An FCT High Court in Abuja on Monday granted former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, bail in the sum of N2 billion in a fresh charge related to alleged property fraud involving 753 duplexes in Abuja.
Justice Yusuf Halilu delivered the ruling after Emefiele pleaded not guilty to the eight-count charge filed by the Economic and Financial Crimes Commission (EFCC). The charges are connected to a disputed property located at Plot 109, Cadastral Zone C09, Lokogoma District, Federal Capital Territory, measuring 150,462.86 square meters.
Bail Conditions Set by the Court
In his ruling, Justice Halilu emphasized that bail is a constitutional right, noting that Emefiele had previously been granted bail by two other judges without violating the terms and conditions.
"I admit the defendant to bail on the terms and conditions that the defendant's travel documents which are already before Justice Muazu is hereby attached as part of the condition," Justice Halilu stated.
The court ordered Emefiele to provide two sureties who must be residents of Abuja within the court's jurisdiction. These sureties must own landed property in Asokoro, Maitama, or Wuse 2 valued at N2 billion.
Additionally, the sureties must undertake to produce the defendant in court throughout his trial. Justice Halilu warned that if Emefiele jumps bail, the sureties would be imprisoned. The court gave Emefiele until Wednesday, June 18, to meet the bail conditions or risk imprisonment.
Details of the Charges
The EFCC's charges, numbered CR/358/2025, accuse Emefiele and one "Ocheme" (currently at large) of having control of property reasonably suspected to be unlawfully obtained, an offense punishable under Section 319 of the Penal Code Law.
Beyond the housing estate, the defendants are charged with unlawfully keeping billions of naira in proxy accounts at Zenith Bank. These include:
N2.9 billion in Kelvito Integrated Services' account
N1.98 billion in the same account between January and December 2022
N900 million and N600 million in Ifedigo Integrated Services' account
In the eighth count, Emefiele is accused of forging a document titled "Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited" in January 2021, allegedly intending to create the impression that the document was executed by or with the authority of H and Y Business Global Limited.
According to the EFCC, these offenses contravene sections 319, 362, and 364 of the Penal Code.
The case has been adjourned until July 11 for continuation.
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