Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Monday pleaded not guilty to an eight-count charge bordering on alleged fraud, forgery, and unlawful possession of property comprising 753 duplexes in Abuja.
The charges were filed by the Economic and Financial Crimes Commission (EFCC), which alleged that the properties are proceeds of unlawful activities.
Following his plea, the prosecution counsel, Mr. Rotimi Oyedepo (SAN), requested an accelerated hearing of the case and urged the court to remand Emefiele in a correctional facility.
However, defence counsel, Mr. Mathew Burkaa (SAN), informed the court that a bail application had been filed since June 13, and argued that the absence of a counter-affidavit from the prosecution implied no objection to the request. He further noted that Emefiele is already standing trial in three other cases instituted by the EFCC and had been granted bail in all.
Ruling on the bail application, Justice Yusuf Halilu affirmed that bail is a constitutional right and reiterated the principle that an accused person is presumed innocent until proven guilty. He added that courts have, on several occasions, granted bail even in cases involving treasonable felony.
“I have reviewed the charges against the defendant. While the prosecution did not file a counter-affidavit, it raised certain concerns in the supporting affidavit, which are hereby struck out,” Justice Halilu ruled.
In granting bail, the court acknowledged that Emefiele had not violated previous bail conditions granted by Justices Maryanne Anenih and Hamza Muazu.
Under the new bail conditions, Emefiele is required to provide two sureties who must each own landed property within the court’s jurisdiction valued at no less than ₦2 billion. The sureties must also sign an undertaking to ensure Emefiele’s appearance at all trial proceedings, with a warning that they risk imprisonment or forfeiture of their property should he abscond.
Burkaa appealed to the court to release Emefiele temporarily to the defence team for seven days to enable him to meet the bail terms. The prosecution opposed the request, stating that it would amount to a variation of the bail terms and insisted that the conditions were not onerous.
Justice Halilu declined the request for temporary release and ordered that Emefiele must meet the bail conditions by Wednesday or be remanded at the Kuje Correctional Centre in Abuja.
The trial has been adjourned to July 11 for commencement of hearing.
It will be recalled that a High Court of the Federal Capital Territory had previously ordered the forfeiture of the disputed property to the federal government, claiming the estate was acquired through proceeds of crime. Emefiele is currently challenging that forfeiture order in court.
