The Federal Capital Territory High Court has granted bail to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on fresh charges of alleged money laundering.
Presiding over the matter, Justice Yusuf Halilu ordered Emefiele to provide two sureties, each of whom must own property valued at no less than ₦2 billion. The court also stipulated that the sureties must sign an undertaking committing to be remanded in custody should the defendant abscond.
Emefiele has been given 72 hours to meet the bail conditions or face remand.
The EFCC arraigned Emefiele on an eight-count charge bordering on alleged money laundering amounting to ₦7.7 billion and the unlawful acquisition of a 150-square-meter estate in Lokogoma, Abuja. According to the charge, Emefiele is accused of having under his control ₦7 billion between 2019 and 2022, which is suspected to be the proceeds of unlawful activities.
Emefiele pleaded not guilty to the charges.
During the proceedings, EFCC counsel Rotimi Oyedepo requested accelerated hearing of the case and asked the court to remand the defendant. However, Emefiele’s counsel informed the court of three other pending cases involving his client, stating that Emefiele is already on bail in those matters and urging the court to extend the same consideration in the present case.
Although the prosecution noted it had only just been served the bail application and requested time to respond, Justice Halilu proceeded to grant bail and adjourned the case until July 11 for trial.
