Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court in Maitama, Abuja, on Monday granted N2billion bail to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his arraignment by the Economic and Financial Crimes Commission (EFCC).
The EFCC had brought Emefiele to court on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime to the tune of ₦7,831,002,396 (Seven Billion, Eight Hundred and Thirty-One Million, Two Thousand, Three Hundred and Ninety-Six Naira).
Emefiele is facing trial for allegedly using his privileged position to unlawfully acquire properties and control large sums of money suspected to be proceeds of unlawful activity. 
Count One reads: “That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large), sometime in August 2021, in Abuja, within the jurisdiction of this Honourable Court, knowingly had under your control a property lying and being situate at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja, measuring 150,462.86 square meters with appurtenances, which property is reasonably suspected to have been unlawfully obtained, and thereby committed an offence contrary to and punishable under Section 319 (A) of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.”
Count Four reads: “That you GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large) between January and December 2021 in Abuja, within the jurisdiction of this Honourable Court, knowingly had under control the total sum of ₦2,945,331,050 (Two Billion, Nine Hundred and Forty-Five Million, Three Hundred and Thirty-One Thousand, Fifty Naira) domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.”
When the charge was read to Emefiele, he pleaded not guilty to the offence preferred against him by the EFCC.
In view of his plea, the prosecuting EFCC lawyer, Rotimi Oyedepo (SAN), urged the court to proceed to trial, citing Section 19 of the EFCC Act. He called for an accelerated hearing and asked the court to remand the defendant in a Correctional Centre pending trial.
Oyedepo said, ““My Lord, in view of the plea of the defendant, the prosecution is urging this Honourable Court for an accelerated hearing of this matter. We are also asking that the defendant be remanded pending trial,” he submitted.
But the defence lawyer, Mathew Burka (SAN), informed the court of a pending bail application filed on June 13, 2025. He argued that Emefiele had never defaulted on any previous bail terms granted by other courts, adding that he had consistently presented himself to authorities and was not a flight risk.
Although Oyedepo acknowledged receipt of the bail application, he noted that it was served on him only that morning.
In his ruling on the matter, Justice Halilu, granted N2billion bail to Emefiele, saying that bail is a constitutional right and that the court found no evidence that the defendant had ever jumped bail.
The judge ,however, added the bail was granted in the following conditions:
Two sureties with verifiable landed properties situated in Maitama, Asokoro, Wuse II, or Life Camp, Abuja, each valued at not less than ₦2 billion.
The sureties must submit undertakings to ensure the defendant’s attendance in court, failing which the properties will be forfeited to the Federal Government, and the sureties remanded. Emefiele must also deposit his travel documents with the court.
After a short ruling, the defence lawyer sought for interim bail to enable Emefiele to perfect his bail conditions but the judge declined the request.
Justice Halilu however held that Emefiele must meet the bail conditions by Wednesday, June 18, 2025, or be remanded in a Correctional Centre.
The judge said, “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 till July 11, 2025, for commencement of trial.
