NIGERIA: FCT Court Grants Emefiele ₦2bn Bail Over Alleged ₦753bn Housing Fraud

By Ameenat Hamzat, Lagos, Nigeria 

A High Court in the Federal Capital Territory (FCT), Abuja, has granted bail in the sum of ₦2 billion to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his arraignment on fresh corruption charges involving the alleged illegal acquisition of a massive housing estate and billions of naira held in proxy accounts.

Presiding Judge, Justice Halilu Yusuf, granted the bail on Monday after Emefiele appeared before the court on an eight-count charge.

The charges include the unlawful acquisition of a 753-unit housing estate and the alleged misappropriation of billions of naira, which prosecutors say were funneled through secret accounts.

Justice Yusuf ruled in favour of the bail application filed by Emefiele’s counsel, Matthew Burkaa (SAN), and noted that the embattled former CBN chief had been previously granted bail in three separate cases and had not violated any of those terms.

The judge said: “There was no evidence that he had jumped bail.”

Emefiele was admitted to bail on the condition that he must produce two sureties, each of whom must own property worth at least ₦2 billion in either Asokoro, Maitama, or Wuse 2, all within the jurisdiction of the court.

Justice Yusuf also ordered Emefiele to submit his international passport and other travel documents to the court, warning that failure to perfect the bail conditions by Wednesday would result in his remand in custody.

Although the prosecution, represented by Rotimi Oyedepo (SAN), did not oppose the bail request, he urged the court to impose additional conditions beyond those issued in previous cases.

This development comes after the Economic and Financial Crimes Commission (EFCC) filed a new set of charges against Emefiele, accusing him of stealing public funds through complex property deals and proxy accounts while he served as head of Nigeria’s apex bank.

The case has drawn widespread public attention due to the sheer scale of the allegations and Emefiele’s high-profile status.

His tenure at the CBN was marked by controversial monetary policies and ongoing scrutiny over transparency and accountability.

Details of the court proceedings and further updates will be provided as the story develops.