The Federal Capital Territory (FCT) High Court sitting in Maitama, Abuja, on Monday, June 16, 2025, granted bail to the former Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime amounting to ₦7.8 billion.

Emefiele appeared before Justice Yusuf Halilu to face charges which include alleged unlawful acquisition of property and control of large sums of money reasonably suspected to be proceeds of crime during his tenure as CBN governor.

According to the EFCC, one of the charges read:

“That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large), sometime in August 2021, in Abuja… had under your control a property located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja… reasonably suspected to have been unlawfully obtained.”

Another charge stated that the duo allegedly controlled ₦2.9 billion between January and December 2021, held in an account belonging to Kelvito Integrated Services with Zenith Bank, also suspected to be unlawfully acquired.

Emefiele pleaded not guilty to all the charges.

Prosecution counsel, Rotimi Oyedepo, SAN, urged the court to begin trial immediately and asked that Emefiele be remanded in custody pending trial. However, defence counsel, Mathew Burka, SAN, argued in favour of bail, noting that Emefiele had never violated previous bail conditions and posed no flight risk. He informed the court of a bail application filed on June 13, 2025.

Justice Halilu, in his ruling, granted Emefiele bail, affirming that bail is a constitutional right and there was no evidence the defendant had ever jumped bail. The bail conditions include: Two sureties with verifiable landed properties located in Maitama, Asokoro, Wuse II, or Life Camp, Abuja, each valued at not less than ₦2 billion. Sureties must submit undertakings guaranteeing the defendant’s court attendance, failing which the properties would be forfeited to the Federal Government and the sureties remanded. Emefiele must deposit his travel documents with the court.

The court rejected the defence counsel’s request for interim bail and directed that Emefiele must fulfil the bail conditions by Wednesday, June 18, 2025, or be remanded.

“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 stated.

The case was adjourned to July 11, 2025, for the commencement of trial.