Nigeria: Emefiele Regains Freedom From Prison

23 December 2023

The former governor was granted a N300 million bail on 22 November. The bail also requires Mr Emefiele to produce two sureties in like sum.

Former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has regained his freedom after meeting his bail conditions.

He had been detained at the Kuje Correctional Centre for him to meet the conditions of bail granted him by the High Court of the Federal Capital Territory in Abuja in November.

According to the spokesperson for the detention centre, Adamu Duza, Mr Emefiele was released on Friday.

"He has been released on Friday at about past 2 p.m. Having fulfilled the bail conditions that the court set as for his release, we had to let him go," Mr Duza told PREMIUM TIMES.

The embattled former governor of the central bank was granted a N300 million bail by on 22 November. The bail conditions required him to produce two sureties in like sum. The sureties must have certificates of occupancy and titles of properties within the Maitama district of Abuja.

Mr Emefiele was also mandated to deposit all his travel documents with the registrar of the court and remain within the Abuja Municipal Council.

He was on 18 November arraigned on six counts of procurement fraud.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totaling N1.2 billion from 2018 to 2020.

Mr Emefiele was arrested by security operatives in June after President Bola Tinubu suspended him from his position as the CBN governor.

Peter Afunanya, the SSS spokesperson, said Mr Emefiele was arrested for some investigative reasons.

Meanwhile, PREMIUM TIMES on Friday reported that a Special Investigator probing the CBN, Jim Obazee, alleged that Mr Emefiele and others embezzled billions of naira and committed other financial offences.

Mr Obazee's report claimed that Mr Emefiele also perpetrated fraud in the controversial redesign of the Nigerian currency.

In the UK alone, the Special Investigator said his probe led him to 543.4 million Pounds kept by Mr Emefiele in fixed deposit accounts. He also said Mr Emefiele manipulated the Naira exchange rate and perpetrated fraud in the e-Naira project of the CBN.

In his report, which he submitted to President Bola Tinubu on 9 December, a copy of which was seen by PREMIUM TIMES, Mr Obazee identified several "chargeable offences" for which the former CBN governor may be asked to defend himself before a court.

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