In a recent development, the Federal Capital Territory High Court in Abuja has granted bail to former Governor of the Central Bank of Nigeria, Godwin Emefiele.
The decision came following a bail application and a subsequent ruling by Justice Hamza Muazu on Wednesday.
Emefiele has been granted bail in the sum of N300 million (Nigerian Naira), with two sureties required to post a similar amount. Justice Muazu emphasized that the two sureties must be residents within the Federal Capital Territory, Abuja, and possess landed property within the Maitama District.
In addition to these conditions, Emefiele has been ordered to deposit all his travel documents with the court registrar and to remain within the jurisdiction of the Abuja Municipal Area Council. The judge ruled that until all bail conditions are met, the former CBN governor is to be held at the Kuje Correctional Centre.
Emefiele is currently facing trial for alleged procurement fraud. Initially, the Federal Government had brought forward 20 charges of procurement fraud, totaling N6.5 billion against the former CBN governor. However, these charges were later reduced to six, amounting to N1.2 billion, upon which he was arraigned last Friday.
During the previous court proceedings, Justice Muazu had remanded Emefiele in Kuje prison, pending his decision on the bail application. The matter is set to resume on November 28th for the commencement of the trial.
The case has drawn significant attention, and Emefiele’s legal team is expected to vigorously defend their client’s innocence during the upcoming trial. The granting of bail allows Emefiele to prepare his defense while awaiting the legal proceedings to unfold.
