Court Grants Godwin Emefiele ₦2 Billion Bail Over Alleged Fraud

Justice Halilu Yusuf of the Federal Capital Territory High Court on Monday granted bail in the sum of ₦2 billion to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The decision followed Emefiele’s arraignment on an eight-count charge, including allegations of unlawfully acquiring a 753-unit housing estate and misappropriating billions of naira through proxy accounts.

In his ruling, Justice Yusuf noted that Emefiele had previously been granted bail in three other ongoing criminal cases and had not violated any of those conditions. He then granted the fresh bail on the condition that Emefiele produces two sureties who each own property valued at ₦2 billion within Asokoro, Maitama, or Wuse 2 — all highbrow areas within the court’s jurisdiction.

The court also ordered Emefiele to surrender his travel documents and directed that he must meet all bail conditions by Wednesday or risk being remanded in custody.

The bail application, filed by Emefiele’s counsel, Matthew Burkaa, was not opposed by the prosecuting lawyer, Rotimi Oyedepo, who, however, requested the court to impose stricter bail terms than those granted in previous cases.