The suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail by the Federal High Court in Lagos on Tuesday morning.
The bail was set at N20m, with one surety in the same amount.
This decision comes after the court rejected the Federal Government’s claim that Emefiele was a flight risk, ruling that there was no evidence to support this assertion.
The former CBN Governor was suspended by President Bola Tinubu on June 9, 2023, and was subsequently held in custody by the Department of State Services (DSS).
After legal challenges by Emefiele’s counsel, the DSS announced on July 13, 2023, that he had been charged to court. Emefiele pleaded “not guilty” to charges of illegal possession of a firearm and ammunition.
His lawyer requested bail on self-recognizance or other lenient terms, to be in effect until the trial is concluded.
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.
The federal government was over ruled and ruled that Emefiele remain in custody until bail demands are met.
Trial is now set for 14th of November