ABUJA — A High Court of the Federal Capital Territory (FCT) on Monday, June 16, 2025, granted bail in the sum of ₦2 billion to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his arraignment on an eight-count charge bordering on alleged unlawful acquisition and financial misconduct.
Presiding judge, Justice Halilu Yusuf, delivered the ruling after Emefiele was formally charged with offences including the illegal acquisition of a 753-unit housing estate and the alleged control of billions of naira through proxy accounts.
Justice Yusuf, in granting bail, noted that the defendant had previously been granted bail in three separate criminal proceedings and had not breached any of the bail conditions.
“There is no evidence before this court that the defendant has jumped bail in any of the other pending cases,” he said.
The bail is conditional upon Emefiele producing two sureties, each of whom must own property worth at least ₦2 billion located in either Asokoro, Maitama or Wuse 2 — all within the jurisdiction of the FCT High Court.
The judge further directed the former CBN governor to deposit all his travel documents with the court and warned that failure to meet the bail conditions by Wednesday, June 25, 2025, would result in his remand in custody.
The ruling followed a bail application filed by Emefiele’s legal counsel, Matthew Burkaa (SAN), which was not opposed by the prosecution.
However, prosecuting counsel Rotimi Oyedepo (SAN) requested that the court impose stricter conditions than those given in other cases involving the defendant.
Emefiele is facing multiple criminal trials linked to his tenure at the apex bank.
The current case is one of several charges brought against him as the Nigerian government continues investigations into alleged large-scale financial impropriety during his time in office.
The matter is expected to return to court next week for further proceedings.
