A Federal High Court sitting in Lagos has granted the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, N20 million bail.
He is to be remanded in Ikoyi correctional center until bail is perfected
Justice Nocholas Oweibo, the presiding judge, ordered that he paid the sum with one surety in like sum.
After hearing Emefiele’s counsel, Joseph Daudu (SAN), the judge granted bail. The judge dismissed the Federal Government’s argument that Emefiele was a flight risk and should not be allowed bail. According to the judge, the government failed to give any facts to back up its assertion.
Emefiele’s counsel had requested the court to grant his client bail on his own recognisance or on other generous terms, awaiting the trial’s hearing and determination.
“There is no counter affidavit from the Federal Government opposing bail. Also, the defendant is a renowned banker and can only stay at his house, he can’t travel anywhere.”
But, the FG’s counsel, Nkiru Jones-Nebo, rejected the bail motion in an oral argument, claiming that the prosecution was not given enough time to react in accordance with the constitution’s principles for fair hearing.
She also stated that the prosecution had information that the defendant’s unwillingness to surrender his passport indicated his ability to escape and flee his trial.
“As the governor of the CBN, he is a powerful man, and can intimidate the witnesses. Granting him bail will intimidate the prosecutions witnesses who have come forward to give evidence. He can evade trial based on his antecedents. We urge the court to dismiss the bail application” she said
But the court overruled the Federal Government.
The judge ruled that Emefiele be held at the Ikoyi Correctional Centre, until he fulfils his bail condition.
His trial has been fixed for November 14.
