The Federal Capital Territory High Court in Abuja on Monday granted bail to former Central Bank of Nigeria Governor Godwin Emefiele, who is facing allegations of financial misconduct.
Emefiele was arraigned on an eight-count charge, which includes the alleged unlawful acquisition of a 753-unit housing estate and embezzlement of billions of naira through proxy accounts. The charges, brought by the Economic and Financial Crimes Commission (EFCC), claim that Emefiele colluded with an associate, Eric Ocheme—who remains at large—to acquire the property located in Lokogoma District, Abuja.
During the court proceedings, prosecution counsel Rotimi Oyedepo (SAN) requested an expedited trial and urged that Emefiele be remanded in custody. However, his defence, led by Matthew Bukka (SAN), challenged the court’s jurisdiction, arguing that the charges failed to establish a direct link to the defendant.
Justice Yusuf Halilu overruled the jurisdictional objection, stating that Emefiele’s plea must be taken before any other applications could be considered. He emphasized that criminal proceedings often begin despite pending preliminary objections. After hearing the charges, Emefiele pleaded not guilty to all counts.
The prosecution did not oppose bail but argued for stricter conditions. In his ruling, Justice Halilu reaffirmed that every accused person is presumed innocent until proven guilty and recognized Emefiele’s compliance with previous bail conditions. He granted bail with stringent terms, including submitting travel documents to the court and providing two sureties who own properties worth N2bn in Maitama, Asokoro, Wuse, or Life Camp.
“If the bail conditions are not met by Wednesday, the defendant will be remanded in custody,” the judge ruled, setting the next hearing for July 11, 2025.
Despite objections from the prosecution, Emefiele was handed over to his legal team pending the perfection of his bail terms.
