An Abuja High Court granted Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), bail of N2 billion on Monday.
The Economic and Financial Crimes Commission (EFCC) arraigned the former CBN governor in connection with a 753‑unit housing estate said to have been acquired in breach of public trust.
EFCC accused him of conspiring with Eric Ocheme, who is currently at large, to acquire the property situated at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja. The charge sheet, marked CR/350/25 and dated May 30, 2025, describes the estate as spanning a total area of 150,462.86 square metres. He was also accused of unlawful possession of billions of naira in proxy accounts in Zenith Bank.
Emefiele pleaded not guilty to the eight-count charge levelled against him.
The anti-graft agency alleged that the acquisition was executed through proxy accounts and violated public trust. The EFCC further revealed that the estate had previously been recovered from an unnamed former senior government official, with a forfeiture order obtained from the FCT High Court in Apo. Emefiele had challenged the forfeiture through a motion but the court dismissed his application.
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Justice Halilu granted Emefiele bail in the sum of N2 billion, with two sureties in the same amount. The sureties are required to own property valued at N2 billion in either Aso Drive, Maitama, or Wuse 2, within the jurisdiction of the court. Emefiele was also ordered to surrender his travel documents and meet the bail conditions by Wednesday next week, or face remand.
If the former CBN governor fails to perfect the bail conditions, he will be remanded in a correctional facility.
Emefiele, who is already facing three separate criminal charges in different cases, was represented by his legal counsel, Matthew Burkaa. The EFCC was represented by prosecuting counsel, Rotimi Oyedepo.
The matter was subsequently adjourned until July 11 for the commencement of trial.