Court grants Emefiele N2bn bail over forfeited 753 Abuja housing estate

In a major development in Nigeria’s anti-corruption efforts, the Economic and Financial Crimes Commission (EFCC) has arraigned the immediate past Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on charges related to the alleged illegal acquisition of 573 duplexes and apartments in Abuja.

Emefiele was brought before Justice Yusuf Halilu at the Federal Capital Territory High Court in Maitama, Abuja, where he faced an eight-count charge filed by the EFCC. The charges center on properties situated at Plot 109, Cadastral Zone C09, in the Lokogoma District of the Federal Capital Territory.

He was charged along with one Eric Ocheme, said to be at large, in the charge marked FCT/HC/CR/358/2025.

The defendants were also accused by the EFCC of unlawfully keeping in their possession billions of naira in proxy accounts in Zenith Bank.

Emefiele was alleged to have, sometime in January 2021, forged a document titled, “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intention of causing it to be believed that the said titled document was executed by or by the authority of H and Y Business Global Limited.

The offences, according to the EFCC, contravened the provisions of Sections 319, 362 and 364 of the Penal Code.

Emefiele, however, pleaded not guilty when the charge was read in the open court.

Following the defendant’s not-guilty plea, prosecuting counsel, Rotimi Oyedepo SAN, asked for a date for the commencement of trial to enable the prosecution bring its witnesses to court to prove its case against the defendant.

However, counsel for Emefiele, Matthew Burkaa SAN, informed the court of the bail application filed on behalf of the defendant and subsequently moved the application, which was not objected to by the prosecutor.

In his ruling, Justice Halilu admitted Emefiele to bail in the sum of N2 billion with two sureties who must be residents of Abuja with landed property at either Maitama, Asokoro or Wuse 2.

The court added that the former CBN governor must perfect the bail conditions between today and Wednesday, failing which he would be remanded in a correctional facility.

The matter was subsequently adjourned to July 11 for commencement of trial.

(Tribune)