Alleged forgery, 753 Abuja homes: Court grants Emefiele N2bn bail in explosive land grab trial

A former Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has entered a plea of not guilty to an eight-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), encompassing allegations of criminal acquisition, fraud and forgery.

The EFCC has accused Emefiele of unlawfully acquiring a vast estate consisting of 753 housing units located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, spanning over 150,000 square metres.

Emefiele is also alleged to have conspired with one Mr Eric Ocheme, said to be currently at large, to take control of multiple proxy bank accounts containing billions of naira. Funds listed by the EFCC include ₦167 million, ₦1.23 billion, ₦2.9 billion, ₦1.98 billion, ₦900 million and ₦600 million, allegedly stashed in accounts belonging to Kelvito Integrated Services and Ifedigo Integrated Services.

In addition to the purported money laundering offences, the EFCC has charged Emefiele with the forgery of an 'Irrevocable Power of Attorney’ claimed to be executed between MG Properties Limited and H and Y Business Global Limited. According to the anti-graft agency, the document was fabricated to support illicit claims.

During proceedings, the prosecution called for Emefiele’s remand and requested an expedited hearing of the case.

Defending Emefiele, Senior Advocate of Nigeria Mr Mathew Burkaa informed the court that a bail application had been submitted on 13 June, with no formal opposition from the prosecution. He also noted that this marked the fourth criminal charge brought against Emefiele, with bail already granted in the previous three cases.

Justice Yusuf Halilu, who presided over the hearing, granted bail to the former apex bank chief, reaffirming that bail is a constitutional right and underscoring that Emefiele remains innocent until proven guilty.

The judge observed that the defendant had adhered to the conditions of his previous bail rulings, including those granted by Justices Maryanne Anenih and Hamza Muazu.

Under the terms of the new bail, Emefiele must produce two sureties with landed properties located in Asokoro, Maitama, Wuse 2 or Life Camp in Abuja, each with a combined value of ₦2 billion. The sureties are required to undertake responsibility for Emefiele’s appearance throughout the trial or risk imprisonment and forfeiture of their properties.

The judge ruled that Emefiele must perfect his bail terms by Wednesday or face remand at Kuje Correctional Centre.

The matter has been adjourned until 11 July for trial commencement.

Meanwhile, Emefiele is challenging the court’s jurisdiction, asserting that he has no connection to the offences outlined in the charge. The disputed estate had previously been subject to a forfeiture order by an FCT High Court, which Emefiele is currently contesting on appeal.

Despite this pending appeal, the EFCC filed a new charge against him on 30 May 2025, marked CR/358/2025, accusing the former CBN governor of holding property and funds suspected to be acquired through illicit means.

The charges are said to contravene Sections 319, 362 and 364 of the Penal Code.