Former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of N2 billion by the Federal Capital Territory (FCT) High Court in Maitama, Abuja. The bail was granted on Monday following his arraignment on eight fresh criminal charges linked to the alleged illegal acquisition of a 753-unit housing estate and the control of large sums of money suspected to be proceeds of crime.
The case, filed by the Economic and Financial Crimes Commission (EFCC), accuses Emefiele of conspiring with one Eric Ocheme—who is currently on the run—to unlawfully acquire property located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The EFCC further alleges that the ex-CBN governor used proxies to control billions of naira traced to suspicious accounts.
The charges are contained in a case marked CR/350/25, dated May 30, 2025. Rotimi Oyedepo (SAN) led the prosecution team on behalf of the EFCC, while Emefiele’s legal defence was handled by Senior Advocate of Nigeria, Matthew Bukka.
At the start of the hearing, Oyedepo informed the court that the case was ready for arraignment. However, he noted that the defence had filed a fresh motion challenging the court’s jurisdiction.
Bukka, representing Emefiele, argued that the court could not proceed with the arraignment until the jurisdictional issue was resolved. Citing Supreme Court judgments, he maintained that the charges did not directly link his client to the alleged offences and should be dismissed.
However, presiding judge, Justice Yusuf Halilu, overruled the objection. He said it was standard procedure in criminal cases for a plea to be taken before addressing other legal applications.
“This scenario is not new. It has happened before. There is a clear distinction between criminal and civil proceedings. I cannot take any decision until the defendant takes his plea,” Justice Halilu ruled.
Following the judge’s decision, the court clerk read all eight charges to Emefiele, who pleaded not guilty. The charges include unlawful acquisition of property, money laundering, and criminal control of large funds through proxies.
After the plea, the EFCC’s lawyer requested a speedy trial and asked that Emefiele be remanded in custody. He also highlighted the seriousness of the allegations and suggested that the court apply stricter bail conditions.
Responding, Bukka submitted a formal bail request, referencing a previous bail application filed on June 13. He reminded the court that Emefiele had already faced three other criminal cases brought by the Federal Government and had never violated any bail terms.
While Oyedepo did not oppose the bail, he called for tougher conditions to reflect the gravity of the charges.
In his ruling, Justice Halilu granted bail, noting that the Constitution presumes all accused persons innocent until proven guilty. He also took into account that Emefiele had previously complied with all bail conditions in other matters.
As part of the bail terms, Emefiele must submit his travel documents to the court and produce two sureties who reside in Abuja. Each surety must own landed properties worth at least N2 billion within Maitama, Asokoro, Wuse, or Life Camp.
“In the event of a bail jump, the properties would be forfeited to the Federal Republic of Nigeria,” Justice Halilu said.
Emefiele’s legal team then requested that he be handed over to his lawyers pending the completion of his bail conditions. Oyedepo opposed the request, describing it as an indirect attempt to vary the terms of the bail.
Justice Halilu, however, allowed the request, stating that if the bail terms are not fully met by Wednesday, Emefiele will be remanded in custody.
The case has been adjourned to July 11, 2025, for further hearing.
This latest case is part of a series of legal battles facing the former apex bank chief since his removal from office in 2023. He has faced multiple charges ranging from abuse of office to economic sabotage and financial mismanagement during his tenure at the CBN.
The EFCC continues to investigate financial irregularities connected to his time as CBN Governor, particularly surrounding controversial intervention programmes and currency redesign policies that stirred nationwide debate.
