The Former Central Bank Governor Godwin Emefiele was granted ₦2 billion bail by Justice Yusuf Halilu of the Federal Capital Territory High Court in Abuja on Monday, following his arraignment on an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC) related to the alleged illegal acquisition of a sprawling housing estate in Lokogoma.
The estate, located at Plot 109, Cadastral Zone C09, measures approximately 150,462.86 sqm and comprises 753 duplex units that the EFCC contends were acquired with proceeds of unlawful activities.
During the hearing, Emefiele pleaded not guilty to all charges, which include allegations of money laundering through proxy Zenith Bank accounts holding sums of ₦167 million, ₦1.236 billion, ₦2.945 billion, ₦1.985 billion, ₦900 million, and ₦600 million, as well as a count of forgery concerning an irrevocable power of attorney between MG Properties Limited and H & Y Business Global Limited.
His counsel, SAN Mathew Burkaa, applied for bail—a request not opposed by EFCC prosecutor Rotimi Oyedepo after which Justice Halilu emphasised that every defendant is presumed innocent until proven guilty and that bail is a constitutional right.
The court set the bail at ₦2 billion with two sureties who must be residents of Abuja and own landed property in Asokoro, Maitama, or Wuse 2 valued collectively at ₦2 billion, further mandating that Emefiele submit his travel documents, which were already before another judge, and perfect bail arrangements by Wednesday or risk remand in Kuje correctional facility.
Justice Halilu also ruled that the sureties must undertake to ensure Emefiele’s attendance throughout the trial and warned that failure to appear would result in their imprisonment or forfeiture of their property.
The matter was adjourned to July 11 for the commencement of the trial, marking a critical development in what remains one of Nigeria’s most high-profile anti-corruption cases
