The former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has regained his freedom from Kuje Prison after successfully meeting the bail conditions set at N300 million. The release follows his arrest and subsequent prosecution for an alleged N1.2 billion procurement fraud, as reported by Infostride News.
According to a report by Infostride News, Emefiele’s spokesperson at the Kuje Correctional Centre, FCT, Adamu Duza, confirmed the development to The Punch on a Saturday. “I can confirm to you that he (Emefiele) has met his bail conditions; hence, he has no reason to remain in our facility. He met his bail condition and was released past 2 pm yesterday (Friday),” said Duza.
Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja had granted Emefiele bail in the sum of N300 million. The conditions included securing two sureties, each responsible for an equivalent amount. Emefiele fulfilled these conditions, leading to his release.
Despite securing his release, Emefiele is not out of the legal quagmire, as he faces mounting pressure from the Special Investigator, Jim Obazee. Obazee has accused Emefiele and others of embezzling billions of naira and engaging in various financial offenses. The allegations were detailed in a report presented to President Bola Tinubu on December 9, 2023.
In the report, it was disclosed that Emefiele, who served as the CBN head from June 2014 to June 2023, is implicated in fraudulent cash withdrawals amounting to $6.23 million. Additionally, he is alleged to have committed fraud in the redesign of the naira, among other financial offenses.
Providing a background to the case, the Federal Government initially arraigned Emefiele on a 20-count charge amounting to N6.5 billion. However, the charges were subsequently reduced to six, with a revised sum of N1.6 billion. Notably, Emefiele is the sole defendant in the revised charge.
The amended charge sheet still centers around procurement fraud, with the Federal Government asserting that Emefiele illicitly acquired 43 vehicles between 2018 and 2020, valued at N1.2 billion. Further accusations include the awarding of a contract for the procurement of 37 Toyota Hilux Vehicles, valued at N854 million.
As the legal proceedings unfold, Emefiele finds himself entangled in a web of allegations, raising questions about the integrity of financial practices during his tenure as the CBN governor. The case is poised to have significant implications not only for Emefiele’s personal reputation but also for the broader financial landscape in Nigeria. Infostride News will continue to monitor and report on developments in this high-profile case.
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