Justice Nicholas Oweibo of the Federal High Court in Lagos has granted a N20 million bail to Godwin Emefiele.

In a ruling on Tuesday, Nicholas Oweibo, the presiding judge, said the charges against Emefiele are bailable.

The bail was granted with one surety.

Earlier, Emefiele pleaded not guilty to the two-count charge bordering on alleged illegal possession of firearms preferred against him.

Emefiele’s Travails

President Bola Tinubu had suspended Emefiele as the apex bank chief on June 9, 2023. A day after, the DSS confirmed that the embattled, suspended CBN chief was in its custody.

An Abuja High Court on July 13, 2023 subsequently ordered that the secret police charge Emefiele to court within one week or release him.

Hours after, the DSS said Emefiele has been charged to court in compliance with the court order.

The Federal Government later filed two counts of illegal possession of firearms and ammunition against Emefiele before the Federal High Court in Lagos.

The FG, in the charge sheet, accused Emefiele of possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without a licence.

The government maintained that the offence is contrary to Section 4 of the Firearms Act, Cap F28 Laws of the Federation 2004, and punishable under Section 27 (1b) of the same Act.

In the second count, the suspended CBN Governor was accused of having in his possession 123 rounds of live ammunition (Cartridges) without a licence, which is contrary to Section 8 of the Firearms Act Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1)(b)(il) of the same Act.

Count one of the charges reads, ‘That you, Godwin Emefiele, Male, of No. 8 Colorado Street Maitama Abuja, on or about the 15th of June 2023, at No. 3b Iru Close, Ikoyi, Eti Osa Local Government, Lagos State, within the jurisdiction of this Honourable Court, had in your possession one (1) Single Barrel shotgun (JOJEFF MAGNUM 8371) without a licence. You thereby committed an offence contrary to Section 4 of the Firearms Act, Cap. F28 Laws of the Federation 2004, and punishable under Section 27 (1b) of the same Act’.

Count two: ‘That you, Godwin Emefiele, Male, of No. 8 Colorado Street Maitama Abuja, on or about June 15, 2023, at No. 3b Iru Close, Ikoyi, Eti Osa Local Government, Lagos State, within the jurisdiction of this Honourable Court, had in your possession One Hundred and Twenty-Three (123) Rounds of live ammunition (Cartridges) without a licence You thereby committed an offence contrary to Section 8 of the Firearms Act Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1)(b)(il) of the same Act.’

Emefiele would later ask the court to admit him to bail on self recognizance but the court has not ruled on the matter.