Justice Halilu Yusuf of the Federal Capital Territory High Court on Monday approved bail for former Central Bank of Nigeria Governor Godwin Emefiele in the sum of ₦2 billion following his arraignment on an eight-count charge related to the alleged illegal acquisition of a 753-unit housing estate in Abuja. Emefiele pleaded not guilty to the charges, which include conspiracy to acquire the property through proxy accounts and misappropriation of billions of naira.
In granting bail, Justice Yusuf noted that Emefiele had already been granted bail in three other ongoing criminal cases and had not violated any bail conditions. The court ordered that Emefiele must present two guarantors who each own property valued at ₦2 billion within the court’s jurisdiction, specifically in Asokoro, Maitama, or Wuse 2 areas of Abuja. The sureties are also required to undertake to ensure Emefiele’s appearance throughout the trial, with the threat of imprisonment if he absconds.
The Economic and Financial Crimes Commission (EFCC) accused Emefiele and co-defendant Eric Ocheme, who is currently at large, of unlawfully controlling the property located at Plot 109, Cadastral Zone C09, Lokogoma District, covering approximately 150,462.86 square meters. The EFCC also alleged that the defendants transferred billions of naira through proxy bank accounts, constituting a breach of public trust.
The court directed that Emefiele submit his travel documents and meet all bail conditions by Wednesday, June 18, 2025, or face remand in custody. The case was adjourned until July 11 for continuation. Emefiele’s legal team, led by Matthew Burkaa SAN, represented him during the proceedings, while the EFCC was represented by Rotimi Oyedepo SAN.
