Former CBN Governor Godwin Emefiele Admitted to Bail in N2 Billion Property Fraud Case

Strategic Insights -

Justice Yusuf Halilu of the FCT High Court in Abuja has granted bail to former Governor of Central Bank of Nigeria (CBN) Godwin Emefiele in the sum of N2 billion on Monday. The bail was granted in respect of an eight-count charge of property fraud filed by the Economic and Financial Crimes Commission (EFCC). The charge involves 753 disputed duplexes in Abuja, with a total size of 150,462.86 SQM. Emefiele pleaded not guilty to the charges, and his counsel, Mathew Burkaa SAN, applied for bail, which was granted by the court.

Key Takeaways:

  • Emefiele has been granted bail in the sum of N2 billion in a property fraud case filed by the EFCC.
  • The bail was granted on the condition that Emefiele provides two sureties who must be residents of Abuja and own landed property within the jurisdiction of the court, valued at N2 billion.
  • The sureties must also provide an undertaking to produce Emefiele in court throughout the trial and face prison if Emefiele jumps bail.
  • The EFCC has charged Emefiele alongside one Ocheme, who is at large, on eight counts of property fraud, including having control of property reasonably suspected to be unlawfully obtained and keeping in possession billions of naira in proxy accounts in Zenith Bank.
  • The charge borders on alleged having control of property reasonably suspected to be unlawfully obtained, punishable under Section 319 of the Penal Code Law.
  • Emefiele has been granted six days to vacate the bail or risk going to prison, with the case adjourned until July 11 for continuation.

Statistics:

  • Total size of the disputed duplexes: 150,462.86 SQM
  • Number of disputed duplexes: 753
  • Bail amount: N2 billion
  • Number of counts in the charge: 8
  • Number of defendants: 2 (Emefiele and Ocheme)
  • Amount of money allegedly unlawfully kept in proxy accounts in Zenith Bank: billions of naira (exact amount not specified)
  • Amount of money allegedly domiciled in Kelvito Integrated Services' account No: 1016232915: N1.98 billion, N2.9 billion, and N167 million
  • Date granted bail: Monday (no specific date specified)

Sources:

  • News Agency of Nigeria (NAN)