Court Grants Emefiele N2 Billion Bail in Abuja Estate Fraud Case

The Federal Capital Territory High Court in Maitama, Abuja, on Monday granted bail to former Central Bank Governor, Godwin Emefiele, in the sum of N2 billion.

Emefiele was arraigned on an eight-count charge involving the alleged unlawful acquisition of a 753-unit housing estate and the embezzlement of billions of naira through proxy accounts.

The Economic and Financial Crimes Commission (EFCC) accused him of colluding with a co-defendant, Eric Ocheme—who is currently at large—to acquire the estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The charges were filed under suit number CR/350/25, dated May 30, 2025.

During the hearing, lead prosecutor Rotimi Oyedepo (SAN) informed the court of the charges, while defence counsel Matthew Bukka (SAN) challenged the court’s jurisdiction, arguing that the charges did not directly implicate Emefiele. He cited legal precedents, stating that the matter of jurisdiction should be resolved before a plea could be entered.

Justice Yusuf Halilu disagreed, stating that criminal proceedings require that the accused first enter a plea before any objections can be addressed. He added that this was standard procedure and not without precedent.

Following the judge’s ruling, Emefiele pleaded not guilty to all eight charges, which include criminal breach of trust and the control of funds suspected to be proceeds of crime.

The prosecution then requested an expedited trial and asked the court to remand the defendant. In response, the defence pointed to a pending bail application filed on June 13 and noted that this was the fourth set of charges brought against Emefiele, who had complied with all previous bail conditions.

While the prosecution did not object to bail, it sought tougher conditions due to the gravity of the offences. Justice Halilu ruled in favour of bail, citing the constitutional presumption of innocence. He acknowledged that the defendant had respected previous bail terms.

Under the new bail conditions, Emefiele must:

• Provide two sureties who reside in Abuja and own properties worth N2 billion each within the court’s jurisdiction (specifically in Maitama, Asokoro, Wuse, or Life Camp),
• Submit all travel documents to the court.

The judge warned that if the defendant failed to appear in court, the sureties’ properties would be forfeited to the federal government.

Defence counsel requested that Emefiele be released to his legal team while the bail conditions are being met. Although the prosecution objected, describing it as an attempt to alter the terms of the bail, the judge granted the request with a deadline: if the conditions are not perfected by Wednesday, Emefiele will be remanded.

The case was adjourned to July 11, 2025, for continuation of trial.