Abuja, Nigeria – The Federal Capital Territory (FCT) High Court in Maitama on Monday granted bail to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the sum of ₦2 billion, following his arraignment on an eight-count charge bordering on the alleged unlawful acquisition of property and embezzlement of public funds.
The charges, filed by the Economic and Financial Crimes Commission (EFCC), accuse Emefiele of conspiring with a fugitive accomplice, Eric Ocheme, to illegally acquire a 753-unit housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, and to launder billions of naira through proxy accounts.
Prosecuting counsel Rotimi Oyedepo (SAN) presented the charges marked CR/350/25, while Matthew Bukka (SAN) led the defence.
At the onset, the defence challenged the court’s jurisdiction, arguing that the charges lacked direct linkage to the former CBN governor. However, Justice Yusuf Halilu dismissed the objection, ruling that a plea must first be taken before any preliminary applications can be entertained.
“There is a clear distinction between criminal and civil proceedings. I cannot take any decision until the defendant takes his plea,” Justice Halilu stated.
Emefiele pleaded not guilty to all charges.
Following the plea, Oyedepo requested an accelerated trial and urged the court to remand the defendant. In response, the defence urged the court to grant bail on similar terms previously granted in other ongoing criminal cases involving Emefiele, citing his consistent compliance with bail conditions.
While the prosecution did not oppose bail, Oyedepo pushed for stricter conditions due to the seriousness of the allegations.
Justice Halilu ruled in Emefiele’s favor, granting bail with the following terms:
- Two sureties resident in Abuja, each owning landed property worth ₦2 billion in Maitama, Asokoro, Wuse, or Life Camp;
- The defendant must submit all travel documents to the court;
- In the event of a bail jump, the surety properties will be forfeited to the Federal Government.
Bukka’s request to release Emefiele into the custody of his legal team pending bail perfection was granted, despite Oyedepo’s objection.
The matter was adjourned to July 11, 2025, for continuation of trial.
