The Federal Capital Territory High Court in Maitama, Abuja, has granted bail to former Central Bank of Nigeria Governor, Godwin Emefiele, in the sum of N2 billion. This decision comes after Emefiele was arraigned on eight counts bordering on the alleged unlawful acquisition of a 753-unit housing estate and embezzlement of billions of naira through proxy accounts.
The Economic and Financial Crimes Commission (EFCC) accused Emefiele of colluding with one Eric Ocheme, who is reportedly at large, to acquire the property and funds. The property in question is located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. Emefiele pleaded not guilty to all eight counts, including unlawful acquisition of property and control of large sums of money suspected to be proceeds of crime.
During the proceedings, the prosecution, led by Rotimi Oyedepo (SAN), informed the court that the matter was scheduled for arraignment on an eight-count charge. However, the defense team, led by Matthew Bukka (SAN), challenged the court’s jurisdiction, arguing that the charges did not directly link the defendant to the alleged offenses. Justice Yusuf Halilu ruled that the defendant’s plea must be taken before other applications could be considered, citing the distinction between criminal and civil proceedings.
After Emefiele’s plea, the court granted bail in the sum of N2 billion, with two sureties who are residents of Abuja and own landed properties valued at N2 billion within the jurisdiction of the court. The sureties must be located in specific areas, including Maitama, Asokoro, Wuse, or Life Camp. In the event of a bail jump, the properties would be forfeited to the Federal Republic of Nigeria. Emefiele must also submit his travel documents to the court.
The court adjourned the matter to July 11, 2025, for further hearing. If the bail conditions are not met by the following Wednesday, Emefiele would be remanded in custody. The court granted Emefiele’s request to be handed over to his legal team pending the perfection of bail, despite the prosecution’s objection.
This is the fourth criminal charge brought against Emefiele by the Federal Government. The court considered Emefiele’s consistent compliance with previous bail conditions when granting bail. The prosecution had requested an accelerated trial, citing the Administration of Criminal Justice Act, while the defense urged the court to grant bail on the same terms as those previously granted in other cases.
