A Federal Capital Territory High Court in Abuja has granted bail to Godwin Emefiele, the Central Bank’s former Governor, who is facing trial for alleged procurement fraud, News About Nigeria reports.
The court ruled on Wednesday, setting bail at N300 million and two sureties in a similar sum.
Justice Hamza Muazu, presiding over the case, specified that the sureties must possess Certificates of Occupancy and titles of property within the Maitama District.
Additionally, Emefiele was ordered to deposit all his travel documents with the court registrar and remain within the Abuja Municipal Area Council.
The judge stated that the former CBN governor would be kept in Kuje Correctional Centre until he meets the bail conditions.
Emefiele is standing trial for alleged procurement fraud, with charges initially totalling N6.5 billion reduced to six charges amounting to N1.2 billion.
The charges include the alleged illegal purchase of 43 vehicles between 2018 and 2020 worth N1.2 billion and the awarding of a contract for the procurement of 37 Toyota Hilux Vehicles valued at N854 million.
Muazu had remanded Emefiele in Kuje prison during the last proceeding, pending the ruling on the bail application.
The trial is scheduled to commence on November 28. The former CBN governor pleaded not guilty to the charges when arraigned last Friday.
Emefiele’s bail application hearing revealed that the charges against him included allegations of using his position to confer a corrupt advantage on a Central Bank staff member, Sa’adatu Ramallan Yaro.
The charges also involve awarding contracts to April1616 Investment Ltd, a company in which Yaro is a director.
The case will resume with the bail hearing on November 22 and the commencement of the trial on November 28.
Meanwhile, Emefiele is to be remanded at the Kuje Correctional Centre.