A former employee of Zenith Bank has testified in court that bank management authorized more than N5 billion in transfers through an oral waiver, bypassing standard written protocols.
The testimony was delivered Tuesday at the Federal Capital Territory High Court in Abuja during the trial of former Central Bank of Nigeria Governor Godwin Emefiele.
Richard Agulu, the witness, stated he received direct verbal instructions from bank executives to process the significant fund movements.
The revelation highlights potential internal control weaknesses at one of Nigeria's most prominent financial institutions, raising questions about compliance adherence during the period in question.
The case centers on allegations of irregularities in foreign exchange transactions and fund transfers involving the central bank and commercial lenders.
Zenith Bank, as a key player in Nigeria's banking sector, faces heightened scrutiny as the trial progresses.