• Saturday, March 02, 2024
businessday logo


Emefiele freed from Kuje Prison after paying N300m bail

Emefiele Powerful Nigerians who turn religious

Godwin Emefiele, the ex-governor of the Central Bank of Nigeria, has been released from Kuje Correctional Centre after fulfilling the bail conditions set by the Federal Capital Territory High Court in Maitama.

The bail, amounting to N300 million, required two sureties with landed property in Maitama District, FCT.

Emefiele’s release warrant, signed by vacation judge Justice Othman Musa on December 22, confirmed that the former CBN governor had met the bail conditions.

Kuje Correctional Centre’s spokesperson, verified the news, stating that Emefiele was free as he no longer had reasons to stay in the facility.

Justice Mu’auz of the FCT high court decision, had initially ordered Emefiele to remain in Kuje Correctional Centre until meeting the bail conditions.

The judge argued that Emefiele did not pose a flight risk or a threat to the investigation. The trial is scheduled for November 28, despite objections from the Economic and Financial Crimes Commission.

Emefiele faces six counts related to procurement fraud amounting to N1.2 billion. A report by Special Investigator Jim Obazee alleged embezzlement and financial offenses, including fraudulent cash withdrawals of $6.23 million, irregularities in the naira redesign, and the retention of 543.4 million pounds in the UK during Emefiele’s tenure from June 2014 to June 2023.