LAGOS, Nigeria – The Federal High Court in Lagos has on Tuesday, July 25, 2023, granted bail to Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, CBN, who is on trial for alleged illegal possession of firearms.
Justice Nicholas Oweibo set bail at N20 million with a requirement of one surety in the same amount, following Emefiele’s plea of “not guilty” to a two-count charge filed against him by the Federal Ministry of Justice.
Despite the Federal Government’s assertion that Emefiele presented a flight risk, Justice Oweibo rejected this claim, ruling that the government had failed to provide substantial facts to support its argument.
“Based on the evidence and arguments presented, I find no basis to sustain the prosecution’s contention that the defendant poses a flight risk,” Justice Oweibo said. “Thus, bail is granted on the condition of a N20 million bond and one surety in like sum.”
The defense team, led by Chief Joseph Daudu, SAN, a former President of the Nigerian Bar Association, applied on behalf of Emefiele.
Daudu argued that his client had fully cooperated with the investigation and would continue to do so, rendering the government’s flight risk concern unfounded.
Emefiele, 61, was suspended from his position as CBN Governor following the allegations of illegally possessing firearms.
The bail conditions set by Justice Oweibo provide some respite for the embattled banker as he prepares for what promises to be a high-profile court case in a nation grappling with issues of security and public trust.
The trial will continue in the upcoming weeks, with observers from all corners of the country keenly watching.
Nigeria’s Secret Police Reveals Plans to Charge Emefiele
The Department of State Services, DSS, has brought formal charges against the suspended Central Bank of Nigeria Governor, CBN, Godwin Emefiele.
In a statement released on Thursday, July 13, 2023, DSS spokesman Peter Afunanya announced the legal action, affirming that the decision to charge Emefiele complied with an order from the Federal Capital Territory High Court.
However, the exact nature of the charges was not detailed in Afunanya’s announcement.
This latest development is a significant move in the ongoing legal saga involving Emefiele, who has been under suspension since allegations of misconduct arose earlier this year.
The specifics of the alleged misconduct have not been publicly disclosed, though it is understood that they pertain to Emefiele’s conduct during his tenure as the head of the Central Bank.
Emefiele’s suspension, announced several months ago, marked an abrupt halt in a lengthy career in Nigeria’s financial sector.
Before his appointment as Central Bank Governor, Emefiele served as the chief executive of Zenith Bank, one of Nigeria’s largest commercial banks.
This high-profile case is being closely monitored domestically and internationally, given Emefiele’s prominent position in the Nigerian banking sector and the potential implications for the country’s financial stability.
As of now, the timeline for the court proceedings is uncertain.
The DSS has pledged to respect due process throughout the proceedings.
“We are committed to upholding the rule of law and ensuring that justice is served,” Afunanya stated in his announcement. “As always, we shall act in the nation’s best interest.”
Emefiele, for his part, has yet to comment publicly on the charges.
