A High Court in Abuja on Monday, June 16, granted bail to former Central Bank Governor Godwin Emefiele in a fresh case involving alleged property fraud.
The Economic and Financial Crimes Commission (EFCC) brought him before the court over eight counts linked to 753 duplexes located at Plot 109, Cadastral Zone C09, Lokogoma District, Federal Capital Territory.
Emefiele, who denied the charges, is accused of having control of a housing estate suspected to have been acquired unlawfully.
The estate sits on a large piece of land measuring over 150,000 square metres and includes hundreds of housing units.
The EFCC alleged that Emefiele, alongside a co-defendant named Ocheme who is still at large, managed various large sums of money through proxy accounts in Zenith Bank.
These funds, according to the commission, are suspected to be proceeds of illegal activities.
Some of the amounts listed in the charges include N167 million, N1.23 billion, N2.9 billion, N1.98 billion, N900 million, and N600 million, all found in different accounts linked to Kelvito Integrated Services and Ifedigo Integrated Services.
In addition to the financial charges, the former CBN boss is also facing an allegation of forgery.
In January 2021, he was said to have created a false document titled “Irrevocable Power of Attorney” to give the impression it was approved by H and Y Business Global Limited.
After hearing the bail application, Justice Yusuf Halilu ruled that Emefiele be released on a N2 billion bail with two sureties who must be Abuja residents.
These sureties must own property in specific areas—Asokoro, Maitama, or Wuse 2—matching the bail value. The court warned that the sureties will be held responsible if Emefiele fails to appear for trial.
The court also gave Emefiele until Wednesday, June 18, to meet the bail terms or risk being taken into custody.
The matter was adjourned to July 11 for further proceedings.
The case was filed under charge number CR/358/2025 and is based on the Penal Code’s sections 319, 362, and 364.
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