Court grants Emefiele N2bn bail over fraud charges linked to 753 duplexes in Abuja.
EFCC accuses ex-CBN chief of property scam, money laundering, and document forgery.
A High Court sitting in Abuja on Monday, June 16, granted bail to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in a fresh case involving alleged property and financial fraud.
Emefiele was arraigned by the Economic and Financial Crimes Commission (EFCC) on eight counts relating to a housing estate comprising 753 duplexes located at Plot 109, Cadastral Zone C09, Lokogoma District in the Federal Capital Territory.
According to the EFCC, the estate, which spans over 150,000 square meters, was allegedly acquired through unlawful means. Emefiele is accused of maintaining control over the estate, which is suspected to have been funded with proceeds from illegal transactions.
The anti-graft agency further alleged that Emefiele, in collaboration with a fugitive co-defendant identified as Ocheme, managed large sums of money through proxy accounts held with Zenith Bank. These transactions were allegedly linked to companies such as Kelvito Integrated Services and Ifedigo Integrated Services.
Funds traced to the accounts include N167 million, N1.23 billion, N2.9 billion, N1.98 billion, N900 million, and N600 million all suspected to be proceeds of financial crimes.
Emefiele is also facing a charge of forgery. In January 2021, he allegedly fabricated a document titled “Irrevocable Power of Attorney” and presented it as having been issued by H and Y Business Global Limited.
Presiding over the matter, Justice Yusuf Halilu granted Emefiele bail in the sum of N2 billion. The court directed that he must provide two sureties residing within Abuja, each of whom must own property in Asokoro, Maitama, or Wuse 2, with the properties valued at no less than the bail amount.
The judge emphasized that the sureties would bear full responsibility if Emefiele fails to appear for trial and ordered that the bail conditions be met on or before Wednesday, June 18.
The case, filed under charge number CR/358/2025, has been adjourned until July 11 for further proceedings. It is being prosecuted under sections 319, 362, and 364 of the Penal Code.
