Segun Atanda/
Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele, was on Monday arraigned 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 amounting to ₦7.8 billion.
The charges were filed by the Economic and Financial Crimes Commission (EFCC), which is prosecuting Emefiele for allegedly abusing his position to unlawfully acquire large sums of money and real estate.
Count One of the charge reads:
“That you, Godwin Ifeanyi Emefiele and Eric Ocheme (now at large), sometime in August 2021, in Abuja, within the jurisdiction of this Honourable Court, knowingly had under your control a property situated at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja, measuring 150,462.86 square meters with appurtenances, which is reasonably suspected to have been unlawfully obtained, and thereby committed an offence contrary to and punishable under Section 319 (A) of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.”
Count Four states:
“That you, Godwin Ifeanyi Emefiele and Eric Ocheme (now at large), between January and December 2021, in Abuja, within the jurisdiction of this Honourable Court, knowingly had under your control the sum of ₦2,945,331,050 (Two Billion, Nine Hundred and Forty-Five Million, Three Hundred and Thirty-One Thousand, Fifty Naira), domiciled in Kelvito Integrated Services’ account number 1016232915 with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.”
Emefiele pleaded not guilty to all charges.
Following his plea, prosecution counsel Rotimi Oyedepo (SAN) urged the court to begin trial without delay, in line with Section 19 of the EFCC Act. He also requested that the defendant be remanded in a Correctional Centre pending the commencement of trial.
However, defence counsel Mathew Burka (SAN) informed the court that a bail application had been filed on June 13, 2025. He argued that Emefiele had never defaulted on bail conditions in previous matters, had consistently presented himself to authorities, and posed no flight risk.
Oyedepo confirmed receiving the bail application but noted that it was only served that morning.
In his ruling, Justice Halilu granted Emefiele bail, describing it as a constitutional right. He noted that there was no evidence suggesting the defendant had ever jumped bail.
Bail was set at ₦2 billion, with two sureties who must each own verifiable landed property in Maitama, Asokoro, Wuse II, or Life Camp, Abuja, valued at no less than ₦2 billion. The sureties are required to submit written undertakings guaranteeing Emefiele’s court attendance. If he fails to appear, the properties will be forfeited to the Federal Government, and the sureties will be remanded.
The defendant must also deposit his travel documents with the court.
Burka’s plea for interim bail to allow time for meeting the bail conditions was declined. Justice Halilu ordered that the conditions must be fulfilled by Wednesday, June 18, 2025, or the defendant will be remanded.
“In this court, I do not do handovers. The defendant has from today until Wednesday to perfect his bail, or he will be remanded in prison,” the judge said.
The case was adjourned to July 11, 2025, for the commencement of trial.
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