Court Orders Release of Former CBN Boss Emefiele on N300m Bail
The Federal Capital Territory High Court in Abuja has granted bail to Godwin Emefiele, the former Governor of the Central Bank.
The bail amount is set at N300 million, with two sureties required to provide the same amount. Justice Hamza Muazu, who ruled on the bail application, specified that the sureties must possess Certificates of Occupancy and property titles within the Maitama District.
Additionally, Emefiele has been ordered to surrender all his travel documents to the court registrar and remain within the Abuja Municipal Area Council.Until the bail conditions are met, Muazu decided that Emefiele should be held in the Kuje Correctional Centre.
Emefiele is currently facing trial for alleged procurement fraud. Initially, the Federal Government had charged him with 20 counts of procurement fraud totaling N6.5 billion.
However, the charges were later reduced to six counts amounting to N1.2 billion, which he was arraigned on last Friday.
During the previous hearing, Muazu had remanded Emefiele in Kuje prison until the ruling on his bail application. The trial is set to begin on November 28, and the matter has been adjourned until then.
