A Federal Capital Territory High Court in Abuja has granted former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, bail in the sum of ₦2 billion.
The bail came on Monday in a fresh case involving alleged fraudulent control of over 700 housing units in Abuja.
Emefiele, who served as CBN governor for nearly a decade, is facing an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The charges centre on a vast estate reportedly comprising 753 duplexes located at Plot 109, Cadastral Zone C09, Lokogoma District in Abuja. The property spans over 150,000 square metres and is allegedly linked to him and a co-accused, “Ocheme,” who is currently on the run.
Appearing before Justice Yusuf Halilu, Emefiele pleaded not guilty when the charges were read out.
His lawyer, Mathew Burkaa, SAN, immediately asked the court to grant bail—an application the prosecution, led by Rotimi Oyedepo, SAN, did not oppose. However, Oyedepo asked that certain paragraphs in the bail application be struck out. The court agreed to that request.
While ruling, Justice Halilu reminded the court that granting bail is not a favour but a constitutional right. He noted that Emefiele had already been granted bail in similar cases by two other judges and had kept to the conditions set.
“I admit the defendant to bail on the terms and conditions that the defendant’s travel document, which is already before Justice Muazu, is hereby attached as part of the condition,” the judge ruled.
He added, “The defendant shall provide two sureties who must be residents of Abuja within the jurisdiction of this court. The sureties must own a landed property within the jurisdiction of this court, precisely in Asokoro, Maitama, and Wuse 2, which is valued at ₦2 billion.”
The judge further stressed that the sureties must sign an undertaking to ensure Emefiele appears in court throughout his trial. “In the event the defendant jumps bail, they (sureties) will be put in prison,” he warned.
Emefiele has until Wednesday, 18 June, to meet the bail conditions or risk being remanded in custody. The case was adjourned to 11 July for further hearing.
According to the EFCC, Emefiele and his co-accused allegedly controlled several bank accounts holding large sums of money, suspected to be proceeds of unlawful activities.
Among the financial allegations, the duo were said to have: held ₦167 million in an account belonging to Kelvito Integrated Services; had control over ₦1.23 billion and another ₦2.9 billion in the same company’s Zenith Bank account; held ₦1.98 billion in the same account between January and December 2022; and had ₦900 million and ₦600 million in accounts belonging to Ifedigo Integrated Services.
In the eighth count, Emefiele alone was accused of forging a document in January 2021 titled Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited. According to EFCC, the intention was to deceive others into believing the document was issued by H and Y Business Global Limited.
All the offences are said to contravene sections 319, 362, and 364 of the Penal Code Law. The charge is marked CR/358/2025.
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