Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), has regained his freedom after fulfilling the conditions for his bail. He was released from the Kuje Custodial Centre in Abuja on Friday afternoon after his lawyers successfully prepared the necessary documents.
Justice Hamza Muazu granted Emefiele bail for N300 million with two sureties in the same amount. As part of the bail conditions, Emefiele must:Surrender all his travel documents to the court registrar.Remain within the Abuja Municipal Area Council (AMAC).
Emefiele was arraigned on November 18th on six counts related to procurement fraud and conferring a corrupt advantage. He is accused of awarding a contract for the purchase of 43 vehicles worth N1.2 billion to Sa’adatu Yaro, a CBN staff member, between 2018 and 2020.
See also: Court Grants Emefiele N300 Million Bail
Beyond the specific charges, Emefiele’s entire tenure at the CBN is under investigation. A special investigator has accused him of embezzling billions of naira and committing other financial offenses. The investigation report, submitted to President Bola Tinubu in December 2023, alleges several irregularities, including:Fraudulent cash withdrawal of $6.23 million.Fraudulent activities surrounding the naira redesign.
Emefiele’s release was confirmed by the spokesperson of the FCT Command of the Nigeria Correctional Service, Amos Duza. While he is no longer in custody, Emefiele’s legal battle is far from over. He will need to defend himself against the charges in court and address the allegations raised in the investigation report.
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