Justice Yusuf Halilu of an FCT High Court, on Monday, admitted the former Governor of Central Bank of Nigeria (CBN), Godwin Emefiele to bail in the sum of N2 billion in a fresh charge of property fraud.

The Economic and Financial Crimes Commission (EFCC) filed an eight-count charge against Emefiele over the disputed 753-units housing estate in Abuja.

The said property located at Plot 109, Cadastral Zone C09, Lokogoma District, Federal Capital Territory (FCT), Abuja,  measures 150,462.86 SQM and comprises 753 housing units.

When the charge was read to him, Emefiele pleaded not guilty.
Following his plea, his counsel, Mathew Burkaa SAN, applied for bail, which the prosecution counsel, Rotimi Oyedepo SAN, did not oppose.

Oyedepo, however, asked the court to expunge some paragraphs in the bail application, and the court granted that request.

Ruling on the bail application, Justice Halilu held that bail is a constitutional right.

He added that the defendant (Emefiele) had been granted bail by two other judges, and did not breach the conditions and terms.
“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents, which are already before justice Muazu are hereby attached as part of the condition.
”The defendant shall provide two sureties who must be residents of Abuja within the jurisdiction of this court.
”The sureties must own landed property within the jurisdiction of this court precisely in Asokoro, Maitama and Wuse 2, valued at N2 billion,” he ruled.
Halilu further ordered that the sureties shall also undertake to produce the defendant in court all through his trial.

He added in the event the defendant jumps bail, they (sureties) will be put in prison.
He ordered that the defendant is granted till Wednesday (June 18) to fulfil the bail conditions or risk going to prison.

He then adjourned until July 11 for continuation of the trial.
The charge, with the reference number: CR/358/2025, borders on allegedly controlling a property reasonably suspected to be unlawfully obtained.

The offence, the EFCC said, is punishable under Section 319 of the Penal Code.
Emefiele was charged alongside one “Ocheme”, who is at large.
Besides the housing estate, the two defendants are also charged with unlawfully keeping in their possession billions of naira in proxy accounts in Zenith Bank.

In count one of the charge, Emefiele and Ocheme were accused of knowingly having within their control the housing estate suspected to be unlawfully obtained contrary to the law.

While in count two, they were alleged to knowingly have in their possession the sum of N167 million domiciled in Kelvito Integrated Services’ account number: 1016232915. In count three, they were alleged to have held the sum of N1.23 billion in the same account.

According to the anti-graft agency, the said sums were said to be reasonably suspected to have been unlawfully obtained.
In another count, they were also alleged to have in their control another sum of N2.9 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc.
In count five, the commission alleged that the defendants between January and December 2022, knowingly had under their control the total sum of N1.98 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.
In other counts, they were also linked with the sum of N900 million and N600 million in Ifedigo Integrated Services’ account No: 1210750237 domiciled with Zenith Bank.
Furthermore, in count eight, Emefiele was said to have in January 2021, forged a document entitled, “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intention of causing it to be believed that the said document was executed by the authority of H and Y Business Global Limited.
The offences, according to the EFCC, contravened the provisions of sections 319, 362 and 364 of the Penal Code. (NAN)