Former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of ₦2 billion by a Federal High Court sitting in Abuja.
Justice Halilu Yusuf, who presided over the case on Monday, ruled in favour of the bail request after listening to arguments from both sides.
Emefiele is currently facing an eight-count charge which includes allegations of stealing public funds through proxy accounts and illegally acquiring a housing estate containing 753 duplexes.
While granting the bail, Justice Yusuf said, “There is no evidence before this court that the defendant ever jumped bail in any of the other cases pending against him.”
He added that the bail conditions would require Emefiele to produce two sureties who own properties located in either Asokoro, Maitama, or Wuse 2, within the jurisdiction of the court, with a minimum value of ₦2 billion each.
The judge also directed Emefiele to submit all his travel documents to the court. He stressed that failure to meet the bail conditions by Wednesday would result in his remand in custody.
Emefiele’s lawyer, Matthew Burkaa, had filed the bail application, which went unopposed by the prosecution. However, the prosecuting counsel, Rotimi Oyedepo, urged the court to ensure the bail conditions differ from those previously granted in Emefiele’s other cases.
“We are not objecting to the bail, but we request the court to impose stringent conditions that reflect the gravity of the allegations,” Oyedepo told the court.
The charges against Emefiele are among several pending legal battles he faces following his removal from office.
The Federal Government alleges that billions of naira were funneled through unauthorized channels during his tenure, with part of the funds reportedly used to illegally acquire high-value assets in the Federal Capital Territory.
The case has been adjourned while Emefiele works to meet the new bail conditions set by the court.
