The Federal Capital Territory High Court in Maitama, Abuja, on Monday granted bail in the sum of ₦2 billion to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in connection with an eight-count charge bordering on the unlawful acquisition of a 753-unit housing estate and alleged financial crimes.
Emefiele, who appeared before Justice Yusuf Halilu, was accused by the Economic and Financial Crimes Commission (EFCC) of colluding with a fugitive, Eric Ocheme, to acquire the estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, through illicit means. He also faces allegations of controlling billions of naira through proxy accounts.
The case, marked CR/350/25, was filed by the EFCC on May 30, 2025. Prosecution was led by Rotimi Oyedepo (SAN), while Emefiele’s defence team was headed by Matthew Bukka (SAN).
During proceedings, Oyedepo informed the court that Emefiele was being arraigned on eight charges and sought an accelerated trial. Bukka, however, challenged the court’s jurisdiction and called for the matter to be struck out, arguing that the charges did not establish a direct link between Emefiele and the alleged offences.
Justice Halilu ruled that the defendant must enter a plea before any objections could be entertained. Emefiele pleaded not guilty to all charges, including unlawful property acquisition and handling suspected proceeds of crime.
While the prosecution requested that Emefiele be remanded in custody, Bukka cited the defendant’s record of compliance with previous bail terms in three earlier criminal cases and filed a fresh bail application on June 13.
Though Oyedepo did not oppose bail, he urged the court to impose stricter conditions due to the severity of the charges.
Justice Halilu, citing constitutional provisions on presumption of innocence, granted bail under the following conditions: Emefiele must provide two sureties resident in Abuja who own properties worth ₦2 billion in Maitama, Asokoro, Wuse, or Life Camp. He must also deposit his travel documents with the court.
The judge ruled that failure to meet the conditions by Wednesday would result in Emefiele being remanded. He also allowed the former CBN governor to be released to his legal team pending the perfection of the bail — a move Oyedepo opposed but was overruled by the court.
The case was adjourned to July 11, 2025, for continuation of trial.
