Amidst shocking revelations, Emefiele meets N300m bail condition, regains freedom

Amidst shocking revelations, Emefiele meets N300m bail condition, regains freedom

Former Central Bank of Nigeria Governor, Godwin Emefiele, has been released from the Kuje Correctional Centre after meeting his  N300 million bail condition.

He was released on Friday, December 22, 2023.

The spokesperson for the Kuje Correctional Centre, FCT, Adamu Duza, confirmed the news on Saturday, stating that Emefiele had met his bail conditions and had no reason to stay in the facility.

The judge instructed Emefiele to deposit all his travel documents with the court registrar and stay within the Abuja Municipal Area Council.

Recall that the judge had initially ordered him to remain in Kuje Correctional Centre until he fulfilled the bail conditions.

Despite objections from the Economic and Financial Crimes Commission (EFCC), Justice Muazu, who presided over the case, disagreed that Emefiele posed a flight risk or could jeopardise the investigation. After granting bail, the judge scheduled the trial on November 28.

Emefiele faced six counts related to procurement fraud amounting to N1.2bn. The Special Investigator, Jim Obazee, who probed the Central Bank, reported that Emefiele and others embezzled billions and committed financial offenses.

The report, submitted to President Bola Tinubu on December 9, 2023, alleged fraudulent cash withdrawals of $6.23 million, fraud in the redesign of the naira, and the retention of 543.4 million pounds in the United Kingdom during Emefiele’s tenure from June 2014 to June 2023.