Emefiele to stay at Ikoyi Correctional Centre pending bail perfection

Autonomy of a bank guarantee shall only apply in the absence of fraud

On Tuesday, the Federal High Court Sitting in Lagos granted bail to Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), in the sum of N20 million with one surety in like sum.

Justice Nicholas Oweibo also ordered that Emefiele be held at the Ikoyi Correctional Centre, pending the perfection of his bail. The suspended CBN governor has been in DSS custody for six weeks.

Also Read: Timeline of Emefiele’s suspension and arrest

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Justice Oweibo granted bail to Emefiele after listening to the submissions of his counsel, Joseph Daudu, a Senior Advocate of Nigeria (SAN).

Also Read: Emefiele pleads ‘not guilty’ to firearm charges

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.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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