A Federal Capital Territory High Court in Abuja has granted ₦2 billion bail to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in a new case involving alleged property fraud linked to 753 duplexes in Abuja.
Justice Yusuf Halilu, who presided over the case on Monday, ruled in favour of the bail application after Emefiele pleaded not guilty to an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC). The charges center on a large housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, comprising 753 units over 150,462.86 square meters.
Although the EFCC did not oppose the bail request filed by Emefiele’s counsel, Mathew Burkaa (SAN), the prosecution led by Rotimi Oyedepo (SAN) asked the court to strike out some sections of the application—an objection the court upheld.
In his ruling, Justice Halilu noted that bail is a constitutional right and emphasized Emefiele’s previous compliance with bail conditions in other cases. He ordered that Emefiele must present two sureties who are Abuja residents and own properties valued at ₦2 billion within Asokoro, Maitama, or Wuse II. The sureties must also undertake to produce him in court throughout the trial.
The judge further warned that failure to meet the bail conditions by Wednesday, June 18, would result in Emefiele being remanded. The matter was adjourned to July 11 for further proceedings.
The charge, marked CR/358/2025, accuses Emefiele and a co-defendant, Ocheme (currently at large), of unlawful possession and control of property and large sums of money, allegedly held in proxy accounts with Zenith Bank. These include:
- ₦167 million and ₦1.23 billion in Kelvito Integrated Services’ account,
- ₦2.9 billion and ₦1.98 billion in the same account between January and December 2022,
- ₦900 million and ₦600 million in Ifedigo Integrated Services’ account.
Additionally, Emefiele is charged with forging an “Irrevocable Power of Attorney” in January 2021 to misrepresent a document as being authorized by H and Y Business Global Limited.
The EFCC alleges the offences violate sections 319, 362, and 364 of the Penal Code.
