The Federal Capital Territory High Court in Maitama, Abuja, on Monday, granted bail to the former Governor of the Central Bank of Nigeria, Godwin Emefiele, in the sum of N2bn.
Emefiele was arraigned on eight counts bordering on the alleged unlawful acquisition of a housing estate comprising 753 units.
He was also accused of embezzling and controlling billions of naira through proxy accounts.
The PUNCH reported that the Economic and Financial Crimes Commission, in a charge marked CR/350/25, dated Friday, May 30, 2025, accused Emefiele of colluding with one Eric Ocheme, who is reportedly at large, to acquire the property and funds.
The property in question is reportedly located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.
Rotimi Oyedepo (SAN) represented the prosecution, while Matthew Bukka (SAN) led Emefiele’s defence team.
At the commencement of proceedings, Oyedepo informed the court that the matter was scheduled for arraignment on an eight-count charge.
He, however, noted that the defence had recently filed a motion seeking to discontinue the trial.
In response, Bukka challenged the court’s jurisdiction, arguing that the charges did not directly link the defendant to the alleged offences.
Citing Supreme Court precedents, he contended that the defendant could not be arraigned until the issue of jurisdiction was resolved.
Justice Yusuf Halilu noted that it was not unusual for criminal trials to commence despite preliminary objections.
He said the defendant’s plea must be taken before other applications could be considered.
“This scenario is not new. It has happened before. There is a clear distinction between criminal and civil proceedings. I cannot take any decision until the defendant takes his plea,” Justice Halilu ruled.
The charges were then read to Emefiele, who pleaded not guilty to all eight counts, including the unlawful acquisition of property and control of large sums of money suspected to be proceeds of crime.
Following the plea, Oyedepo requested an accelerated trial, citing the Administration of Criminal Justice Act. He also urged the court to remand the defendant in custody.
In response, Bukka highlighted a bail application filed on June 13, pointing out that this was the fourth criminal charge brought against Emefiele by the Federal Government. He urged the court to grant bail on the same terms as those previously granted in other cases, stating that Emefiele had consistently complied with bail conditions.
While Oyedepo did not oppose bail, he argued for stricter conditions due to the seriousness of the charges.
In his ruling, Justice Halilu stated that the constitution presumes every accused person is innocent until proven guilty.
He acknowledged that Emefiele had not breached previous bail conditions and granted bail on the condition that the defendant must submit his travel documents to the court.
“He must provide two sureties who are residents of Abuja and own landed properties valued at N2bn within the jurisdiction of the court, specifically in Maitama, Asokoro, Wuse, or Life Camp.
“In the event of a bail jump, the properties would be forfeited to the Federal Republic of Nigeria,” Justice Halilu held.
Bukka subsequently requested that Emefiele be handed over to his legal team pending the perfection of bail.
Oyedepo objected, describing the request as a backdoor attempt to vary the bail terms.
Justice Halilu granted Bukka’s plea, stating that if the bail conditions were not met by the following Wednesday, Emefiele would be remanded in custody.
The matter was adjourned to July 11, 2025, for further hearing.
