Emefiele granted ₦2bn bail over alleged ₦7.7bn housing fraud

Summary

• Ex-CBN Governor Godwin Emefiele receives ₦2bn bail over fresh eight-count charge
• Allegations include money laundering, forgery, and control of proxy accounts at Zenith Bank
• Court mandates strict bail conditions including high-value sureties and seizure of travel documents

Abuja, Nigeria — Godwin Emefiele, the embattled former Governor of the Central Bank of Nigeria (CBN), was on Monday, June 16, 2025, granted bail in the sum of ₦2 billion by Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, Maitama.

The bail is in relation to an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC), accusing Emefiele of money laundering, forgery, and fraud connected to a ₦7.7 billion 753-unit housing estate in Abuja’s Lokogoma District.

The EFCC alleged that Emefiele, along with a co-defendant Eric Ocheme, who is currently at large, used proxy accounts at Zenith Bank between 2019 and 2022 to illegally control large sums of money, which are suspected to be proceeds of crime. One of the charges also involves the forgery of an “Irrevocable Power of Attorney” document in 2021 with the intention to mislead.

Justice Halilu imposed stringent bail conditions. Emefiele must provide two sureties who each own property in high-value areas of Abuja—Asokoro, Maitama, Wuse 2, or Life Camp—worth no less than ₦2 billion.

The sureties must reside in Abuja and pledge to ensure Emefiele’s appearance in court, with their properties liable to forfeiture if he defaults.

Additionally, Emefiele must surrender his travel documents, and the bail conditions must be met by Wednesday, June 18, or he will be remanded at the Kuje Correctional Centre.

Emefiele pleaded not guilty to all charges. His lawyer, Matthew Burkaa (SAN), argued that his client had consistently complied with bail terms in three other ongoing cases, including previous bails of ₦20 million in July 2023 and ₦300 million each in November 2023 and May 2024.

EFCC prosecutor Rotimi Oyedepo did not oppose bail but called for stricter conditions, which were reflected in the court’s decision.

This latest case adds to Emefiele’s mounting legal troubles following his suspension as CBN Governor. However, in a separate development in April, the Lagos Division of the Court of Appeal overturned a previous forfeiture ruling against Emefiele, affirming that his legitimate earnings from Zenith Bank and during his CBN tenure could justify his asset acquisitions. The appellate court ordered a retrial, providing a measure of legal reprieve.