adminreporter
Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been granted bail to the tune of ₦2 billion following his arraignment on Monday by the Economic and Financial Crimes Commission (EFCC) over the alleged illegal acquisition of a massive 753-unit housing estate in Abuja.
Emefiele was arraigned before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court on an eight-count charge bordering on criminal conspiracy, abuse of office, and acquisition of property using proxies. He pleaded not guilty to all charges.
According to the EFCC, Emefiele conspired with Eric Ocheme—who is currently at large—to illegally acquire the estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The estate, as stated in charge sheet number CR/350/25 dated May 30, 2025, spans a total of 150,462.86 square metres.
The anti-graft agency alleges that the acquisition was made through proxy accounts and in breach of public trust. The EFCC also noted that the estate had previously been recovered from an unnamed former top government official and was subject to a court-ordered forfeiture by the FCT High Court in Apo.
Emefiele had challenged the forfeiture through a motion, but the court dismissed his application.
Granting bail, Justice Halilu set the sum at ₦2 billion with two sureties in like sum. The court specified that the sureties must own properties within Aso Drive, Maitama, or Wuse 2—prime areas within the jurisdiction of the court—valued at ₦2 billion.
The judge further directed Emefiele to surrender his travel documents and meet the bail conditions by Wednesday next week or face remand in custody.
Emefiele, who is currently facing three other criminal charges in separate cases, was represented in court by his counsel, Matthew Burkaa. The EFCC was represented by prosecuting counsel, Rotimi Oyedepo.
