The High Court of the Federal Capital Territory, situated in Maitama, Abuja, granted bail on Monday to the former Governor of the Central Bank of Nigeria, Godwin Emefiele, amounting to N2 billion.
Emefiele faced charges in eight counts related to the purported unlawful acquisition of a housing estate comprised of 753 units.
He was also alleged to have embezzled and managed billions of naira using proxy accounts.
Reports indicated that the Economic and Financial Crimes Commission charged Emefiele, under the reference CR/350/25, dated Friday, May 30, 2025, for conspiring with one Eric Ocheme, who is currently at large, to secure the property and associated funds.
The contested property is located in the Lokogoma District of Abuja at Plot 109, Cadastral Zone C09.
Rotimi Oyedepo (SAN) represented the prosecution, whereas Matthew Bukka (SAN) led Emefiele’s defense team.
At the proceedings’ commencement, Oyedepo informed the court of the planned arraignment on an eight-count charge.
However, he acknowledged that the defense had recently submitted a motion to halt the trial.
In response, Bukka contested the court’s jurisdiction, asserting that the charges did not directly connect the defendant to the alleged crimes. Referencing Supreme Court precedents, he argued that the defendant’s arraignment should wait until the jurisdictional issue was settled.
Justice Yusuf Halilu remarked that it is common for criminal trials to begin despite preliminary objections.
He stated that the defendant’s plea must be entered before any other motions could be evaluated.
“This situation is not unprecedented. It has occurred in the past. There is a distinct difference between criminal and civil litigation. I cannot make any ruling until the defendant enters his plea,” Justice Halilu decreed.
The charges were then presented to Emefiele, who pleaded not guilty to all eight counts, including the unlawful acquisition of property and the management of substantial sums believed to be proceeds of illegal activities.
After the plea, Oyedepo called for an expedited trial, referencing the Administration of Criminal Justice Act. He also requested that the court keep the defendant in custody.
In reply, Bukka emphasized a bail application he had filed on June 13, noting that this was the fourth criminal charge against Emefiele by the Federal Government. He urged the court to consider granting bail on similar terms to those previously provided in other cases, asserting that Emefiele had consistently adhered to bail conditions.
While Oyedepo did not oppose bail, he called for more stringent conditions given the gravity of the charges.
In his ruling, Justice Halilu affirmed that the constitution presumes every accused individual is innocent until proven otherwise.
He recognized that Emefiele had complied with prior bail conditions and conceded bail, stipulating that the defendant must submit his travel documents to the court.
“He must present two sureties who reside in Abuja and own real estate valued at N2 billion within the court’s jurisdiction, specifically in Maitama, Asokoro, Wuse, or Life Camp.
“In the event of bail jumping, the properties would be forfeited to the Federal Republic of Nigeria,” held Justice Halilu.
Bukka then requested that Emefiele be entrusted to his legal representatives until bail terms were finalized.
Oyedepo opposed this, labeling the request as a covert attempt to modify the bail conditions.
Justice Halilu approved Bukka’s request, ruling that if the bail conditions were not satisfied by the subsequent Wednesday, Emefiele would be remanded in custody.
The case was adjourned to July 11, 2025, for further proceedings.
