EFCC arraigns Emefiele over 753 properties, ₦7.8bn fraud

DDM News

The Economic and Financial Crimes Commission (EFCC) on Monday, June 16, arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court in Maitama, Abuja.

Diaspora Digital Media (DDM) reports that Emefiele is facing an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of properties suspected to be proceeds of crime totaling over ₦7.8 billion.

According to a statement issued by Dele Oyewale, Head of Media and Publicity for the EFCC, the charges allege that Emefiele abused his office to illegally acquire assets and control large sums of money linked to unlawful activities.

One of the charges alleges that in August 2021, Emefiele, in concert with one Eric Ocheme (currently at large), knowingly held control over a large parcel of land situated at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.

The property, measuring over 150,000 square meters, is suspected to have been unlawfully obtained.

Another count accuses Emefiele and Ocheme of controlling ₦2.9 billion between January and December 2021, allegedly held in a Zenith Bank account registered to Kelvito Integrated Services, suspected to be proceeds of illegal activity.

Emefiele pleaded not guilty to all the charges when read in court.

Lead prosecution counsel, Rotimi Oyedepo, SAN, urged the court to commence the trial without delay, citing Section 19 of the EFCC Act.

He also requested that Emefiele be remanded in custody pending the conclusion of the trial.

In response, Emefiele’s counsel, Mathew Burka, SAN, told the court that a bail application had already been filed on June 13, 2025.

He argued that his client had complied with all previous bail conditions and posed no flight risk.

Oyedepo acknowledged the application but noted that he had only received it that morning.

In his ruling, Justice Halilu granted bail to Emefiele, stating that bail is a constitutional right.

The judge noted that there was no evidence the defendant had violated previous bail terms.

However, the bail came with strict conditions.

Emefiele is to produce two sureties who own verifiable properties in high-value areas of Abuja, such as Maitama, Asokoro, Wuse II, or Life Camp.

Each property must be valued at no less than ₦2 billion.

The sureties must also submit written undertakings to ensure Emefiele’s court attendance, with penalties for non-compliance including forfeiture of their properties to the federal government and their own detention.

Additionally, Emefiele must deposit his travel documents with the court.

Justice Halilu refused the defence’s request for interim bail, stating that all conditions must be fully met by Wednesday, June 18, 2025.

Failure to comply would result in Emefiele being remanded in prison custody.

The judge emphasized, “In this court, I do not do handovers. The defendant has from today to Wednesday to perfect his bail or be remanded in prison.”

The case has been adjourned to July 11, 2025, for commencement of trial.

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