A High Court sitting in the Federal Capital Territory (FCT) on Monday granted bail to the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in the sum of ₦2 billion. This ruling followed his arraignment on a fresh set of criminal charges filed by the federal government.
Presiding judge, Justice Yusuf Halilu, delivered the bail ruling after Emefiele was brought before the court on an eight-count charge, which includes allegations such as the illegal acquisition of a massive 753-unit housing estate, suspected financial misappropriation, and the management of large sums of money through questionable proxy accounts.
Judge Highlights Prior Bail Compliance
In granting the bail, Justice Halilu pointed out that the former apex bank chief had already been granted bail in three separate ongoing criminal cases. The court noted that there was no indication or record that Emefiele had violated the terms of those previous bail conditions.
The judge emphasized that the prosecution had not provided any compelling reason or evidence suggesting that Emefiele posed a flight risk or that he had misused his liberty while out on bail in the past.
Stringent Conditions Attached to Bail
As part of the bail conditions, the court ordered Emefiele to produce two sureties, each of whom must possess landed properties valued at no less than ₦2 billion. Importantly, these properties must be located within some of Abuja’s most affluent districts—specifically Asokoro, Maitama, or Wuse 2.
Additionally, Emefiele must surrender all his travel documents to the court to prevent him from leaving the country. He was also directed to fulfill all bail conditions no later than the following Wednesday. Failure to do so would result in his remand in a correctional facility pending the next hearing.
Legal Teams React to Bail Request
The bail application was submitted by Emefiele’s legal counsel, Senior Advocate of Nigeria (SAN), Matthew Burkaa. Notably, the lead prosecuting counsel, Rotimi Oyedepo (SAN), did not raise objections to the bail application. However, he requested that the court impose conditions distinct from those previously set by other courts handling Emefiele’s other ongoing trials.
Justice Halilu agreed to the bail but reinforced the need for strict adherence to the outlined requirements to ensure proper judicial process.
Background and Allegations
Mr. Emefiele’s legal troubles have mounted since his suspension from office in June 2023 by President Bola Tinubu, following allegations of abuse of office and mishandling of the nation’s monetary policies during his tenure as CBN Governor.
Among the latest accusations are the unlawful acquisition of luxury property and involvement in shady financial dealings running into billions of naira—some allegedly hidden in accounts controlled by associates acting as fronts.
Emefiele has consistently denied all charges, asserting his innocence and claiming that the allegations are politically motivated. His legal team maintains that he has consistently complied with court processes and has not attempted to interfere with investigations.
Next Steps in Trial
With this latest bail granted, Emefiele is expected to remain free pending the next phase of his trial, provided he meets all the conditions outlined by the court.
The case will proceed in the coming weeks, with the court expected to examine the charges and evidence brought forward by federal prosecutors.
As the legal proceedings unfold, Nigerians and financial observers continue to watch closely, given the significant role Emefiele played in the country’s economic landscape for nearly a decade.
