Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), has been granted bail in the sum of N20 million with one surety in like sum.
Justice Nicholas Oweibo of the Federal High Court in Ikoyi, Lagos, ruled in favor of the bail application on Tuesday, rejecting the Federal Government’s claim that Emefiele was a flight risk due to a lack of supporting evidence.
Emefiele’s counsel, Joseph Daudu (SAN), argued that the charges against his client were bailable, prompting Justice Oweibo to grant bail pending the hearing and determination of the trial.
The suspended CBN governor pleaded “not guilty” to the two-count charge of illegal possession of firearm and ammunition filed against him by the Federal Government.
Despite opposition from the prosecution, the court overruled the government’s objections and ordered that Emefiele be held at the Ikoyi Correctional Centre until the bail conditions are met.
Earlier, Emefiele was brought to court by DSS operatives for arraignment on firearm and ammunition possession charges.
The court’s decision to grant bail signifies a major development in the legal proceedings surrounding the case.
