CBN Staff, Osasuwa Tells Ikeja Court How He Collected $3 Million Cash for Emefiele

Court Grants Godwin Emefiele N300m Bail

by Ikem Emmanuel

Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja has granted bail to Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria, in the sum of N300 million and two sureties with properties within the Maitama District as collateral. As part of his bail conditions, Emefiele must deposit all his travel documents with the court registrar and remain within the Abuja Municipal Council. Until he meets the bail conditions, he will remain in the Kuje Correctional Centre.

The bail ruling comes after Emefiele was arraigned by the Federal Government on a six-count charge relating to alleged procurement fraud. The charges state that between 2018 and 2020, Emefiele unlawfully purchased 43 vehicles worth N1.2 billion and awarded a contract for the procurement of 37 Toyota Hilux Vehicles valued at N854 million. He is also accused of conferring a corrupt advantage by awarding contracts to a company in which a staff member of the Central Bank of Nigeria was a director.

Emefiele had previously appeared in court on Friday, pleading not guilty to the charges. The original charge, which was initially 20 counts amounting to N6.5 billion, was reduced to six counts totaling N1.6 billion. The case has been adjourned until November 22 for the ruling on Emefiele’s bail application and November 28 for the commencement of the trial.

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Despite Emefiele’s absence during the bail ruling, his lawyer confirmed that he was already at the Kuje Correctional Centre. Emefiele had previously been granted bail in the sum of N20 million by the Federal High Court sitting in Lagos.

As the legal proceedings continue, it remains to be seen how the case will unfold and what implications it could have on the former CBN governor. The allegations of procurement fraud have certainly cast a shadow over Emefiele’s reputation, and the trial will determine whether he is found guilty or innocent of the charges brought against him.


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