The suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of N20 million with one surety in the same amount by the Federal High Court in Lagos.
Justice Nicholas Oweibo granted Emefiele bail after hearing from Emefiele’s counsel, Joseph Daudu (SAN).
The Federal Government’s contention that Emefiele was a flight risk was rejected by the judge.
He ruled that the government had failed to produce any evidence to back up its assertion.
President Bola Tinubu had removed Emefiele as governor of the Central Bank of Nigeria on June 9, 2023. The Department of State Services (DSS) announced the beleaguered and suspended CBN chairman was in its custody the next day.
After multiple legal outbursts by Emefiele’s counsel fighting the DSS’s protracted confinement, the secret police caved in on July 13, 2023 and revealed that the suspended apex bank leader had been prosecuted in court.
On Tuesday, July 25, 2023, Emefiele was carried to court by DSS agents in a hilux vehicle.
Emefiele, 61, appeared before Justice Oweibo and pleaded “not guilty” to the Federal Government’s two counts of illegal possession of a pistol and ammunition.
Emefiele’s lawyer, Daudu, requested the court in his submissions to grant release on self-recognizance or on more generous terms, until 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.”
In an oral submission, however, counsel for the Federal Government, Nkiru Jones-Nebo, contested the bail motion, claiming that the prosecution had not been given time to react in accordance with the constitutional principles for fair hearing.
She also stated that the prosecution had information indicating that the defendant’s unwillingness to surrender his passport indicated his ability to escape and flee 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.
The court, however, overruled the federal government.
The judge also directed that Emefiele be held at the Ikoyi Correctional Centre till the completion of his bail, notwithstanding the prosecution’s motion that the defendant be placed in DSS custody for further investigation on another matter that will be submitted in court soon.
The trial is scheduled for November 14, 2023.
In his ruling on the bail application, Justice Oweibo said, “I find and hold that the prosecution has failed to establish why the defendant should not be granted bail.
“Consequently, the defendant is admitted to bail in the sum of 20 million naira with one surety in like sum.
“The surety must be owner of a landed property within the jurisdiction of the court, who must not be less than Level 16 in the Nigerian Civil Service.
“The defendant must deposit his international passport to the court.
“Case is adjourned to 14th of November for trial.”
