The former governor of the Central Bank of Nigeria, Godwin Emefiele, facing charges of fraud and corruption, has been granted bail by Justice Hamza Muazu. The bail conditions include a 300 million naira ($333,000) bond and the requirement for two sureties with properties in the upscale Maitama district of Abuja.
Justice Muazu emphasized, “I hereby admit the applicant (Emefiele) to bail subject to his appearance in court.” The court further stipulated that Emefiele surrender all his travel documents and remain within the confines of Abuja, where the legal proceedings are ongoing.
This development follows Emefiele’s earlier remand on Friday, despite another court granting him bail a week prior. The former CBN governor faces six counts of fraud and corruption, originally part of a 20-count indictment.
Emefiele’s lawyer argued for immediate bail, while the federal government’s lawyer, Rotimi Oyedepo, contested the release, advocating for detention until Wednesday. Justice Muazu cited the need to examine evidence presented by Emefiele to strengthen the bail request.
The case, adjourned to November 22, has attracted attention due to Emefiele’s implementation of controversial monetary policies in February, just before the 2023 elections, causing severe cash shortages nationwide. Emefiele defended the move as essential for the country’s economic growth.
