By Atoyebi Nike
The Economic and Financial Crimes Commission (EFCC) has arraigned former Central Bank of Nigeria (CBN) Governor Godwin Ifeanyi Emefiele before the Federal Capital Territory (FCT) High Court in Maitama, on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime totaling over ₦7.8 billion.
Emefiele appeared before Justice Yusuf Halilu on Monday, June 16, where he pleaded not guilty to all charges. One of the charges alleges unlawful control of a property at Plot 109, Lokogoma District, Abuja, valued at several billion naira. Another count accuses him of controlling ₦2.9 billion in a corporate bank account suspected to be linked to illegal activities.
According to EFCC’s lead counsel, Rotimi Oyedepo, SAN, the Commission is seeking an accelerated hearing and urged the court to remand Emefiele pending trial.
However, defense counsel Mathew Burka, SAN, argued for bail, citing the defendant’s prior compliance with court orders and lack of flight risk. He informed the court of a pending bail application filed on June 13.
Justice Halilu granted conditional bail, stating that the court found no evidence Emefiele had ever violated bail terms. Bail conditions include:
Two sureties with verifiable landed properties in Maitama, Asokoro, Wuse II, or Life Camp, each worth at least ₦2 billion
Forfeiture of the properties and detention of the sureties if the defendant fails to appear in court. Submission of all travel documents to the court
The judge, however, declined interim bail, instructing that the defendant must meet the bail conditions by Wednesday, June 18, or face remand in a Correctional Centre.
“In this court, I do not do handovers. The defendant has from today to Wednesday to perfect his bail or be remanded in prison,” Justice Halilu ruled. The trial was adjourned to July 11, 2025, for commencement of hearing.
