Emefiele has met the bail condition of N300m and has been released

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

His release took place on Friday, December 22, 2023. The spokesperson for the Kuje Correctional Centre, FCT, Adamu Duza, confirmed this news on Saturday, stating that Emefiele had met all the requirements for his bail and had no reason to remain in the facility.

As per the judge’s instructions, Emefiele had to surrender all his travel documents to the court registrar and stay within the Abuja Municipal Area Council.

It is worth noting that initially, the judge had ordered Emefiele to stay in the Kuje Correctional Centre until he fulfilled the bail conditions. However, despite objections from the Economic and Financial Crimes Commission (EFCC), Justice Muazu, who presided over the case, did not consider Emefiele a flight risk or a threat to the investigation.

After granting bail, the judge scheduled the trial for November 28. Emefiele is facing six counts related to procurement fraud, amounting to N1.2bn.

The Special Investigator, Jim Obazee, who conducted the probe on the Central Bank, reported that Emefiele and others were involved in embezzling billions and committing 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.