In a significant development, former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been released from the Kuje Correctional Centre after meeting his bail conditions. This follows a bail grant by Justice Hamza Muazu of the Federal Capital Territory (FCT) High Court, where Emefiele faced a six-count charge related to procurement fraud.
His lawyer, Senior Advocate of Nigeria, Mathew Burkaa, confirmed the release, emphasizing that Emefiele’s legal team successfully fulfilled the bail requirements, including a bail sum of N300 million with two sureties in like sum.
Emefiele’s legal troubles began with his suspension as CBN governor, leading to his arrest by the Department of State Services (DSS) in June. The charges against him include allegations of fraudulent cash withdrawal, illegal possession of firearms, and procurement fraud, among others.
Despite being released on bail, Emefiele faces fresh allegations of embezzlement and financial offenses following an investigation by Special Investigator Jim Obazee. The report alleges fraudulent activities, including manipulation of the exchange rate, misuse of Ways and Means amounting to N26.6tn, and involvement in a controversial naira redesign that exacerbated naira scarcity.
The investigation recommends the prosecution of Emefiele and others for financial offenses. The former CBN Governor has been in custody since June, and these new allegations add complexity to the legal proceedings.
Emefiele and his legal team have yet to respond to the latest accusations, maintaining their denial of any wrongdoing in response to previous allegations. The unfolding developments in this case raise questions about the integrity of financial practices within the Central Bank of Nigeria.
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