On Monday, former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, appeared before Justice Yusuf Halilu at the Federal Capital Territory High Court in Maitama, where he pleaded not guilty to a new set of eight charges brought against him by the Economic and Financial Crimes Commission (EFCC). The charges, which include fraud and forgery amounting to approximately ₦7.8 billion, are linked to a recent federal government seizure of 753 duplexes in Abuja allegedly connected to Emefiele.
After his not-guilty plea, the prosecution, led by Senior Advocate of Nigeria (SAN) Mr. Rotimi Oyedepo, requested that Emefiele be remanded in prison and urged the court to fast-track the hearing process. In response, Emefiele’s lead counsel, Mr. Mathew Burkaa (SAN), argued in favor of granting him bail, noting that the bail application had been submitted since June 13 without any opposition from the prosecution. Burkaa further emphasized that Emefiele is already complying with bail conditions in three other pending cases before the same court.
Justice Halilu, in his ruling, stated that the presumption of innocence is a constitutional right and affirmed that bail is a fundamental part of the judicial process. He decided to maintain the existing bail terms but imposed additional conditions. Emefiele must present two sureties who each own property in Abuja worth at least ₦2 billion. These sureties must also agree to ensure his attendance at trial or risk imprisonment or forfeiture of their property if he absconds. The court gave Emefiele until Wednesday to fulfill these conditions or face remand at Kuje prison.
Meanwhile, Emefiele has challenged both the validity of the charges and the court’s authority to hear the case. He denied any personal connection to the forfeited property located at Plot 109, Lokogoma District, which comprises over 750 housing units. According to the EFCC, documented in case file CR/358/2025, Emefiele, along with a co-defendant Eric Ocheme—who is currently at large—allegedly held substantial funds in proxy Zenith Bank accounts. These included ₦167 million and ₦1.23 billion allegedly kept in the account of Kelvito Integrated Services.
In addition, one of the charges accused Emefiele of forging an “Irrevocable Power of Attorney” in January 2021 between MG Properties Ltd. and H and Y Business Global Ltd., falsely making it appear that the document was officially authorized. These alleged offences violate sections 319, 362, and 364 of the Penal Code. The case has been adjourned to July 11 for further proceedings.