ABUJA, NIGERIA – The Economic and Financial Crimes Commission (EFCC) on Monday, June 16, arraigned former Central Bank Governor, Godwin Ifeanyi Emefiele, before Justice Yusuf Halilu of the Federal Capital Territory High Court in Maitama, Abuja. Emefiele faces an eight-count charge involving criminal breach of trust, conspiracy, forgery, and unlawful possession of property suspected to be proceeds of crime totaling ₦7.8 billion.
According to the EFCC’s official social media disclosure, the charges stem from allegations that Emefiele abused his high office to illegally control and conceal large sums of money and high-value properties. The anti-graft agency said the alleged offenses threaten public trust and reflect deepening financial crimes within top government institutions.
One of the charges accused Emefiele of controlling a large expanse of land in Abuja’s Lokogoma District, suspected to have been fraudulently acquired in August 2021. Another count alleged he controlled ₦2.9 billion through an account belonging to Kelvito Integrated Services, domiciled with Zenith Bank.
When the charges were read, Emefiele pleaded not guilty. Prosecution counsel, Rotimi Oyedepo, SAN, urged the court to proceed with an accelerated hearing, citing Section 19 of the EFCC Act. He also requested that the defendant be remanded in a correctional facility, pending trial.
“This case is of significant public interest,” Oyedepo told the court. “It involves alleged mismanagement of resources by a former public officer. We request the court to ensure a speedy trial to protect the integrity of justice.”
Defense counsel, Mathew Burka, SAN, countered with a pending bail application, stressing that his client had never breached bail conditions in previous proceedings. He argued that Emefiele voluntarily submitted himself and posed no flight risk.
Although Oyedepo acknowledged receiving the bail request, he noted that it was only served that morning. Justice Halilu, ruling on the application, granted Emefiele bail with strict conditions: two sureties with Abuja-based landed properties each worth no less than ₦2 billion, and the surrender of all travel documents.
ALSO READ: Naira Redesign: Why Court Quashes N1bn Suit Against Buhari, Emefiele, CBN…
The judge denied the defense’s plea for interim bail and warned, “The defendant has from today to Wednesday to perfect his bail or be remanded in prison. In this court, I do not do handovers.”
The case was adjourned to July 11 for trial.
The ongoing trial underscores the societal toll of white-collar crime, particularly when perpetrated by high-ranking public officials. Legal analysts say such breaches corrode citizen trust in state institutions and further burden the economy by weakening accountability.
A civil rights group, speaking anonymously, expressed concern over the ripple effects of elite financial misconduct. “When those at the helm of our financial system are accused of such weighty offenses, it reinforces public cynicism and demoralizes honest service,” the source noted.
As the trial progresses, citizens and advocacy groups continue to demand transparency and swift justice to deter future financial abuse in public service.