In a recent development, a Federal Capital Territory High Court in Abuja has approved bail for Godwin Emefiele, the former Governor of the Central Bank. The bail, set at N300 million, requires two sureties of equivalent sum, each possessing Certificates of Occupancy and property titles within the Maitama District.
Justice Hamza Muazu, presiding over the case, announced these conditions while ruling on Emefiele’s bail application on Wednesday. Additionally, Emefiele is mandated to surrender all his travel documents to the court registrar and restrict his movements to the Abuja Municipal Area Council.
Pending the fulfillment of these bail conditions, Justice Muazu directed that the ex-CBN governor be held in the Kuje Correctional Centre. Emefiele is currently facing charges related to alleged procurement fraud.
Initially, the Federal Government had leveled 20 charges of procurement fraud totaling N6.5 billion against the former CBN governor. However, the charges were later reduced to six, amounting to N1.2 billion, and he was arraigned last Friday. During the preceding hearing, Justice Muazu had remanded Emefiele in Kuje prison until the ruling on his bail application.
The trial is scheduled to commence on November 28, according to Justice Muazu’s adjournment.