Emefiele Granted former CBN governor₦2 Billion Bail in Fresh ₦7.7 Billion Money Laundering Case

 

Emefiele Granted ₦2 Billion Bail in Fresh ₦7.7 Billion Money Laundering Case

Abuja, Nigeria – In a significant development, a Federal Capital Territory (FCT) High Court sitting in Maitama has granted bail of ₦2 billion to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Hamza Muazu, presiding over the case, granted the bail after Mr. Emefiele pleaded not guilty to an 8-count charge that includes unlawfully acquiring a housing estate comprising 753 units and allegedly taking control of billions of Naira in proxy accounts.

According to Celestine Arara channel TV the Economic and Financial Crimes Commission (EFCC) arraigned the former CBN governor on fresh 8-count charges of alleged large-scale money laundering totaling ₦7.7 billion and the ownership of a 150 square meter estate in Lokogoma, Abuja. Mr. Emefiele vehemently denied all charges.

The charges specifically accuse Mr. Emefiele of unlawfully obtaining the said estate and, between 2019 and 2022, having under his control an accumulated sum of ₦7 billion through questionable means.

Counsel to the prosecution, Rotimi Oyedepo SAN, had urged the court to expedite the hearing and remand the defendant in custody. However, counsel to Mr. Emefiele informed the court of three pending cases previously filed by the prosecution, making this fresh charge the fourth. He highlighted that Mr. Emefiele is currently out on bail granted in those other matters.

A bail application was subsequently filed by the defendant's counsel, praying the court to admit his client to bail under similar conditions. In response, the prosecution noted they had just been served the bail application and required time to prepare their response.

Justice Muazu, in his ruling, acknowledged that Mr. Emefiele had been granted bail in three other criminal cases against him, with no evidence presented that he had jumped bail in any of those instances. Consequently, he proceeded to admit the former CBN governor to bail.

The bail conditions stipulate that Mr. Emefiele must produce two sureties who must own property worth ₦2 billion each in either Asokoro, Maitama, or Wuse within the court's jurisdiction. Justice Muazu further ordered Mr. Emefiele to submit all his travel documents to the court and directed that he must perfect the bail conditions by Wednesday. Failure to meet these conditions will result in his remand in custody.

The court has adjourned the matter to July 11th for trial.

Talksocialtalk News, Abuja.