Nigeria: Court Grants Emefiele Bail

A High Court of the Federal Capital Territory (FCT) in Maitama has granted bail to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The Economic and Financial Crimes Commission (EFCC), on Wednesday, complied with the order made on November 2.

In a ruling, Justice Olukayode Adeniyi had directed the anti-graft agency to either release Emefiele, who had been in custody since June 9, or to produce him in court for a bail decision.

However, at the resumed proceeding in the matter on Monday, the anti-graft agency failed to present the embattled former CBN governor.

Meanwhile, Justice Adeniyi restated his directive on Monday, making it clear that the detained former CBN governor is to be in court today, November 8, for the purpose of bail proceedings or for the EFCC to release him.

On June 9, President Bola Tinubu suspended Emefiele and asked him to transfer his responsibilities to Folashodun Adebisi Shonubi, deputy governor, operations directorate.

The day after, the Department of State Services (DSS), announced that Emefiele was in its custody for “some investigative reasons”.

In July, the President appointed a Special Investigator to probe the CBN and Related Entities.

In a letter sighted by Daily Trust, the president named Jim Osayande Obazee, ex-Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), as the investigator.

The President asked the Special Investigator to investigate CBN and key Government Business Entities (GBEs). He also said Obazee would report directly to his office.

Emefiele resigned in August, paving the way for the appointment of new central bank governor Olayemi Cardoso in September.