya, an Assistant Manager at Zenith Bank Plc, testified in the Ikeja Special Offences Court about alleged financial irregularities involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and his wife, Margaret Emefiele. She detailed how funds were purportedly transferred through Zenith Bank to companies linked to Mrs. Emefiele, including Amswing Resources and Solution, Limelight Dimensional Service Ltd., Omec Support Service Ltd., and Mango Farm. Ogbonnaya, who joined Zenith Bank in 2006 and serves as a Business Relationship Manager, stated that she received instructions from Mrs. Emefiele and others associated with her to facilitate these transactions.

According to Ogbonnaya, the transactions involved significant sums, such as ₦18.9 million and ₦1.8 million in March 2015, and subsequent flows including ₦43 million in February 2021, ₦37.3 million in July 2022, ₦44.6 million in October 2022, and ₦93.1 million in May 2023, among others. She testified that all transactions underwent verification and approval by Mrs. Emefiele before processing, often communicated through email, phone calls, and WhatsApp.

The prosecution presented documents supporting these claims, which were admitted into evidence without objection from the defense. Emefiele, who faces charges related to abuse of office and financial misconduct during his tenure at the CBN, has pleaded not guilty. The trial is set to continue on July 10, following procedural discussions in court.


 

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“You Can Still Have Subsidy Without Long Queues” — Rufai Oseni Speaks On Subsidy

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TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.

“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.

“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.


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Sanwo-Olu Speaks on Lagos’ Power Challenges and the Need for Change

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Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.

He speaks on ways things can change in the state and how electricity can be provided.

“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”

“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.

“We take two steps forward, we go five steps backward,” he said.

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Sanwo-Olu Declares August 20 Public Holiday in Lagos for Isese Festival

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Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.

Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.

He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.


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