A Federal Capital Territory (FCT) High Court in Abuja has granted former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, bail in the sum of N2 billion in connection with fresh charges of property fraud.
Justice Yusuf Halilu granted the bail on Monday following Emefiele’s arraignment by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge related to alleged unlawful control of 753 duplexes located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The property, covering 150,462.86 square metres, is said to contain 753 housing units.
Emefiele pleaded not guilty to the charges.
His counsel, Mathew Burkaa (SAN), applied for bail, which was not opposed by EFCC counsel Rotimi Oyedepo (SAN), although Oyedepo requested the removal of certain paragraphs from the bail application, which the court approved.
Justice Halilu stated that bail is a constitutional right and noted that Emefiele had previously been granted bail by two other judges without violating the conditions.
“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents, already before Justice Muazu, are hereby attached as part of the condition,” he ruled.
The court ordered Emefiele to provide two sureties who must reside in Abuja and own landed properties within Asokoro, Maitama, or Wuse 2, valued at N2 billion each. The sureties must also undertake to produce Emefiele in court throughout his trial or risk imprisonment if he absconds.
Emefiele was given until Wednesday, June 18, to meet the bail conditions or be remanded in custody. The case was adjourned to July 11 for continuation.
The EFCC’s charge, numbered CR/358/2025, accuses Emefiele and a co-defendant identified only as “Ocheme” (currently at large) of unlawful possession and control of property and funds suspected to be illegally acquired.
Counts in the charge include the alleged unlawful control of N167 million, N1.23 billion, N2.9 billion, and N1.98 billion, all domiciled in accounts under the name Kelvito Integrated Services with Zenith Bank. They are also linked to N900 million and N600 million found in another account operated by Ifedigo Integrated Services.
In addition, 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.
According to the EFCC, the alleged offences contravene Sections 319, 362, and 364 of the Penal Code.
(NAN)