In a significant turn of events, former Governor of the Central Bank of Nigeria, Godwin Emefiele, has been released from the confines of the Kuje Correctional Centre upon satisfying the conditions for his bail.
This development came to light on Friday, December 22, 2023, as Emefiele secured his release after meeting the stipulated bail requirements.
The confirmation of Emefiele’s release was made by the spokesperson for the Kuje Correctional Centre, Adamu Duza, who informed our correspondent on Saturday about the positive development.
Duza affirmed, “I can confirm to you that he (Emefiele) has met his bail conditions; hence, he has no reason to remain in our facility. He met his bail condition and was released past 2 pm yesterday (Friday).”
The Federal Capital Territory High Court in Abuja had granted Emefiele a bail sum of N300 million in connection to alleged procurement fraud charges.
Justice Hamza Muazu, presiding over the case, stipulated the bail conditions, requiring two sureties in like sum, possessing certificates of occupancy and titles of properties within the Maitama District of Abuja.
Additionally, Emefiele was directed to surrender all his travel documents to the court registrar and remain within the limits of the Abuja Municipal Area Council.
Despite the objections raised by the Economic and Financial Crimes Commission (EFCC) against Emefiele’s bail application, Justice Muazu dismissed the notion that the former CBN governor posed a flight risk, could jump bail, jeopardize the investigation, or threaten the security of the country if granted bail. The judge’s decision was clear, asserting that Emefiele should remain in the Kuje Correctional Centre until he fulfilled the bail conditions.
The trial, centering on six counts of procurement fraud amounting to N1.2 billion, is set to commence on November 28.
The charges against Emefiele, stemming from his tenure as the CBN governor from June 2014 to June 2023, have drawn significant attention.
Meanwhile, a report submitted by the Special Investigator probing the CBN, Jim Obazee, unveiled startling revelations after more than four months of investigation.
The report, submitted to President Bola Tinubu on December 9, 2023, alleges that Emefiele and others were involved in embezzling billions of naira and committing other gross financial offenses.
Obazee’s report contends that Emefiele engaged in a fraudulent cash withdrawal of $6.23 million and orchestrated fraud in the redesign of the naira.
Furthermore, it accuses the former CBN governor of allegedly holding 543.4 million pounds in the United Kingdom.
These revelations add a layer of complexity to Emefiele’s legal challenges, raising concerns about financial impropriety during his tenure at the apex bank.
As the legal proceedings unfold, the nation watches closely, awaiting further developments in the case that has cast a shadow over the reputation of a once-respected financial figure in Nigeria.
