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<p>A High Court of the Federal Capital Territory (FCT) has granted former Central Bank of Nigeria (CBN) Governor, <strong>Godwin Emefiele,</strong> bail in the sum of â¦2 billion following his arraignment on fresh charges of property fraud involving 753 duplexes in Abuja.</p>
<p>The Economic and Financial Crimes Commission (EFCC) brought an eight-count charge against Emefiele concerning a massive housing <strong>estate</strong> located at Plot 109, Cadastral Zone C09, Lokogoma District, measuring over 150,000 square metres.</p>
<p><strong>The property, which includes 753 housing units, is suspected to have been acquired using funds unlawfully obtained.</strong></p>
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<p>Emefiele pleaded not guilty to all charges. His legal counsel, Mathew Burkaa (SAN), filed a bail application, which the EFCC counsel, Rotimi Oyedepo (SAN), did not oppose though he requested that certain paragraphs of the application be expunged. The court granted that request.</p>
<p>In his ruling, Justice Yusuf Halilu said that bail is a constitutional right.</p>
<p>He noted that Emefiele had previously been granted bail by two other judges and had complied with all the conditions, which the court considered in his favour.</p>
<p>The court ordered Emefiele to produce two sureties who must be Abuja residents and own landed properties within the jurisdiction of the court specifically in Asokoro, Maitama, or Wuse 2 each valued at â¦2 billion.</p>
<p>The sureties are also required to undertake to produce the defendant in court throughout the trial or face remand.</p>
<p><em>“I admit the defendant to bail on the terms and conditions that the defendant’s travel documents, already before Justice Muazu, are hereby attached as part of the bail conditions.”</em></p>
<p><em>”The defendant shall provide two sureties who must be residents of Abuja within the jurisdiction of this court.</em></p>
<p><em>”The sureties must own landed property within the jurisdiction of this court precisely in Asokoro, Maitama and Wuse 2 which valued at N2 billion,” </em>the judge stated<em>.</em></p>
<p>Justice Halilu further ruled that Emefiele must perfect his bail conditions by Wednesday, June 18, or risk being remanded in prison.</p>
<p>The case was adjourned to July 11 for continuation of hearing.</p>
<p>The EFCC accused Emefiele and a co-defendant, identified as “Ocheme” (currently at large), of unlawfully controlling significant sums of money held in proxy accounts at Zenith Bank.</p>
<p>The funds include â¦167 million, â¦1.23 billion, â¦2.9 billion, and â¦1.98 billion allegedly stashed in accounts belonging to Kelvito Integrated Services.</p>
<p>The anti-graft agency also linked Emefiele to additional sums of â¦900 million and â¦600 million in an account belonging to Ifedigo Integrated Services.</p>
<p>The EFCC maintains that the funds and properties involved are reasonably suspected to be proceeds of crime, punishable under Section 319 of the Penal Code Law.</p>
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