Court Grants Emefiele N2 Billion Bail in N753 Billion Abuja Duplexes Fraud Case

 A Federal High Court in Abuja granted former Central Bank of Nigeria (CBN) Governor Godwin Emefiele N2 billion bail on June 16, 2025, in a case involving alleged fraud in the acquisition of 753 luxury duplexes worth N753 billion, per BBC. 

Emefiele, detained since June 2023, faces charges of criminal conspiracy, money laundering, and abuse of office linked to the 2019-2022 property deals in Maitama and Asokoro, per The Guardian. Justice Maryanne Anenih imposed stringent conditions, including surrendering his passport and remaining in Nigeria pending trial.

The Economic and Financial Crimes Commission (EFCC) alleges Emefiele used shell companies to divert CBN funds through inflated contracts, with 80% of the duplexes unregistered, per Al Jazeera. Evidence includes bank records showing N200 billion transferred to proxies, per court documents. Emefiele’s defense, led by Olukayode Enitan (SAN), argued the charges lack merit, claiming the properties were legitimate investments, per BBC. The trial, set for September 2025, is one of six cases against Emefiele, including a $6.2 million fraud charge, per The Guardian.

The case has sparked debate over Nigeria’s anti-corruption efforts, with 1,500 high-profile investigations ongoing, per EFCC data. Emefiele’s tenure (2014-2023) saw controversial policies like naira redesign, blamed for economic disruptions, per The New York Times. Critics argue his prosecution reflects political vendettas, while supporters of President Tinubu’s anti-graft agenda see it as justice, per Al Jazeera. The N2 billion bail, requiring two sureties with Abuja properties, underscores the case’s gravity, with Emefiele’s assets frozen since 2023.

The duplexes, valued at N1 billion each, were allegedly sold to political allies, fueling public outrage amid Nigeria’s 33% poverty rate, per World Bank data. The EFCC’s recovery of N50 billion in assets offers hope, but only 10% of looted funds are typically retrieved, per Transparency International. Emefiele’s release on bail, after 24 months in detention, shifts focus to the trial’s outcome, which could set a precedent for holding public officials accountable in Nigeria’s fight against systemic corruption.