The Judge, Justice Halilu Yusuf, granted bail after Emefiele was arraigned on an eight-count charge accusing him, among other things, of unlawfully acquiring a housing estate comprising 753 units and allegedly stealing billions of naira in proxy accounts.

In the ruling, Justice Yusuf indicated that Emefiele had been granted bail in three additional criminal cases currently pending against him and stated that there was no evidence suggesting that he had absconded from bail.

He then proceeded to admit him to bail on the condition that he must provide two sureties, who must own property valued at ₦ 2 billion in either Asokoro, Maitama, or Wuse 2 within the jurisdiction of the court.

Justice Yusuf ordered Emefiele to submit his travel documents to the court and directed that he must perfect the bail by Wednesday, failing which he would be remanded in custody.

The ruling was on the bail application moved by his lawyer, Matthew Burkaa, which was not objected to by the prosecuting lawyer, Rotimi Oyedepo, who urged the court to impose additional conditions different from the ones earlier given by the other courts.