The Federal Capital Territory High Court in Abuja has granted former Central Bank of Nigeria (CBN) Governor Godwin Emefiele bail in the sum of Court Grants Emefiele ₦2 Billion Bail, Sets Conditions. This decision was made by Justice Halilu Yusuf after Emefiele was arraigned on an eight-count charge bordering on alleged unlawful acquisition of a Housing Estate comprising 753 units and stealing billions of naira through proxy accounts.
To secure his release, Emefiele must meet the following conditions:
- Produce Two Sureties: The sureties must own properties worth ₦2 billion each in either Asokoro, Maitama, or Wuse 2 within the court's jurisdiction.
- Submit Travel Documents: Emefiele must submit his travel documents to the court.
- Perfect Bail by Wednesday: Emefiele has until Wednesday to perfect his bail. Failure to do so will result in his remand in custody.
The Economic and Financial Crimes Commission (EFCC) alleges that Emefiele used his position to acquire the Estate through kickbacks from contractors and foreign exchange allocations. The Estate, valued at ₦2.2 billion, was purchased using funds from three companies: Ifeadigo Integrated Services, Kelvito Integrated Service, and Ice Frozen Food & Ventures.
The case has been adjourned to July 11 for commencement of trial. Emefiele faces multiple criminal cases in various courts, including allegations of fraud involving billions of naira and dollars. The EFCC has also recovered several properties suspected to have been acquired through illicit funds.
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