Justice Yusuf Halilu of a FCT High Court FCT on Monday admitted a former Governor of Central Bank of Nigeria (CBN) Godwin Emefiele to bail in the sum of N2 billion in a fresh charge of property fraud.

The Economic and Financial Crimes Commission (EFCC) filed an eight-count charge against him in respect of the disputed 753 duplexes in Abuja.

The said property located at Plot 109, Cadastral Zone C09, Lokogoma District, Federal Capital Territory (FCT), Abuja, measures 150,462.86 SQM and comprises 753 housing units.

When the charge was read to him, he however, pleaded not guilty.

Following his plea, his counsel, Mathew Burkaa, SAN, applied for bail which was not opposed to by the prosecution counsel, Rotimi Oyedepo, SAN.

Oyedepo however, asked the court to expunge some paragraphs in the bail application , and the court granted that.

Ruling on the bail application, Justice Halilu held that bail is a constitutional right.

He added that the defendant (Emefiele) has been granted bail by two other judges and he did not go against the conditions and terms.

“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents which is already before justice Muazu is hereby attached as part of the condition.

“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,” he held.

Halilu further ordered that the sureties shall also do undertaking to produce the defendant in court always all through his trial .

He added in the event the defendant jumps bail, they (sureties) will be put in prison.

He ordered that the defendant is granted from now to Wed (June 18) to vacate the ball or else risk going to prison.

He then adjourned until July 11 for continuation.

The charge, numbered CR/358/2025, borders on alleged having control of property reasonably suspected to be unlawfully obtained.

The offence, the EFCC said, is punishable under Section 319 of the Penal Code Law.

Emefiele was charged alongside one “Ocheme” who is at large.

Besides the housing estate, the two defendants are also charged with unlawfully keeping in their possession billions of naira in proxy accounts in Zenith Bank.

In count one of the charge Emefiele and Ocheme were accused of knowingly having within their control the housing estate suspected to be unlawfully obtained, contrary to the law.

In another count they were also alleged to have in their control another sum of N2.9 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc.

In count five, the commission stated that the defendants between January and December 2022, knowingly had under their control the total sum of N1.98 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.

In other counts they were also linked with the sum of N900 million and N600 million in Ifedigo Integrated Services’ account No: 1210750237 domiciled wit zenith Bank.

According to the anti-graft agency, the said sums were reasonably suspected to have been unlawfully obtained.

Meanwhile, in count eight, Emefiele was said to have in January 2021, forged a document titled, “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intention of causing it to be believed that the said titled document was executed by or by the authority of H and Y Business Global Limited.

The offences, according to the EFCC, contravened the provisions of sections 319, 362 and 364 of the Penal Code.