Business News

Court grants former CBN governor,  Emefiele, bail 

Abuja High Court sitting at Maitama on Wednesday has granted Godwin Emefiele, former CBN governor, bail after being presented before the court by the Economic Financial Crime Commission (EFCC).

Justice Olukayode Adeniyi admitted Emefiele to bail in a ruling and handed him to his lawyers, who are expected to produce him in court on November 15 when he is scheduled to be arraigned before another judge of the High Court of the FCT in a charge earlier filed by the EFCC against him and one other person.

Emefiele was granted bail with the condition that he must surrender his passport to the security agency and must be produced by his lawyers whenever the court summons his presence.

No monetary bail bond was necessary for his release.

The lawyers are Matthew Burkaa (SAN), Johnson Usman (SAN), and Magaji Ibrahim (SAN).

Justice Olukayode Adegbola Adeniyi, who granted the bail, said Emefiele had stayed in the government’s custody beyond the time stipulated by law.

The fact that the federal government had finalized its investigation into the allegations against the former CBN Chief and had even readied the charges by August this year formed the basis for the Judge’s decision.

The Judge specifically said that there must be an end to detention without trial by the federal government.

Emefiele had been held in custody since June 10, facing charges of procurement fraud. However, his trial came to a standstill in August when the Department of State Services failed to bring him to court for his plea.

Meanwhile, he was first arrested by the Department of State Services (DSS), but  EFCC on Monday claimed that he had been in their custody for a week.

Meanwhile, Justice Adeniyi sitting in a high court in Abuja granted the former CBN governor a conditional bail, provided he will appear before court whenever summoned as the EFCC plans to arraign him for other charges.

While he was in custody, Emefiele resigned as CBN governor in August. Thereafter, President Bola Tinubu appointed Yemi Cardoso in his place as the new head of the apex bank.