After multiple legal battles and previous charges, the former Central Bank Governor, Godwin Emefiele, returned to court on Monday, facing yet another criminal case this time involving a housing estate and billions allegedly funneled through suspicious accounts.
The Federal Capital Territory High Court sitting in Maitama, Abuja, granted Emefiele bail in the sum of N2bn.
He had been arraigned earlier in the day on eight fresh counts tied to what prosecutors described as the unlawful acquisition of a 753-unit housing estate in Abuja.
The property, located at Plot 109, Cadastral Zone C09 in the Lokogoma District, reportedly came under the EFCC’s radar due to claims that Emefiele acquired it through a proxy scheme involving one Eric Ocheme, who, according to the charge sheet, is currently at large.
Filed under charge number CR/350/25 and dated May 30, 2025, the case was brought by the Economic and Financial Crimes Commission.
Representing the prosecution was Senior Advocate of Nigeria, Rotimi Oyedepo, while Emefiele’s defence was led by fellow SAN, Matthew Bukka.
As the proceeding opened, Oyedepo informed the court that the EFCC was ready for arraignment. But Emefiele’s legal team filed a motion challenging the court’s authority to entertain the matter.
Bukka told the court the charges lacked direct links between the defendant and the alleged crimes. He referenced earlier Supreme Court rulings to back his argument, insisting that arraignment should not go ahead until the jurisdiction question is settled.
Justice Yusuf Halilu disagreed. He made it clear that a plea must be taken first before any pending motion can be heard.
“This scenario is not new. It has happened before. There is a clear distinction between criminal and civil proceedings. I cannot take any decision until the defendant takes his plea,” he ruled.
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Emefiele then pleaded not guilty to all eight counts, including claims of property acquisition and controlling vast sums of suspected illicit funds.
Following the plea, Oyedepo requested an accelerated hearing in line with the Administration of Criminal Justice Act.
He also asked the court to keep Emefiele in custody, but Bukka, pointing to a bail application filed on the 13th of June, urged the court to maintain the same bail terms used in Emefiele’s previous legal matters. He argued that the defendant had always complied with bail conditions.
Oyedepo didn’t fight the bail request but recommended tighter measures given the weight of the accusations.
Justice Halilu, while delivering his ruling, said, “The constitution presumes every accused person is innocent until proven guilty.” He noted that Emefiele had not breached earlier bail conditions and approved the request.
The court required Emefiele to deposit his travel documents and present two sureties residing in Abuja, each with property worth N2bn in either Maitama, Asokoro, Wuse, or Life Camp. “In the event of a bail jump, the properties would be forfeited to the Federal Republic of Nigeria,” the judge added.
Bukka asked the court to release Emefiele to his legal team while they work on perfecting the bail. Oyedepo objected, calling it a “backdoor attempt to vary the bail terms.”
But Justice Halilu granted the request with a firm warning, if the bail conditions are not met by Wednesday, Emefiele would be remanded.
The court adjourned the matter until the 11th of July, 2025, for further hearing.