A former Governor of the Central Bank of Nigeria, Godwin Ifeanyi Emefiele, has been arraigned before the Federal Capital Territory High Court in Abuja on an eight-count charge related to criminal breach of trust, conspiracy, forgery, and unlawful possession of property. The charges, brought by the Economic and Financial Crimes Commission, EFCC, allege that Emefiele used his position to acquire properties and control large sums of money suspected to be proceeds of crime, totaling N7,831,002,396.
The charges against Emefiele include the unlawful acquisition of a property in Abuja, measuring 150,462.86 square meters, and the control of a total sum of ₦2,945,331,050 domiciled in a Zenith Bank account. Emefiele pleaded not guilty to all the charges, prompting the prosecution counsel, Rotimi Oyedepo, to urge the court to proceed to trial, citing the need for an accelerated hearing.
Defence counsel, Mathew Burka, informed the court of a pending bail application, arguing that Emefiele had never defaulted on previous bail terms and was not a flight risk. However, the prosecution acknowledged receipt of the application only that morning. Justice Yusuf Halilu, in his ruling, granted bail to Emefiele, stating that bail is a constitutional right and that there was no evidence of the defendant having ever jumped bail.
The bail conditions include two sureties with verifiable landed properties in Abuja, each valued at not less than ₦2 billion, and the submission of undertakings to ensure Emefiele’s attendance in court. Emefiele must also deposit his travel documents with the court. The defence counsel’s plea for interim bail was declined, with Justice Halilu directing that the defendant must meet the conditions by June 18, 2025, or be remanded in a Correctional Centre.
The matter has been adjourned to July 11, 2025, for the commencement of trial. The case has significant implications for the fight against corruption in Nigeria, with the EFCC determined to ensure that those in positions of power are held accountable for their actions. As the trial progresses, it is expected to shed more light on the allegations against Emefiele and the efforts of the EFCC to combat financial crimes in the country.
