Home News Finance Emefiele Regains Freedom, After Meeting N300M Bail

Emefiele Regains Freedom, After Meeting N300M Bail

The former Governor of the Central Bank of Nigeria, Godwin Emefiele, was reportedly released on Friday at the Kuje Correctional Centre after meeting the bail condition of N300 million on alleged procurement fraud.

At the Federal High Court, Abuja, Justice Hamza Muazu granted the suspended governor bail in like sum with his sureties. The judge said the sureties must have certificates of occupancy and titles of properties within the Maitama District of Abuja. While this is a developing story, the Justices ordered that the travel documents of the alleged must remain within the court premises while he remains reachable within Abuja Municipal for trial.

Amidst court sitting, the judge ordered Emefiele to be kept still in Kuje Correctional Centre until he met the bail conditions.

While the judge rejected the anti-graft agency objection regarding Emefiele’s bail application, Justice Muazu arguably disagreed with the Economic and Financial Crimes Commission that the suspended CBN governor was a flight risk and could jump bail, yet jeopardize the ongoing investigation or threaten the security of the country if granted bail.

After the Judge ruled on his bail application, Justice Muazu adjourned the case till November 28 for the commencement of the trial.

Emefiele allegedly stood trial on six counts bordering on procurement fraud to the tune of N1.2bn.

Meanwhile, after five months of investigation, the Special Investigator probing the CBN, Jim Obazee, said Emefiele and others embezzled billions of naira and committed other gross financial offences.

Obazee’s report, which was submitted to the President of Nigeria on December 9, 2023, indicated that Emefiele, who was in office from June 2014 to June 2023,  engaged “in fraudulent cash withdrawal of $6.23 million” and perpetrated fraud in the redesign of the naira, while he allegedly kept 543.4 million pounds in the United Kingdom.

Will Emefiele be put to the rule of law remains a question of time.

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