Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been granted bail by an Abuja High Court in connection with a fresh criminal case involving a disputed housing estate and billions of naira allegedly hidden in proxy accounts.
Justice Yusuf Halilu, presiding over the case at the FCT High Court, granted bail to Emefiele on Monday following a not-guilty plea to a new set of charges brought by the Economic and Financial Crimes Commission (EFCC). The court set the bail amount at ₦2 billion and required two Abuja-based sureties with property in elite areas such as Asokoro, Maitama, or Wuse 2.
The case, numbered CR/358/2025, relates to an estate of 753 duplexes situated on Plot 109 in Lokogoma District, Abuja. Prosecutors claim the property was illegally acquired and is under Emefiele’s control.
The EFCC further alleged that large sums of money — totalling over ₦6 billion — were deposited in corporate accounts allegedly linked to Emefiele and an associate, “Ocheme”, who remains on the run. The accounts in question belong to Kelvito Integrated Services and Ifedigo Integrated Services, all domiciled with Zenith Bank Plc.
Among the charges, Emefiele is accused of unlawfully possessing ₦167 million, ₦1.23 billion, ₦2.9 billion, and ₦1.98 billion in the Kelvito accounts between 2021 and 2022. Additionally, funds amounting to ₦900 million and ₦600 million were reportedly traced to Ifedigo’s account.
In a separate charge, the former CBN governor is alleged to have forged a legal document — an “Irrevocable Power of Attorney” — in January 2021 with the intent to mislead authorities into believing it was duly executed between MG Properties Ltd and H & Y Business Global Ltd.
While granting bail, Justice Halilu reminded the sureties of their responsibility to ensure Emefiele’s presence throughout the trial. “If he jumps bail, they will be remanded,” the judge warned.
Emefiele has until Wednesday, June 18, to meet the bail conditions or face detention. The case will resume on 11 July for further hearing.
The EFCC maintains that the charges are in violation of Sections 319, 362, and 364 of Nigeria’s Penal Code.
