Court Grants Emefiele Bail with N2bn Surety Requirement, 72-Hour Deadline Set

Presiding Judge Yusuf Halilu ruled that Emefiele must present two sureties, each possessing property within Abuja valued at no less than N2 billion. The sureties must also sign an agreement to be detained if Emefiele fails to appear in court.

The court has given Emefiele a 72-hour window to meet the bail terms or face being remanded in custody.

Emefiele is facing fresh eight-count charges brought by the Economic and Financial Crimes Commission (EFCC), including alleged money laundering amounting to N7.7 billion and the illegal acquisition of a 150-square-meter property in Lokogoma, Abuja. He pleaded not guilty to all charges.

According to the EFCC, between 2019 and 2022, Emefiele allegedly controlled funds totaling N7 billion, suspected to be proceeds of illegal activities.

Prosecuting counsel, Rotimi Oyedepo, called for an expedited trial and for Emefiele to be remanded. However, Emefiele’s defense requested the court to extend existing bail terms granted in three other ongoing cases.

Although the EFCC confirmed receipt of the bail application, it requested additional time to respond formally.