The Economic and Financial Crimes Commission (EFCC) on Monday, June 16, 2025, arraigned former Central Bank of Nigeria (CBN) Governor, Godwin Ifeanyi Emefiele, before the Federal Capital Territory High Court in Maitama, Abuja, over allegations of criminal breach of trust, conspiracy, forgery, and unlawful possession of assets suspected to be proceeds of crime totaling ₦7.8 billion.
Emefiele was docked before Justice Yusuf Halilu on an eight-count charge, which includes the alleged illegal acquisition of 753 housing units and control of large sums of money linked to fraudulent activities during his tenure as CBN governor.
One of the charges alleges that Emefiele, alongside an accomplice identified as Eric Ocheme (still at large), knowingly took control of a property measuring over 150,000 square meters in the Lokogoma area of Abuja, suspected to have been unlawfully acquired.
Another charge accuses the duo of being in control of ₦2.9 billion held in an account belonging to Kelvito Integrated Services at Zenith Bank, also believed to be proceeds of crime.
Emefiele pleaded not guilty to all charges.
Following his plea, prosecuting counsel Rotimi Oyedepo, SAN, requested the court to order an accelerated trial and to remand the defendant in a Correctional Centre pending commencement.
However, defence counsel Mathew Burka, SAN, urged the court to consider a bail application filed earlier, citing Emefiele’s consistent cooperation with authorities and his history of honoring previous bail terms.
While acknowledging the application, Oyedepo stated he had only just received it that morning.
Justice Halilu granted Emefiele bail, affirming his constitutional right and noting there was no record of bail violations. Bail was set with stringent conditions: two sureties with verifiable landed properties in highbrow areas of Abuja—Maitama, Asokoro, Wuse II, or Life Camp—each valued at no less than ₦2 billion.
The sureties are required to submit undertakings guaranteeing Emefiele’s court attendance, with a clause that failure would result in forfeiture of their properties and their own remand. Emefiele must also surrender his travel documents.
A request for interim bail was denied, with the court directing that the bail conditions be met by Wednesday, June 18, or the defendant would be remanded in custody.
The trial was adjourned to July 11, 2025.
