A Federal Capital Territory High Court sitting in Maitama has granted tough bail terms to the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, but under very strict terms.
Justice Yusuf Halilu, who presided over the case, ruled that Emefiele must provide two sureties who each own properties worth at least ₦2 billion within Abuja.
The court added that these sureties must also sign a written agreement stating that they will be taken into custody if Emefiele fails to appear for trial.
The judge ordered that Emefiele must meet the bail conditions within 72 hours or he will be remanded in prison custody.
Emefiele is facing fresh eight-count charges brought against him by the Economic and Financial Crimes Commission (EFCC). He has pleaded not guilty to all the allegations.
Fresh Charges and Alleged Financial Misconduct
According to the EFCC, the charges against Emefiele include money laundering amounting to ₦7.7 billion and the unlawful purchase of a 150-square-meter estate in Lokogoma, Abuja.
The anti-corruption agency alleged that between 2019 and 2022, the former CBN governor had direct control over ₦7 billion suspected to be proceeds of illegal activity.
The prosecution counsel, during the court proceedings, asked for an accelerated trial and also urged the court to keep the defendant in custody. However, Emefiele’s legal team opposed this request, pointing out that he is already on bail in three other pending matters.
His lawyer pleaded with the court to adopt the same bail terms previously granted in those cases. While acknowledging the receipt of Emefiele’s new bail application, the EFCC’s legal representative requested additional time to study and respond to it.
The judge, however, moved forward with granting bail based on the conditions already outlined, stressing the importance of compliance within the three-day deadline.
The court is expected to reconvene after the conditions are met and the prosecution files its official response to the bail application.
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