Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, was on Monday arraigned before the Federal Capital Territory High Court in Maitama over an eight-count charge bordering on fraud, forgery, and illegal possession of a sprawling estate containing 753 housing units.

The property in question, a Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, spans over 150,462.86 square metres, and according to the Economic and Financial Crimes Commission (EFCC), was unlawfully acquired in breach of Sections 319, 362, and 364 of the Penal Code.

Emefiele pleaded not guilty to all charges.

Following the plea, prosecuting counsel, Rotimi Oyedepo (SAN), requested an accelerated trial and urged the court to remand Emefiele in custody.

However, Emefiele’s counsel, Mathew Burkaa (SAN), argued for bail, noting that his client was already standing trial in three other cases, and had not violated previous bail conditions. With no counter affidavit filed by the prosecution, the defence maintained that opposition to the bail request was legally presumed absent.

Delivering his ruling, Justice Yusuf Halilu reaffirmed that bail was a constitutional right, stressing the principle that a defendant is presumed innocent until proven guilty. He ruled in favour of bail, setting stringent conditions: two sureties owning properties worth N2 billion within the court’s jurisdiction, and who must sign undertakings to ensure Emefiele appears in court—failing which they would face jail or forfeit their properties.

Emefiele must perfect his bail by Wednesday, or he will be remanded at the Kuje Correctional Centre. The trial is slated to commence on 11 July.

Meanwhile, Emefiele has challenged the court’s jurisdiction, contending he has no link to the charges.

This fresh suit follows a 2024 court-ordered forfeiture of the property, which Emefiele is also contesting at the Appeal Court. The EFCC, on 30 May, filed new charges in CR/358/2025 against Emefiele and a certain Eric Ocheme, who is reportedly at large. Charges include illegal possession of billions of naira in Kelvito Integrated Services’ and Ifedigo Integrated Services’ proxy accounts in Zenith Bank.

He is also accused of forging an “Irrevocable Power of Attorney” between MG Properties Limited and H & Y Business Global Limited.