Court grants Emefiele N20m bail

The Federal High Court Sitting in Lagos has granted the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, a N20m bail with one surety in like sum.

Justice Nicholas Oweibo granted bail to Emefiele after listening to the submissions of Emefiele’s counsel, Joseph Daudu (SAN).

The judge rejected the Federal Government’s claim that Emefiele was a flight risk. He ruled that the government failed to provide any facts to support its claim.

Justice Oweibo however ordered that Emefiele be held at the Ikoyi Correctional Centre, pending the perfection of his bail.

The DSS had detained Emefiele since his arrest on Saturday, June 10, after he was suspended by President Bola Tinubu on Friday, June 9.

He was charged on Tuesday, before a Federal High Court in Lagos, on a two-count charge of illegal possession of firearms and ammunition.

CAPITAL POST reports that the suspended apex bank chief, on Tuesday, pleaded not guilty to the two counts of illegal possession of firearm and ammunition filed against him by the Federal Government.

In his submissions, Emefiele’s lawyer, Daudu, urged the court to grant bail on self-recognisance or other liberal terms, pending the hearing and determination of the trial.

He said, “There is no counter affidavit from the Federal Government opposing bail. Also, the defendant is a renowned banker and can only stay at his house, he can’t travel anywhere.”

However, counsel for the Federal Government, Nkiru Jones-Nebo, in an oral submission, opposed the bail application, insisting that the prosecution had not been given time to respond in line with the provisions of fair hearing enshrined in the constitution.

She also said that the prosecution had information that the defendant’s refusal to hand in his passport suggested his capacity to evade and abscond from his trial.

“As the Governor of the CBN, he is a powerful man and can intimidate the witnesses. Granting him bail will intimidate the prosecution witnesses, who have come forward to give evidence. He can evade trial based on his antecedents. We urge the court to dismiss the bail application,” she argued.

But the court overruled the Federal Government and admitted Emefiele on bail.

The trial has been fixed for November 14, 2023