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Breaking: Former CBN Governor Emefiele Fails to Meet 300 Million Bail Condition, to Remain in Prison

Due to his inability to provide the N300 million bail specified by a Federal Capital Territory (FCT) High Court, former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, will remain in prison

The case was also postponed by the court until January 18, 2024, so that the trial may continue.

Emefiele had been charged with six modified counts of fraud by the Economic and Financial Crimes Commission (EFCC).

In front of Justice Hamza Muazu, Emefiele was charged.

The application for Emefiele’s bail had already been obtained by his attorney, Mr. Mathew Burkaa, SAN.

The six-count charges against Emefiele are

That you, Godwin Ifeanyi Emefiele, male, adult…

  1. Corruptly confer an advantage on Sa’adatu Ramallan Yaro, a staff of the CBN, by awarding contract for the supply of 37 Hilux vehicles at cost of ₦854.7m in 2018

2 Corruptly confer an advantage on a company where a CBN Staff is a director by awarding a contract for the supply of one Toyota Avallon at the cost of ₦99.0m

3 Conferring corrupt advantage contrary to Section 16 of ICPC Act Toyota Landcruiser V8 in 2019 at the cost of ₦73.0m

4 Illegal award for the supply of Toyota Land cruiser V8: ₦73.8m

5 Award of contract for supply of 2 Toyota Hilux in 2020: ₦44.2m

6 Illegal purchases of 43 vehicles between 2018 & 2020: ₦1.2bn

Company involved: April1616 Investment Ltd

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