The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the former Governor of the Central Bank of Nigeria, Godwin Emefiele, before the Federal Capital Territory (FCT) High Court in Maitama, over alleged illegal possession of 573 duplexes and apartments and billions of naira stashed in proxy bank accounts.

Naijaonpoint reports that Emefiele was arraigned before Justice Yusuf Halilu on an eight-count charge bordering on criminal breach of trust, forgery, and possession of assets suspected to be proceeds of crime.

The EFCC alleged that Emefiele, alongside one Eric Ocheme (now at large), held control over properties located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, which were reasonably suspected to be unlawfully acquired.

The commission also accused the defendants of maintaining billions of naira in various proxy accounts opened with Zenith Bank, funds which investigators believe were proceeds of corrupt practices during Emefiele’s tenure at the apex bank.

One of the counts accuses Emefiele of forging an “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” in January 2021, with the intent to mislead authorities into believing the document was legitimately executed.

The EFCC said the offences contravene Sections 319, 362 and 364 of the Penal Code.

When the charges were read, Emefiele pleaded not guilty to all eight counts.

Following his plea, prosecuting counsel, Rotimi Oyedepo (SAN), urged the court to fix a date for trial, promising to bring witnesses to establish the allegations.

Emefiele’s lawyer, Matthew Burkaa (SAN), moved a bail application on behalf of his client, which was not opposed by the prosecution.

In a brief ruling, Justice Halilu granted Emefiele bail in the sum of N2 billion, with two sureties who must reside in Abuja and own landed property in either Maitama, Asokoro or Wuse 2.

The court also warned that failure to meet the bail conditions by Wednesday would see the former apex bank chief remanded in a correctional facility.

The matter was adjourned till July 11, 2025, for commencement of trial.