Breaking: Emefiele receives bail of N300m from court

Godwin Emefiele, the former governor of the Central Bank, was granted bail by a Federal Capital Territory High Court in Abuja on Wednesday.

N300,000 was granted as bail, and the same sum was paid to two sureties.

Judge Hamza Muazu rejected his bail request on Wednesday, citing the need for the sureties to possess titles to real estate in the Maitama District as well as Certificates of Occupancy.

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In addition, he gave Emefiele instructions to stay inside the Abuja Municipal Area Council and to turn in all of his travel documents to the court registrar.

The former CBN governor will remain in Kuje Correctional Centre until he satisfies the requirements for release, Muazu ruled.

Emefiele is accused of procurement fraud and is awaiting trial.

Initially, the Federal Government had filed 20 allegations against the former CBN governor for procurement fraud totaling N6.5 billion.

However, the FG dropped the six N1.2 billion allegations against him, and last Friday he was arraigned.

In the most recent hearing, Muazu remanded Emefiele in Kuje prison until he made a decision about the former CBN governor’s bail request.

He postponed the matter until November 28 in order to start the trial.