Former CBN Governor Emefiele Remains in Custody as 300 Million Bail Conditions Unmet

Godwin Emefiele

The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is set to remain in prison as he failed to meet the N300 million bail condition set by a Federal Capital Territory (FCT) High Court.

The court has adjourned the case until January 18, 2024, to allow for the continuation of the trial. Emefiele faces six modified counts of fraud brought against him by the Economic and Financial Crimes Commission (EFCC).

The charges presented against Emefiele include:

Corruptly conferring an advantage on Sa’adatu Ramallan Yaro, a CBN staff, by awarding a contract for the supply of 37 Hilux vehicles at a cost of ₦854.7m in 2018.

Corruptly conferring an advantage on a company where a CBN staff is a director by awarding a contract for the supply of one Toyota Avallon at the cost of ₦99.0m.

Conferring a corrupt advantage contrary to Section 16 of ICPC Act, involving the supply of Toyota Land Cruiser V8 in 2019 at the cost of ₦73.0m.

Illegal award for the supply of Toyota Land Cruiser V8 at ₦73.8m.

Award of a contract for the supply of 2 Toyota Hilux in 2020 at ₦44.2m.

Illegal purchases of 43 vehicles between 2018 and 2020, amounting to ₦1.2bn, with the company involved being April1616 Investment Ltd.

Emefiele, represented by his attorney, Mr. Mathew Burkaa, SAN, had applied for bail, but the inability to meet the specified amount has resulted in his continued detention pending further proceedings. The upcoming court date in January 2024 will mark a crucial point in the ongoing legal proceedings against the former CBN governor.