THE Federal Capital Territory (FCT) High Court has granted ₦2 billion bail to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
The judge, Halilu Yusuf, on Monday, June 16, granted the bail after Emefiele was arraigned on an eight-count charge in which he is accused of, among other things, illegally acquiring a housing estate comprising 753 units and stealing billions of naira in proxy accounts.
Yusuf, in his ruling, stated that Emefiele had been granted bail in three other criminal cases pending against him and that there was no evidence that he had jumped bail.
The judge granted Emefiele bail, requiring two sureties with properties worth ₦2 billion in specified areas.
The judge mandated him to submit his travel documents to the court and directed that he must perfect the bail by Wednesday, June 18, failing which he would be remanded in custody.
The court ruled on the bail application after the defence lawyer, Matthew Burkaa, moved it, and the prosecution lawyer, Rotimi Oyedepo, didn’t object but suggested additional conditions.
The ICIR reported that the Economic and Financial Crimes Commission (EFCC) filed new charges against Emefiele, accusing him of unlawfully acquiring a 753-unit housing estate in Abuja and managing billions of naira through proxy accounts during his tenure.
In an eight-count charge filed at the Federal Capital Territory High Court in Abuja and reported by Premium Times, the EFCC alleged that Emefiele collaborated with an associate, Eric Ocheme (currently at large), to acquire the estate located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.
The property spans approximately 150,462.86 square meters and comprises 753 housing units.
The EFCC claimed that Emefiele collaborated with Ocheme to execute the acquisition in August 2021.
The anti-graft agency also accused Emefiele of laundering billions of naira through companies, namely Kelvito Integrated Services and Ifeadigo Integrated Services, using multiple Zenith Bank accounts suspected to hold funds from unlawful sources.
In November 2023, Emefiele was sent to Kuje Correctional Centre over an alleged N1.6 billion procurement fraud after he was arraigned on a six-count charge before an FCT High Court.
In another case involving the former CBN governor in April 2024, a Lagos State High Court granted N50 million bail to him for abuse of office and other infractions.
The judge, Rahmon Oshodi, ruled on the bail application and admitted Emefiele on bail with two sureties in like sum.
The former CBN governor is still facing various cases concerning fraud in different courts.
A reporter with the ICIR
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