A High Court of the Federal Capital Territory (FCT) has granted former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, bail in the sum of ₦2 billion following his arraignment on fresh charges of property fraud involving 753 duplexes in Abuja.
The Economic and Financial Crimes Commission (EFCC) brought an eight-count charge against Emefiele concerning a massive housing estate located at Plot 109, Cadastral Zone C09, Lokogoma District, measuring over 150,000 square metres.
The property, which includes 753 housing units, is suspected to have been acquired using funds unlawfully obtained.
Emefiele pleaded not guilty to all charges. His legal counsel, Mathew Burkaa (SAN), filed a bail application, which the EFCC counsel, Rotimi Oyedepo (SAN), did not oppose though he requested that certain paragraphs of the application be expunged. The court granted that request.
In his ruling, Justice Yusuf Halilu said that bail is a constitutional right.
He noted that Emefiele had previously been granted bail by two other judges and had complied with all the conditions, which the court considered in his favour.
The court ordered Emefiele to produce two sureties who must be Abuja residents and own landed properties within the jurisdiction of the court specifically in Asokoro, Maitama, or Wuse 2 each valued at ₦2 billion.
The sureties are also required to undertake to produce the defendant in court throughout the trial or face remand.
“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents, already before Justice Muazu, are hereby attached as part of the bail conditions.”
”The defendant shall provide two sureties who must be residents of Abuja within the jurisdiction of this court.
”The sureties must own landed property within the jurisdiction of this court precisely in Asokoro, Maitama and Wuse 2 which valued at N2 billion,” the judge stated.
Justice Halilu further ruled that Emefiele must perfect his bail conditions by Wednesday, June 18, or risk being remanded in prison.
The case was adjourned to July 11 for continuation of hearing.
The EFCC accused Emefiele and a co-defendant, identified as “Ocheme” (currently at large), of unlawfully controlling significant sums of money held in proxy accounts at Zenith Bank.
The funds include ₦167 million, ₦1.23 billion, ₦2.9 billion, and ₦1.98 billion allegedly stashed in accounts belonging to Kelvito Integrated Services.
The anti-graft agency also linked Emefiele to additional sums of ₦900 million and ₦600 million in an account belonging to Ifedigo Integrated Services.
The EFCC maintains that the funds and properties involved are reasonably suspected to be proceeds of crime, punishable under Section 319 of the Penal Code Law.