Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court on Monday granted bail to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in the sum of N2 billion over a fresh eight-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The charges relate to alleged property fraud involving a massive housing estate comprising 753 duplexes located on Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, spanning 150,462.86 square meters.
Emefiele, who appeared before the court, pleaded not guilty to all charges. Following his plea, his counsel, Mathew Burkaa, SAN, applied for bail, which was not opposed by the prosecution counsel, Rotimi Oyedepo, SAN. However, Oyedepo requested that certain paragraphs in the bail application be struck out, a request the court granted.
Delivering the ruling, Justice Halilu emphasized that bail is a constitutional right, noting that the defendant had been granted bail in two other cases and had not violated any of the conditions set.
“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents, which are already before Justice Muazu, are hereby attached as part of the condition,” the judge ruled.
He further ordered that:
Emefiele must provide two sureties, who must be residents of Abuja.
The sureties must own landed property located in Asokoro, Maitama, or Wuse II, with a minimum value of N2 billion.
The sureties are to sign an undertaking to produce the defendant in court throughout the trial.
In the event that Emefiele jumps bail, the sureties will be remanded in custody.
Justice Halilu gave the defendant until Wednesday, June 18, to perfect his bail conditions or risk being remanded in prison. The matter was then adjourned to July 11 for continuation of trial.
The charges, filed under charge number CR/358/2025, allege that Emefiele and one “Ocheme” (currently at large) had control over properties and funds reasonably suspected to be unlawfully obtained, in violation of Section 319 of the Penal Code.
Among the key allegations:
Control of the 753-unit housing estate suspected to be acquired with unlawful proceeds.
Possession of N2.9 billion in account number 1016232915 belonging to Kelvito Integrated Services, domiciled with Zenith Bank Plc.
Unlawful possession of N1.98 billion in the same Kelvito Integrated Services account between January and December 2022.
Additional funds amounting to N900 million and N600 million found in Ifedigo Integrated Services’ account No: 1210750237, also domiciled with Zenith Bank.
In count eight, Emefiele is accused of forging a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” in January 2021, with intent to deceive by making it appear as though it was executed with the authority of H and Y Business Global Limited.
The EFCC stated that the alleged offences contravene provisions of Sections 319, 362, and 364 of the Penal Code.
This latest development adds to a growing list of legal battles faced by the former apex bank governor, who is already standing trial in multiple corruption-related cases.
