On Monday, June 16, the Economic and Financial Crimes Commission (EFCC) took Emefiele to the Federal Capital Territory (FCT) High Court. The case was handled by Justice Yusuf Halilu. Emefiele pleaded not guilty to all eight charges made against him.

According to the EFCC, Emefiele teamed up with a man named Eric Ocheme, who has not yet been found, to take ownership of a housing estate located at Plot 109, Cadastral Zone C09 in the Lokogoma area of Abuja. The estate is very large—covering more than 150,000 square metres.

The EFCC claims that the estate was bought using fake names and accounts, which they say shows a breach of public trust. The same property was earlier taken from another high-ranking government official and had been seized by a court order. Emefiele tried to fight that court order, but his appeal was rejected.

The judge, Justice Halilu, ruled that Emefiele could be released on ₦2 billion bail. However, he must find two people who can also stand as guarantors for the same amount. These sureties must own properties worth ₦2 billion in well-known areas of Abuja, like Aso Drive, Maitama, or Wuse 2. Emefiele was also told to hand over his travel documents and meet all bail conditions by the next Wednesday. If not, he will be sent to prison.

Emefiele, who is already dealing with three other criminal cases, was represented in court by his lawyer, Matthew Burkaa. The EFCC was represented by its lead lawyer, Rotimi Oyedepo.