Former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was on Monday granted bail in the sum of N2 billion following his arraignment over an estate comprising 753 housing units in Abuja.
Emefiele was arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court sitting in Maitama on an eight-count charge bordering on alleged possession and control of property suspected to be proceeds of unlawful activities.
The properties in question are located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja and include duplexes and other apartments.
Also charged in the case marked FCT/HC/CR/358/2025 is one Eric Ocheme, who is said to be at large.
EFCC alleged that Emefiele held billions of naira in proxy accounts with Zenith Bank and forged a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” in January 2021.
The commission said the former CBN governor made it appear as though the document was executed by H and Y Business Global Limited.
The offences are said to contravene Sections 319, 362 and 364 of the Penal Code.
Emefiele pleaded not guilty when the charges were read in court.
Prosecuting counsel Rotimi Oyedepo asked the court to fix a date for trial, while defence counsel Matthew Burkaa (SAN) moved a bail application, which was not opposed.
Justice Halilu granted Emefiele bail in the sum of N2 billion with two sureties who must reside in Abuja and own landed property in Maitama, Asokoro or Wuse 2.
The judge ordered that the bail conditions must be met between Monday and Wednesday or the defendant would be remanded in a correctional facility.
The case was adjourned to July 11 for the commencement of trial.
The estate linked to the case is one of the largest single real estate recoveries by the EFCC.
Measuring about 150,500 square metres, the 753-unit estate was granted final forfeiture by Justice Jude Onwuegbuzie on December 2, 2024.
EFCC chairman Ola Olukoyede officially handed over the estate to the minister of housing and urban development, Ahmed Dangiwa, on May 20.
The property, located in the Lokogoma District of Abuja a residential area known for its growing number of gated communities was recovered as part of ongoing investigations into alleged corruption during Emefiele’s tenure as CBN governor.
The EFCC has described the handover of the estate as a significant step in returning stolen assets for public benefit.
