Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been granted bail in the sum of N2 billion following his arraignment on eight counts of corruption-related charges filed by the Economic and Financial Crimes Commission (EFCC).
Arraigned before Justice Yusuf Halilu at the Federal Capital Territory (FCT) High Court, Maitama, Emefiele was accused of possessing and controlling properties suspected to be proceeds of unlawful activities. The assets in question include 753 housing units situated at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, comprising duplexes and other apartments.
Also named in the suit (marked FCT/HC/CR/358/2025) is Eric Ocheme, currently at large.
The EFCC alleged that Emefiele controlled billions of naira hidden in proxy accounts at Zenith Bank and forged an “Irrevocable Power of Attorney” document dated January 2021 to manipulate property ownership records. These offenses violate sections 319, 362, and 364 of the Penal Code.
Emefiele pleaded not guilty to all charges. Prosecuting counsel, Rotimi Oyedepo, requested a trial date, while defense counsel, Matthew Burkaa (SAN), moved for a bail application, which the prosecution did not oppose.
Granting the bail, Justice Halilu ruled that Emefiele must produce two sureties residing in Abuja with landed property in Maitama, Asokoro, or Wuse 2.
The conditions must be met between Monday and Wednesday, or Emefiele would be remanded in a correctional facility. The trial begins on July 11, 2025.
The estate at the heart of the case represents one of the EFCC’s largest real estate recoveries. On **
