Court Orders Emefiele to Secure N2bn Bail Sureties Within 72 Hours

4 weeks ago 15

Ex-CBN governor faces fresh N7.7bn laundering charges
Must present two Abuja-based property owners or risk detention
EFCC alleges illegal acquisition of 150sqm estate

A High Court of the Federal Capital Territory in Maitama has granted Mr Godwin Emefiele, the former Governor of the Central Bank of Nigeria, bail — but under intense conditions.

Justice Yusuf Halilu, who presided over the case, ruled on Monday that Mr Emefiele must produce two sureties with properties worth no less than ₦2 billion each, located within Abuja.

The court ordered that the sureties must also sign a written undertaking to be remanded in custody should Emefiele flee or violate bail terms.

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Mr Emefiele is facing eight fresh charges filed by the Economic and Financial Crimes Commission (EFCC), which include money laundering involving ₦7.7 billion and unlawful acquisition of a 150-square-metre estate in Lokogoma, Abuja.

According to the charge sheet, the alleged offences were committed between 2019 and 2022, when Emefiele was still serving as apex bank chief.

The prosecution claims the funds in question are “suspected to be proceeds of unlawful activities.”

While the prosecution counsel, Mr Rotimi Oyedepo, urged the court to remand the defendant and fast-track the hearing, Emefiele’s legal team argued otherwise.

They informed the court that Emefiele is already on bail in three other cases and urged that similar terms be extended in this matter.

The EFCC acknowledged the bail application but requested additional time to formally respond.

Justice Halilu gave Mr Emefiele 72 hours to meet the bail conditions, or he would be remanded in custody pending trial.

“You must provide sureties with property worth ₦2 billion each in Abuja. They must understand they’ll be detained if you violate this bail,” the judge declared.

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