The Economic and Financial Crimes Commission (EFCC) has arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for an alleged ₦7.8 billion fraud.
According to the EFCC, Emefiele was arraigned on Monday before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, Maitama, Abuja, on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime totalling ₦7,831,002,396.
Emefiele is facing trial for allegedly using his “privileged position” to unlawfully acquire properties and control large sums of money suspected to be proceeds of unlawful activity.
Count one reads: “That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large), sometime in August 2021, in Abuja, within the jurisdiction of this Honourable Court, knowingly had under your control a property lying and being situate at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja, measuring 150,462.86 square meters with appurtenances, which property is reasonably suspected to have been unlawfully obtained, and thereby committed an offence contrary to and punishable under Section 319 (A) of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.”
Count four reads: “That you GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large) between January and December 2021 in Abuja, within the jurisdiction of this Honourable Court, knowingly had under control the total sum of ₦2,945,331,050 (Two Billion, Nine Hundred and Forty-Five Million, Three Hundred and Thirty-One Thousand, Fifty Naira) domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.”
The Commission disclosed that Emefiele pleaded not guilty to all the charges when they were read to him and in view of his plea, prosecution counsel Rotimi Oyedepo, SAN, urged the court to proceed to trial, citing Section 19 of the EFCC Act.
Oyedepo called for an accelerated hearing and asked the court to remand the defendant in a correctional centre pending trial.
Meanwhile, defence counsel Mathew Burka, SAN, informed the court of a pending bail application filed on June 13, 2025.
Burka argued that Emefiele had never defaulted on any previous bail terms granted by other courts, had consistently presented himself to authorities, and was not a flight risk.
However, Oyedepo acknowledged receipt of the bail application, noting that it was served on him only that morning.
In his ruling, Justice Halilu granted bail to the defendant, stating that the bail is a constitutional right and that the court found no evidence that the defendant had ever jumped bail.
The bail was granted with the following conditions: two sureties with verifiable landed properties situated in Maitama, Asokoro, Wuse II, or Life Camp, Abuja, each valued at not less than ₦2 billion.
The sureties must submit undertakings to ensure the defendant’s attendance in court and failure to do so will result in the forfeiture of the properties to the Federal Government and remand of the sureties. Emefiele must also deposit his travel documents with the court.
After a brief ruling, the defence counsel’s plea for interim bail to enable the defendant to perfect the bail conditions was declined.
Consequently, Justice Halilu ruled that the defendant must meet the bail conditions by Wednesday, June 18, 2025, or be remanded 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,” the judge said.
The matter was adjourned to July 11, 2025, for commencement of trial.
