The Economic and Financial Crimes Commission (EFCC) on Monday, June 16, 2025, arraigned former Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele, 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 assets suspected to be proceeds of crime amounting to ₦7.8 billion.
Emefiele is accused of using his position to unlawfully acquire 753 housing units and control substantial sums of money suspected to be linked to illicit activities.
According to one of the charges, Emefiele and a co-accused, Eric Ocheme (currently at large), were found in control of a property located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja—measuring 150,462.86 square meters—believed to have been unlawfully acquired. Another count alleges that the duo controlled over ₦2.9 billion in a corporate account, suspected to be proceeds of crime.
Emefiele pleaded not guilty to all charges.
Prosecution counsel, Rotimi Oyedepo, SAN, requested accelerated hearing and asked that the defendant be remanded pending trial. Defence counsel, Mathew Burka, SAN, opposed the application, citing a pending bail request filed on June 13 and arguing that the defendant had never violated previous bail conditions.
Justice Halilu granted bail, noting that Emefiele is entitled to it under the Constitution and had not previously jumped bail. Bail conditions include two sureties with verifiable landed properties in Maitama, Asokoro, Wuse II, or Life Camp, each valued at no less than ₦2 billion. The sureties must undertake to ensure Emefiele’s attendance or face forfeiture and detention.
The court declined interim bail and directed the defendant to meet the bail conditions by Wednesday, June 18, or face remand in a Correctional Centre.
The case was adjourned to July 11, 2025, for commencement of trial.
