Former CBN Governor, Godwin Emefiele
A Federal Capital Territory (FCT) High Court has granted former Central Bank of Nigeria (CBN) Governor Godwin Emefiele bail in the sum of N2 billion.
This decision comes after Emefiele was charged by the Economic and Financial Crimes Commission (EFCC) with an eight-count charge bordering on property fraud.
The charges against Emefiele relate to a disputed property consisting of 753 duplexes located in Abuja’s Lokogoma District.
According to the EFCC, the property, which is valued at billions of naira, is suspected to have been unlawfully obtained.
In addition to the property, the EFCC also alleges that Emefiele and his co-defendant, Ocheme, who is currently at large, had control over large sums of money in various bank accounts.
The alleged sums include N167 million, N1.23 billion, N2.9 billion, N1.98 billion, N900 million, and N600 million, all of which were allegedly held in proxy accounts with Zenith Bank.
Emefiele pleaded not guilty to the charges when they were read to him.
Justice Yusuf Halilu, who presided over the court, granted Emefiele bail after considering his application and the prosecution’s lack of opposition.
The court, however, imposed strict conditions for the bail. Emefiele is required to provide two sureties who must be residents of Abuja and own landed property in specific areas of the city, including Asokoro, Maitama, or Wuse 2. The property must be valued at N2 billion.
The sureties are also required to undertake to produce Emefiele in court throughout his trial. I
If Emefiele fails to meet the bail conditions, the sureties will be required to serve prison time. T
he bail conditions must be met by June 18, or Emefiele will be remanded in prison.
The case has been adjourned until July 11 for continuation.
The EFCC’s charges against Emefiele also include allegations of forgery related to a document titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited,” which the commission claims Emefiele forged with the intention of deceiving others.
