Justice Halilu Yusuf of the Federal Capital Territory (FCT) High Court has granted bail to the former Governor of the Central Bank of Ni...
Justice Halilu Yusuf of the Federal Capital Territory (FCT) High Court has granted bail to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in the sum of ₦2 billion, following his arraignment on an eight-count charge involving serious financial misconduct.
Emefiele is accused of illegally acquiring a 753-unit housing estate, embezzlement, and the alleged manipulation of billions of naira through proxy accounts while in office. The charges, which have captured national attention, stem from his time as the head of Nigeria's apex bank, a role in which he oversaw critical financial policies for several years.
In delivering the ruling on Monday, Justice Yusuf observed that Emefiele had previously been granted bail in three separate ongoing criminal cases, and had not breached the terms of those bail agreements. This, the judge said, played a role in his decision to grant bail once again under stringent conditions.
According to the court order, Emefiele must provide two sureties, each of whom must own property valued at ₦2 billion within Asokoro, Maitama, or Wuse 2, all high-profile districts within the court’s jurisdiction in Abuja. The judge also directed Emefiele to submit all his travel documents and to perfect the bail conditions by Wednesday. Should he fail to meet the set requirements, he will be remanded in custody.
The bail request was presented by Emefiele’s lead counsel, Matthew Burkaa (SAN). Notably, the application was not contested by the prosecuting counsel, Rotimi Oyedepo (SAN), who however insisted that the bail terms be stricter than those issued in previous rulings involving the defendant, given the serious nature of the allegations.
The case has generated widespread interest across the country, with many closely monitoring developments due to Emefiele’s influential position in Nigeria’s financial system and the scale of the alleged infractions. Legal analysts suggest that the proceedings could have wider implications for accountability and anti-corruption efforts within public financial institutions.
Further hearings are expected as the trial continues in the weeks ahead.
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