Emefiele Granted ₦2bn Bail Over Alleged 753 Duplexes Fraud in Abuja

A High Court of the Federal Capital Territory (FCT) has granted bail to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the sum of ₦2 billion, following his arraignment on fresh property fraud charges involving 753 housing units in Abuja.

The Economic and Financial Crimes Commission (EFCC) filed an eight-count charge against Emefiele, alleging the fraudulent acquisition of a sprawling estate at Plot 109, Cadastral Zone C09, Lokogoma District, spanning over 150,000 square metres.

Emefiele, who pleaded not guilty to all charges, was accused of using illicit funds to secure the properties. He was arraigned in connection with billions of naira reportedly funneled through proxy accounts in Zenith Bank.

Bail Terms and Court Ruling

Presiding over the matter, Justice Yusuf Halilu granted Emefiele bail after considering arguments from both his counsel, Mathew Burkaa (SAN), and EFCC’s lead prosecutor, Rotimi Oyedepo (SAN). Although the prosecution did not oppose the bail request, it asked that certain paragraphs of the application be struck out — a request the court approved.

In his ruling, Justice Halilu reaffirmed that bail is a constitutional right, noting that Emefiele had previously been granted bail in other matters and had complied with court conditions.

“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents, already before Justice Muazu, are hereby attached as part of the bail conditions,” Halilu said.

The court mandated that Emefiele produce two sureties who must:

• Be residents of Abuja,
• Own landed properties in Asokoro, Maitama, or Wuse 2 worth at least ₦2 billion each, and
• Undertake to produce the defendant in court throughout the trial.

Failure to meet the bail conditions by Wednesday, June 18, will result in Emefiele’s remand in prison.

Details of the Allegations

The EFCC accused Emefiele of collaborating with a co-defendant identified only as “Ocheme”, who is currently at large. The anti-graft agency said the two illegally controlled:

• ₦167 million,
• ₦1.23 billion,
• ₦2.9 billion, and
• ₦1.98 billion

allegedly stashed in accounts operated by Kelvito Integrated Services.

In addition, the EFCC linked Emefiele to ₦900 million and ₦600 million reportedly held in an account belonging to Ifedigo Integrated Services.

According to the EFCC, the funds and properties are suspected proceeds of crime, punishable under Section 319 of the Penal Code Law.

Next Steps

The case has been adjourned to July 11 for continuation of hearing.