Alleged N7.8bn Fraud: EFCC Arraigns Emefiele For Unlawful Possession Of 753 Housing Units

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele, before Justice Yusuf Halilu of the Federal Capital Territory (FCT) High Court, Maitama, Abuja, on an eight-count charge bordering on criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime totaling N7,831,002,396 (Seven Billion, Eight Hundred and Thirty-One Million, Two Thousand, Three Hundred and Ninety-Six Naira).

Emefiele is accused of using his former office to unlawfully acquire property and control large sums of money allegedly linked to criminal conduct.

One of the charges (Count One) reads: “That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large), sometime in August 2021, in Abuja, within the jurisdiction of this Honourable Court, knowingly had under your control a property lying and being situate at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja, measuring 150,462.86 square meters with appurtenances, which property is reasonably suspected to have been unlawfully obtained, and thereby committed an offence contrary to and punishable under Section 319 (A) of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.”

Another charge (Count Four) alleges: “That you, GODWIN IFEANYI EMEFIELE and ERIC OCHEME (at large), between January and December 2021 in Abuja, within the jurisdiction of this Honourable Court, knowingly had under control the total sum of N2,945,331,050 (Two Billion, Nine Hundred and Forty-Five Million, Three Hundred and Thirty-One Thousand, Fifty Naira) domiciled in Kelvito Integrated Services’ account No: 1016232915 with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.”

Emefiele pleaded not guilty to all eight counts when the charges were read.

Prosecuting counsel, Rotimi Oyedepo, SAN, urged the court to commence trial immediately and requested that the defendant be remanded pending the proceedings.

“My Lord, in view of the plea of the defendant, the prosecution is urging this Honourable Court for an accelerated hearing of this matter. We are also asking that the defendant be remanded pending trial,” Oyedepo submitted, citing Section 19 of the EFCC Act.

However, the defence counsel, Mathew Burka, SAN, informed the court that a bail application had been filed on June 13, 2025, arguing that his client had never defaulted on any bail conditions previously granted and had always cooperated with authorities.

Justice Halilu, while acknowledging the right to bail as constitutional, granted the application, stating that there was no record of the defendant jumping bail.

The bail conditions include two sureties with verifiable landed properties located in Maitama, Asokoro, Wuse II, or Life Camp, Abuja, each valued at not less than ?2 billion. The sureties must sign undertakings to guarantee the defendant’s court attendance. If they fail, their properties will be forfeited to the Federal Government, and they will be remanded. Emefiele must also deposit all travel documents with the court.

The court declined a request for interim bail pending the perfection of bail conditions. The judge ruled that Emefiele must meet the conditions by Wednesday, June 18, 2025, or risk being remanded.

“In this court, I do not do handovers. The defendant has from today to Wednesday to perfect his bail or be remanded in prison,” Justice Halilu stated.

The case was adjourned to July 11, 2025, for commencement of trial.