In a significant development, Godwin Emefiele, a former Governor of the Central Bank of Nigeria (CBN), has been released from the Kuje Correctional Centre upon satisfying his bail conditions. Our sources report that Emefiele regained his freedom on Friday, December 22, 2023.
The spokesperson for the Kuje Correctional Centre, Adamu Duza, officially confirmed Emefiele’s release on Saturday. Duza stated, “I can confirm to you that he (Emefiele) has met his bail conditions, hence he has no reason to remain in our facility. He met his bail condition and was released past 2 pm yesterday (Friday).”
Emefiele had been granted bail by the Federal Capital Territory High Court Abuja, in the sum of N300 million, following allegations of procurement fraud. Justice Hamza Muazu, who presided over the case, imposed conditions that included providing two sureties with certificates of occupancy and property titles within the Maitama District of Abuja. Additionally, Emefiele was required to deposit all his travel documents with the court registrar and remain within the Abuja Municipal Area Council.
The judge had initially ordered Emefiele’s detention at the Kuje Correctional Centre until the bail conditions were met. However, following the fulfillment of the conditions, Emefiele was released from custody.
Emefiele faces trial on six counts related to procurement fraud amounting to N1.2 billion. The charges allege his involvement in fraudulent cash withdrawals and financial irregularities during his tenure as CBN Governor from June 2014 to June 2023.
It is noteworthy that, after a comprehensive four-month investigation, the Special Investigator examining the CBN, Jim Obazee, submitted a report on December 9, 2023, indicating serious financial offenses. The report accused Emefiele and others of embezzling billions of naira, engaging in fraudulent cash withdrawals, and perpetrating fraud in the redesign of the naira. Emefiele was alleged to have kept 543.4 million pounds in the United Kingdom.
Emefiele’s release is anticipated to set the stage for legal proceedings as the case moves forward.
