By Ayomide Otitoju
A Federal Capital Territory High Court sitting in Abuja has granted bail in the sum of ₦2 billion to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his arraignment on fresh criminal charges.
Justice Halilu Yusuf, who presided over the case on Monday, admitted Emefiele to bail after he was arraigned on an eight-count charge bordering on alleged fraud, including the unlawful acquisition of a 753-unit housing estate and the diversion of billions of naira through proxy accounts.
In his ruling, Justice Yusuf observed that Emefiele had previously been granted bail in three other criminal matters and had not violated the terms in any of those cases. The judge noted the absence of evidence suggesting that the defendant had jumped bail in the past.
Emefiele’s bail was granted on the condition that he provides two sureties who must each own property valued at ₦2 billion within highbrow areas of Abuja — specifically Asokoro, Maitama, or Wuse 2.
The former CBN governor is also required to submit his travel documents to the court. Justice Yusuf ordered that the bail conditions must be fulfilled by Wednesday, or Emefiele will be remanded in custody.
The bail application, argued by Emefiele’s counsel, Matthew Burkaa (SAN), was not opposed by prosecuting counsel Rotimi Oyedepo (SAN), who, however, urged the court to attach additional conditions to those previously imposed by other courts.
Emefiele, who has faced multiple legal challenges since his suspension and arrest in 2023, is accused of corruption and abuse of office during his tenure as head of Nigeria’s apex bank.
