Court Grants Emefiele ₦2bn Bail in 753-Unit Estate Fraud Case

Former Governor of the Central Bank of Nigeria, Godwin Emefiele, was on Monday granted bail in the sum of ₦2 billion by the Federal Capital Territory High Court in Maitama, Abuja, in a case involving alleged fraudulent acquisition of a 753-unit housing estate and the control of billions of naira through proxy accounts.

The court presided over by Justice Yusuf Halilu issued the bail order after Emefiele pleaded not guilty to all eight counts leveled against him by the Economic and Financial Crimes Commission (EFCC).

The charges, marked CR/350/25 and dated May 30, 2025, alleged that Emefiele colluded with a certain Eric Ocheme, who is currently at large, to unlawfully acquire a massive property located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, among other financial crimes.

The prosecution was led by Rotimi Oyedepo (SAN), while Matthew Bukka (SAN) appeared for the defence. Oyedepo informed the court that the matter was scheduled for arraignment and revealed that the defence had filed a motion seeking to discontinue the proceedings. However, Bukka countered by challenging the court’s jurisdiction, arguing that the charges failed to establish a direct link between the defendant and the alleged crimes.

Citing decisions of the Supreme Court, Bukka contended that a defendant should not be arraigned until jurisdictional issues were resolved.

In response, Justice Halilu emphasized that criminal proceedings differ from civil cases and declared that a defendant’s plea must be taken before any other motion can be entertained.

“This scenario is not new. It has happened before. There is a clear distinction between criminal and civil proceedings. I cannot take any decision until the defendant takes his plea,” the judge said.

Following his plea of not guilty, the prosecution requested an accelerated trial under the provisions of the Administration of Criminal Justice Act (ACJA), and asked the court to remand Emefiele in custody. The defence, however, pushed for bail, citing the former CBN governor’s compliance with previous bail terms in three other ongoing criminal matters brought by the Federal Government.

While not opposing the bail application, Oyedepo insisted on stricter conditions, referencing the seriousness of the charges.

In a carefully worded ruling, Justice Halilu granted the bail, noting that every defendant is presumed innocent until proven guilty.

“He must provide two sureties who are residents of Abuja and own landed properties valued at N2bn within the jurisdiction of the court, specifically in Maitama, Asokoro, Wuse, or Life Camp,” the judge ruled.

The court further stipulated that Emefiele must deposit all travel documents and warned that should he jump bail, the properties provided as surety would be forfeited to the Federal Government.

The defence then sought the court’s permission for Emefiele to remain in the custody of his legal team while the bail conditions were being perfected—a request Oyedepo objected to, calling it a veiled attempt to relax the conditions.

Justice Halilu, however, granted the defence’s request, warning that if the bail terms were not fulfilled by Wednesday, the former apex bank chief would be remanded in custody.

The matter has been adjourned to July 11, 2025, for continuation of trial.

The case has attracted national attention due to the scale of the alleged fraud and the high-profile nature of the defendant, a once-powerful figure in Nigeria’s financial system. As legal proceedings unfold, it remains to be seen how this case will shape the broader conversation on accountability and transparency within Nigeria’s public institutions.