…Faces Eight-Count Charge, Gets Bail with Stringent Conditions

The Economic and Financial Crimes Commission (EFCC) on Monday, June 16, 2025, arraigned the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Ifeanyi Emefiele, before Justice Yusuf Halilu of the Federal Capital Territory High Court, Maitama, Abuja.

Emefiele was docked on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime, estimated at ₦7.8 billion.

According to the EFCC, Emefiele allegedly abused his official position to unlawfully control vast sums of money and illegally acquire 753 housing units and other properties.

One of the charges stated that in August 2021, Emefiele, alongside one Eric Ocheme (currently at large), had in his control a property situated at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, measuring over 150,000 square metres—suspected to have been unlawfully obtained.

Another charge noted that between January and December 2021, Emefiele allegedly controlled the sum of ₦2.9 billion in a Zenith Bank account operated by Kelvito Integrated Services, which is believed to be illicitly acquired.

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

Prosecution counsel, Rotimi Oyedepo, SAN, requested for an accelerated hearing and urged the court to remand the defendant in a Correctional Centre pending the trial.

However, defence counsel Mathew Burka, SAN, argued for bail, stating that his client had never violated bail terms in the past and was not a flight risk. He disclosed that a formal bail application had been filed on June 13, 2025.

Justice Halilu granted bail to Emefiele, affirming that bail is a constitutional right and that the court found no record of bail jumping by the defendant.

The bail conditions include:

• Two sureties with verifiable properties in Maitama, Asokoro, Wuse II, or Life Camp areas of Abuja, each worth not less than ₦2 billion.
• The sureties must commit to ensuring Emefiele’s appearance in court, or risk forfeiture of the properties and their own remand.
• Emefiele is also to surrender his travel documents to the court.

The court declined a request for interim bail, directing Emefiele to meet the full bail conditions by Wednesday, June 18, 2025, or face remand.

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

The trial was adjourned to July 11, 2025, for commencement.