Godwin Emefiele, the Central Bank of Nigeria’s (CBN) suspended governor, has been granted bail in the amount of N20 million and a surety in the same amount.
In a decision on Tuesday, Justice Nicholas Oweibo of the Federal High Court in Ikoyi, Lagos, granted the bail.
The judge ruled that Emefiele was not a flight risk and that the Federal Government had failed to submit any evidence to support its bail request.
The presiding court declared that Emefiele is eligible for bail after hearing the arguments made by his attorney, Joseph Daudu (SAN).
As a result, Justice Oweibo awarded the suspended CBN bail in the amount of N20m with one surety in the same amount.
In addition, the judge mandated that Emefiele be detained at the Ikoyi Correctional Facility while his bail is being processed.
Emefiele had previously been transported to court by DSS agents in a Hilux vehicle for his arraignment on a two-count charge of possessing a firearm and ammunition.
Emefiele, 61, appeared before Justice Oweibo and entered a “not guilty” plea to the two counts of illegal possession of a firearm and ammunition that the federal government had brought against him.
Emefiele’s attorney, Daudu, requested the court to grant release on self-recognizance or on more lenient terms pending the hearing and outcome of the trial in his comments.
Nkiru Jones-Nebo, the federal government’s attorney, rejected the bail request in an oral submission, arguing that the prosecution was not given enough time to react in accordance with the constitutional guarantees of a fair trial.
She said that the prosecution knew the defendant had the ability to flee and avoid punishment because he had refused to turn in his passport.
According to Jones-Nebo, releasing Emefiele on bail will scare the witnesses who have come forward to testify against him.
The court, however, rejected the Federal Government and granted Emefiele bail after hearing both parties’ arguments.