Abuja — A High Court of the Federal Capital Territory (FCT) has granted bail in the sum of N2 billion to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his arraignment on fresh charges bordering on alleged corruption and abuse of office.
Justice Halilu Yusuf, who presided over the matter, ruled on Friday that Emefiele be admitted to bail after he was charged with eight counts.
The charges include unlawful acquisition of a 753-unit housing estate and alleged diversion of billions of naira through proxy bank accounts.
In his decision, Justice Yusuf noted that Emefiele had previously been granted bail in three other criminal cases and had not violated any of the bail terms. Citing this, the judge said there was no basis to deny him bail in the present case.
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As part of the bail conditions, the court ordered Emefiele to produce two sureties who must each own property valued at N2 billion within Abuja’s upscale districts of Asokoro, Maitama, or Wuse II.
The former CBN governor is also required to deposit his travel documents with the court.
Justice Yusuf directed that Emefiele must perfect the bail conditions by next Wednesday or face being remanded in custody.
The ruling followed a bail application argued by Emefiele’s counsel, Matthew Burkaa (SAN).
Although the prosecution, led by Rotimi Oyedepo (SAN), did not oppose the application, he urged the court to impose stricter bail terms than those granted in the previous cases.
