•As Court Grants Stringent Bail
The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele, before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, Maitama, Abuja, on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime totalling ₦7.83 billion.
The charges stem from Emefiele’s alleged abuse of his position as CBN governor to unlawfully acquire properties and control substantial funds suspected to be linked to illicit activities.
In the charge sheet presented by the EFCC, Emefiele was accused of collaborating with one Eric Ocheme, who is currently at large, to unlawfully control properties and funds between 2021 and 2022.
One of the counts alleged that the former CBN boss, in August 2021, had control over a property located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja, a parcel measuring over 150,000 square meters, which was “reasonably suspected to have been unlawfully obtained.”
Another charge stated that between January and December 2021, Emefiele and his alleged accomplice had control over ₦2.95 billion domiciled in an account belonging to Kelvito Integrated Services at Zenith Bank, funds also suspected to be unlawfully acquired.
The total amount involved across all eight counts is estimated at ₦7,831,002,396 (Seven Billion, Eight Hundred and Thirty-One Million, Two Thousand, Three Hundred and Ninety-Six Naira).
But Emefiele pleaded not guilty to all charges read against him.
Following his plea, the EFCC’s lead counsel, Rotimi Oyedepo (SAN), requested an accelerated hearing under Section 19 of the EFCC Act.
He urged the court to remand the defendant in a Correctional Centre pending the commencement of the trial.
“My Lord, given the plea of the defendant, the prosecution is urging this Honourable Court for an accelerated hearing of this matter. We are also asking that the defendant be remanded pending trial,” Oyedepo stated.
However, defence counsel, Mathew Burka (SAN), countered the application by informing the court of a pending bail application filed on June 13, 2025.
He argued that Emefiele had always complied with all prior bail conditions and had consistently submitted himself to the authorities, asserting that the defendant posed no flight risk.
Although Oyedepo acknowledged receipt of the bail application, he pointed out that it was only served on him earlier that morning.
In a brief ruling, Justice Halilu granted Emefiele bail, affirming that bail is a constitutional right and stating that there was no evidence to suggest the former CBN chief had ever jumped bail in previous matters.
The bail conditions, however, were stringent. Emefiele is required to produce two sureties with verifiable landed properties located in Maitama, Asokoro, Wuse II, or Life Camp, Abuja.
Each property must be valued at not less than ₦2 billion. Additionally, the sureties must undertake to ensure Emefiele’s presence in court.
If he fails to appear, the properties will be forfeited to the Federal Government, and the sureties will be remanded, the judge stated.
Emefiele was also ordered to deposit all his travel documents with the court.
Burka's plea for interim bail, to allow his client time to perfect the bail terms, was denied by the court.
“In this court, I do not do handovers. The defendant has from today to Wednesday to perfect his bail or be remanded in prison,” Justice Halilu ruled.
The matter has been adjourned to July 11, 2025, for the commencement of trial.
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