If you’ve been following the news, you’ll know that Godwin Emefiele, the former Central Bank of Nigeria (CBN) governor, has been in the eye of the storm for a while now. His troubles began shortly after President Bola Tinubu suspended him from office, leading to his arrest by the Department of State Services (DSS) for “some investigative reasons.” But that was just the start. After spending months in DSS custody in June 2023, he was handed over to the Economic and Financial Crimes Commission (EFCC), in late October 2023, who are investigating him for alleged impropriety during his time at the apex bank. The EFCC’s case against him is quite weighty. Presently, he’s facing eight counts, including the alleged unlawful acquisition of a massive 753-unit housing estate in Abuja, embezzling and controlling billions of naira through proxy accounts, and other forms of financial misconduct. The property at the heart of the matter is located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, and is said to be worth billions. According to court documents, Emefiele is accused of colluding with one Eric Ocheme to acquire both the property and the funds in question. This is not Emefiele’s first or second bail. In fact, the N2 billion bail recently granted to him is at least the fourth bail he has received in different criminal cases since his suspension and arrest in June 2023. Justice Halilu Yusuf of the Federal High Court in Abuja, who granted the latest N2 billion bail, as of June 2025, specifically noted in his ruling that Emefiele had already been granted bail in three other pending criminal cases and had never violated any of those bail conditions.
- A N20 million bail in Lagos over illegal possession of firearms (which was later withdrawn by the DSS).
- A N300 million bail in Abuja over alleged procurement fraud involving vehicle purchases.
- A N50 million bail in Lagos on charges of corruption and money laundering.
This history seemed to weigh in his favor, as Justice Yusuf stated, “In the absence of any evidence of bad conduct as it relates to the bail earlier granted to the defendant, I am mindful to grant the bail sought.” The judge then set strict conditions: Emefiele must produce two sureties, each owning property worth N2 billion in prime Abuja districts, specifically Asokoro, Maitama, or Wuse 2. He was also ordered to submit his travel documents to the court, and the bail would only be valid if perfected by Wednesday, or else he would be remanded in custody. The ruling was based on a bail application moved by Emefiele’s lawyer, Matthew Burkaa, and interestingly, the prosecution led by Rotimi Oyedepo did not object but requested that additional conditions be imposed, different from those in earlier cases. The judge also tied the bail conditions to those of a previous case (FCT/CR/577/2023), ensuring continuity and accountability. The judiciary is handling the high-profile nature of the case, balancing the presumption of innocence with the need to ensure Emefiele remains available for trial.
The Naija Lowdown Writer 