Court grants Emefiele N2b bail over forfeited 753 Abuja housing estate

The Economic and Financial Crimes Commission (EFCC), today arraigned the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, over allegations surrounding the ownership of 573 duplexes and apartments in the Lokogoma District of Abuja.

Emefiele was arraigned on an eight-count charge in which he is accused of among others, unlawfully acquiring a housing estate comprising 753 units, allegedly stealing and taking control of billions of naira in proxy accounts.

In the ruling, the presiding judge, Justice Yusuf noted that Emefiele had been granted bail in three other criminal cases pending against him and that there was no evidence that he had jumped bail.

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 anti-graft agency, 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.

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