Emefiele to seek N300m bail variation

The former Central Bank of Nigeria (CBN) Governor Godwin Emefiele is planning to approach the court for the variation of the N300 million bail granted him by a High Court of the Federal Capital Territory (FCT), The Nation has learnt.
The plan followed the inability of the immediate-past apex bank boss to perfect the bail conditions.

Emefiele had, on November 17 pleaded not guilty upon his arraigned on a five-count charge, marked: CR/577/2023, in which he is accused of “conferring corrupt advantage” contrary to Section 19 of the Corrupt Practices and other Related Offences Act 2000.

On November 22, Justice Hamza Muazu gave a ruling in which he granted bail to Emefiele at N300 million with two sureties in like sum.

Justice Muazu ordered him to produce two sureties, who must have landed property in the Maitama District of the FCT.

Justice Muazu said the sureties must present the property’s certificate of occupancy (C of O) in court for the purpose of verification.

The judge, who ordered that Emefiele must not leave the court’s jurisdiction, directed him to deposit all his travel documents with the court, adding that he must always obtain the court’s permission before engaging on any trip outside the country.

But, as at yesterday, it was learnt that he was still being held in Kuje correctional facility in Abuja owing to his inability to meet all the contractors attached to the bail.

A member of his legal team confirmed that efforts were on to get him out before the week runs out.

The counsel said: “Yes. We are still on it. We hope to conclude on the bail issue before the week runs out.

“But, we will be asking the court for a variation in respect of one of the bail conditions where he was restricted to the court’s jurisdiction.”

At his last appearance in court on November 28, the former CBN governor was brought by heavily armed prison officials, who also took him away after proceedings.

The prosecution opened its case its case on that day by calling three witnesses – Shamsudeem Abulili, an official of the Corporate Affairs Commission (CAC), Remigious Ugwu, a Compliance Officer with Zenith Bank Plc and Oluwole Owoeye, who is a Deputy Director, Banking Services with CBN and former Secretary to Major Contract Tendering Committee (MCTC) of the apex bank – who were also cross-examined.

Further trial in the case is scheduled to resume on January 18 next year.

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