By John Moses
A high-profile corruption case involving Nigeria’s former Central Bank Governor, Mr Godwin Emefiele, took a new turn on Monday as a Federal Capital Territory (FCT) High Court granted him bail in the sum of ₦2 billion over allegations of large-scale property fraud.
Justice Yusuf Halilu of the FCT High Court ruled in favour of Emefiele’s bail application after he pleaded not guilty to an eight-count charge filed by the Economic and Financial Crimes Commission (EFCC). The charges centre on ownership of 753 housing units located at Plot 109, Cadastral Zone C09, in Abuja’s Lokogoma District — a property spanning over 150,000 square metres.
Emefiele is accused of unlawfully controlling the estate and possessing vast sums of money held in proxy accounts. His co-defendant, identified only as “Ocheme”, remains at large.
Justice Halilu, in delivering his ruling, underscored that bail is a constitutional right, noting that Emefiele had already been granted bail in other cases and complied fully with court conditions.
Under the terms of his latest bail, Emefiele must provide two sureties resident in Abuja, each owning properties in the upscale districts of Asokoro, Maitama, or Wuse 2, and collectively worth at least ₦2 billion. The court also mandated that Emefiele’s travel documents, already submitted in a separate case before Justice Muazu, remain part of the bail condition.
The judge warned that failure to meet the bail terms by Wednesday, June 18, would result in Emefiele’s remand in prison. The case was adjourned until 11 July for further proceedings.
The EFCC alleges that Emefiele and his accomplice controlled multiple bank accounts containing suspicious funds. These include ₦167 million, ₦1.23 billion, and ₦2.9 billion, all held under the company Kelvito Integrated Services. Additional accounts linked to Ifedigo Integrated Services allegedly held ₦900 million and ₦600 million, respectively.
In the final count, Emefiele is accused of forging an “Irrevocable Power of Attorney” in January 2021, purportedly between MG Properties Ltd and H & Y Business Global Ltd, intending to pass it off as legitimate.
The EFCC asserts that the alleged offences contravene Nigeria’s Penal Code, specifically sections 319, 362, and 364.
