A High Court sitting in Maitama, Abuja, has approved bail for former Central Bank of Nigeria Governor, Godwin Emefiele, setting the amount at ₦2 billion. The bail comes in response to fresh allegations brought against him involving the questionable acquisition of a large housing estate and financial mismanagement.
According to court filings, the EFCC accused Emefiele of acquiring a 753-unit property in Abuja’s Lokogoma area through a proxy, identified as Eric Ocheme, who has yet to be apprehended. The charges, totalling eight in number, also include allegations of using third-party accounts to launder large sums of money, believed to be illicit funds.
Prosecutors led by Senior Advocate of Nigeria, Rotimi Oyedepo, confirmed that the hearing was scheduled to begin with Emefiele’s arraignment.
However, his defence counsel, Matthew Bukka (SAN), immediately raised objections regarding the court’s jurisdiction, arguing that the charges do not directly implicate his client. He referenced past rulings by the Supreme Court to support his claim that trial proceedings should not commence until the jurisdictional issue is resolved.
Justice Yusuf Halilu, however, disagreed, stating that in criminal proceedings, the plea of the accused must be entered before any such objections are entertained. Following this clarification, the charges were read in full, and Emefiele pleaded not guilty across the board.
While the prosecution sought an expedited hearing and requested that Emefiele be held in custody, the defence appealed to the judge to consider bail on similar terms previously granted in other cases against the former apex bank chief. It was noted that this marks the fourth set of criminal proceedings filed by the Federal Government against him.
Although the prosecution did not object to the bail application, they asked for stiffer conditions, citing the seriousness of the alleged offences. In his ruling, Justice Halilu emphasised that the law presumes every defendant innocent until proven otherwise. He acknowledged that Emefiele had complied with previous bail terms and, as such, granted the request, with conditions attached that included the surrender of his travel documents and provision of sureties who must be Abuja residents with valuable property within the court’s jurisdiction.
The defence team also asked the court to allow Emefiele remain in their custody until all bail requirements are met. While the prosecution opposed this move, calling it an attempt to sidestep the bail conditions, the judge agreed to the request with the caveat that Emefiele would be remanded if conditions were not fulfilled by Wednesday.
The matter has been adjourned until July 11, 2025, for continuation of trial.