NIGERIA: EFCC Arraigns Emefiele Over Alleged ₦7.8 Billion Fraud

By Onoja Baba, Nigeria 

The Economic and Financial Crimes Commission, EFCC, on Monday, June 16, 2025, arraigned former Central Bank Governor, Godwin Ifeanyi Emefiele, before Justice Yusuf Halilu of the FCT High Court in Maitama, Abuja.

The charge was confirmed in a statement made available to the media on Monday signed by Dele Oyewale, Head of Media and Publicity of the EFCC.

Emefiele was docked on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime.

According to the EFCC, the value of the alleged illicit property and funds totals ₦7,831,002,396.

One of the charges accused Emefiele and a co-accused still at large, Eric Ocheme, of having control of a property in Lokogoma, Abuja, suspected to have been unlawfully acquired.

Another charge cited unlawful control of over ₦2.9 billion in a Zenith Bank account belonging to Kelvito Integrated Services between January and December 2021.

Emefiele pleaded not guilty to all charges.

Prosecution counsel, Rotimi Oyedepo, SAN, urged the court to begin trial immediately and asked that Emefiele be remanded.

Defence counsel, Mathew Burka, SAN, opposed the move and presented a bail application filed on June 13. He said Emefiele had never violated any previous bail terms.

Justice Halilu granted bail to Emefiele with strict conditions. These include two sureties with Abuja properties valued at not less than ₦2 billion and the submission of travel documents.

The judge refused a request for interim bail and ruled that the defendant must meet the bail conditions by Wednesday, June 18, or be remanded in prison.

Trial is set to begin on July 11, 2025.