By Nkechi Eze
Former Central Bank of Nigeria (CBN) Governor, Godwin Ifeanyi Emefiele, was on Monday, June 16, 2025, arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Yusuf Halilu of the Federal Capital Territory High Court, Maitama, Abuja. He is facing an eight-count charge bordering on conspiracy, criminal breach of trust, forgery, and unlawful possession of property suspected to be proceeds of crime totaling ₦7.8 billion.
Emefiele is accused of exploiting his position while in office to illegally acquire real estate and take control of large sums of money suspected to be linked to corrupt activities.
Dele Oyewale the commission’s spokesperson in an official statement disclosed that one of the charges alleges that in August 2021, Emefiele, along with an accomplice identified as Eric Ocheme (currently at large), unlawfully acquired a large property located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The land, which measures over 150,000 square meters, is suspected to be part of the illicitly obtained assets.
Another charge details that between January and December 2021, the duo allegedly controlled ₦2.94 billion held in the Zenith Bank account of Kelvito Integrated Services — a company believed to be linked to Emefiele — also suspected to be proceeds of unlawful activity.
Emefiele pleaded not guilty to all counts when the charges were read out. Following his plea, prosecution counsel Rotimi Oyedepo, SAN, requested the court for a speedy trial and for the defendant to be remanded in custody, emphasizing the seriousness of the allegations under the EFCC Act.
However, Emefiele’s lead counsel, Mathew Burka, SAN, informed the court of a bail application filed days earlier, noting his client’s track record of complying with previous bail conditions and arguing that he poses no flight risk.
Although Oyedepo acknowledged the bail application, he pointed out that he had only just received it on the morning of the hearing.
In his ruling, Justice Halilu granted Emefiele bail, affirming that bail is a constitutional right. He noted that there was no evidence to suggest that the defendant had ever violated any prior bail conditions.
Under the bail terms, Emefiele must provide two sureties who each own verifiable properties in high-value areas of Abuja—namely Maitama, Asokoro, Wuse II, or Life Camp—worth at least ₦2 billion. The sureties must also undertake to ensure the defendant’s court attendance or risk losing the properties to the federal government and facing detention themselves. Emefiele is also required to submit all travel documents to the court.
The court declined a request for temporary release to allow Emefiele time to meet the bail conditions, giving him until Wednesday, June 18, 2025, to comply or face remand in a correctional facility.
Justice Halilu concluded: “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 matter was adjourned to July 11, 2025, for the commencement of trial.
