A High Court of the Federal Capital Territory sitting in Maitama, Abuja, on Monday granted bail to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the sum of ₦2 billion.
The embattled ex-CBN chief was arraigned on eight counts related to the alleged illegal acquisition of a 753-unit residential estate and the management of large sums of money through proxy accounts.
According to the Economic and Financial Crimes Commission (EFCC), Emefiele was charged alongside one Eric Ocheme who is currently at large in a suit marked CR/350/25, dated May 30, 2025. The charges claim both men conspired to unlawfully acquire the said property located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.
Representing the EFCC in court was Rotimi Oyedepo (SAN), while Emefiele’s defence team was led by senior lawyer Matthew Bukka (SAN).
At the onset of the proceedings, Oyedepo confirmed to the court that the matter was set for arraignment on eight criminal counts. However, Bukka raised objections, challenging the court’s jurisdiction to hear the matter, and argued that the charges failed to directly implicate Emefiele.
Citing relevant Supreme Court decisions, Bukka insisted that the trial could not proceed until the jurisdiction issue was addressed. Justice Yusuf Halilu, however, ruled that criminal proceedings could begin despite preliminary objections, noting that a defendant’s plea must first be taken before any other motions are considered.
“This scenario is not new. Criminal and civil proceedings are fundamentally different. I cannot make any ruling until the defendant takes his plea,” Justice Halilu stated.
Emefiele subsequently pleaded not guilty to all eight counts brought against him, which include unlawful acquisition of property and controlling funds suspected to be from fraud. Following his plea, the prosecution pushed for an accelerated trial and urged the court to remand Emefiele in custody. But Bukka, referencing a bail application filed on June 13, requested that the court grant his client bail under similar terms previously set in related cases, stressing that Emefiele had consistently complied with all bail conditions so far.
While the prosecution did not object to bail, it asked for tighter conditions due to the weight of the allegations.Justice Halilu, in his ruling, reaffirmed the presumption of innocence for all accused persons and noted that Emefiele had not violated any prior bail terms. He then granted bail in the amount of N2bn, with conditions.The defendant is required to surrender his international passport and provide two sureties who must reside in Abuja and own properties worth at least N2bn within the court’s jurisdiction, specifically in Maitama, Asokoro, Wuse, or Life Camp.
Should the bail terms be violated, the court ordered that the listed properties would be forfeited to the Federal Government.
Bukka also requested that Emefiele be temporarily released to his legal team pending the completion of bail formalities. Oyedepo opposed the request, describing it as an indirect attempt to alter the bail conditions. However, Justice Halilu granted the request, warning that if the bail conditions were not met by Wednesday, Emefiele would be remanded in custody.
The case was adjourned until July 11, 2025, for continuation of trial.
