Godwin Emefiele, the former governor of the Central Bank of Nigeria, was given N2 billion in bail by the Federal Capital Territory High Court in Maitama, Abuja, on Monday.
Emefiele was charged with eight charges related to the purported illegal purchase of a 753-unit housing complex.
He was also charged with using proxy accounts to manipulate and embezzle billions of naira.
According to the information by The Intercept, Emefiele was charged by the Economic and Financial Crimes Commission with conspiring with an allegedly at-large individual named Eric Ocheme to get the property and money in a charge dated Friday, May 30, 2025, with the number CR/350/25.
According to reports, the property in question is situated in the Lokogoma District of Abuja at Plot 109, Cadastral Zone C09.
Matthew Bukka (SAN) headed Emefiele’s defence team, while Rotimi Oyedepo (SAN) represented the prosecution.
Oyedepo told the court at the beginning of the proceedings that arraignment on an eight-count charge was planned.
However, he pointed out that the defence had just submitted a petition to end the trial.
Bukka responded by contesting the court’s jurisdiction, claiming that the allegations failed to establish a clear connection between the defendant and the accused acts.
He argued that the defendant could not be charged until the jurisdictional question was settled, citing Supreme Court precedents.
Justice Yusuf Halilu noted that it was not unusual for criminal trials to commence despite preliminary objections.
He said the defendant’s plea must be taken before other applications can be considered.
“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,” Justice Halilu ruled.
The charges were then read to Emefiele, who pleaded not guilty to all eight counts, including the unlawful acquisition of property and control of large sums of money suspected to be proceeds of crime.
Following the plea, Oyedepo requested an accelerated trial, citing the Administration of Criminal Justice Act. He also urged the court to remand the defendant in custody.
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In response, Bukka highlighted a bail application filed on June 13, pointing out that this was the fourth criminal charge brought against Emefiele by the Federal Government. He urged the court to grant bail on the same terms as those previously granted in other cases, stating that Emefiele had consistently complied with bail conditions.
While Oyedepo did not oppose bail, he argued for stricter conditions due to the seriousness of the charges.
In his ruling, Justice Halilu stated that the constitution presumes every accused person is innocent until proven guilty.
He acknowledged that Emefiele had not breached previous bail conditions and granted bail on the condition that the defendant must submit his travel documents to the court.
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“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.
“In the event of a bail jump, the properties would be forfeited to the Federal Republic of Nigeria,” Justice Halilu held.
Bukka then asked that Emefiele be turned over to his solicitors until bail was finalised.
Oyedepo protested, calling the request an effort to change the bail conditions through a backdoor.
Bukka’s request was granted by Justice Halilu, who also threatened to put Emefiele in detention if the bail requirements were not fulfilled by next Wednesday.
The case was postponed for a follow-up hearing until July 11, 2025.
