The former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele was Monday granted bail in the sum of ₦2 billion by Justice Yusuf Halilu of the Federal Capital Territory High Court, in connection with a new eight-count charge of alleged property and financial fraud.
The case, instituted by the Economic and Financial Crimes Commission, EFCC, involves accusations of criminal control over a sprawling housing estate in Abuja comprising 753 duplexes, and the unlawful possession of multiple large sums allegedly hidden in proxy accounts.
The estate, located at Plot 109, Cadastral Zone C09, Lokogoma District, spans more than 150,000 square meters and is the center piece of the charges filed under case number CR/358/2025. The EFCC asserts that the properties and funds were reasonably suspected to have been unlawfully acquired.
Emefiele, who appeared in court on Monday, pleaded not guilty to all counts. His counsel, Mathew Burkaa, SAN, moved a bail application that was not contested by the EFCC’s lead prosecutor, Rotimi Oyedepo, SAN. Oyedepo requested the removal of certain paragraphs in the bail documents — a request granted by the court.
Ruling on the bail application, Justice Halilu emphasized that bail is a constitutional right and referenced Emefiele’s previous adherence to bail terms granted by two other judges.
As a condition, the court mandated the surrender of Emefiele’s travel documents (already held in a separate matter before Justice Muazu) and stipulated that he must provide two sureties resident in Abuja.
READ ALSO: FG to sell Emefiele’s 753 housing units
The sureties, according to the judge, must each own property within the jurisdiction of the court — specifically in Asokoro, Maitama, or Wuse 2 — with combined values not less than ₦2 billion. They must also commit to producing Emefiele at every court sitting, failing which they risk imprisonment.
Justice Halilu warned that Emefiele must fulfill the bail conditions by Wednesday, June 18, or face remand in prison. The matter was adjourned to July 11 for continuation.
The EFCC’s charge further implicates one “Ocheme,” who remains at large. The Commission accuses both defendants of holding substantial sums of money in accounts linked to Kelvito Integrated Services and Ifedigo Integrated Services, all domiciled at Zenith Bank. The funds include:
-
₦167 million and ₦1.23 billion (Kelvito Integrated)
-
₦2.9 billion (Kelvito Integrated)
-
₦1.98 billion (Kelvito Integrated, January–December 2022)
-
₦900 million and ₦600 million (Ifedigo Integrated)
Additionally, in count eight, Emefiele is accused of forging a legal document — an “Irrevocable Power of Attorney” — in January 2021, purportedly between MG Properties Limited and H & Y Business Global Limited. The EFCC claims he did so with intent to deceive.
The charges violate Sections 319, 362, and 364 of the Penal Code, relating to unlawful possession, fraud, and forgery.
NAN
