Justice Hamza Muazu of the Federal Capital Territory High Court in Abuja has granted bail to Mr. Godwin Emefiele, the immediate past Governor of the Central Bank. The bail amount is set at N300 million, and Emefiele must provide two sureties of equal sum, each possessing certificates of occupancy and property titles within the Maitama District.

As part of the bail conditions, Emefiele must deposit all his travel documents with the court registrar and restrict his movements to the Abuja Municipal Council. Until he fulfills the bail conditions, he is to remain in the Kuje Correctional Centre.

Notably, Emefiele was not present during the ruling on his bail application, with his lawyer, Mr. Mathew Burkaa, explaining that he was already at the Kuje Correctional Centre.

This development comes four months after the Federal High Court in Lagos granted Emefiele bail of N20 million. The Federal Government had recently arraigned him on a reduced six-count charge related to alleged procurement fraud, down from the initial 20 counts of N6.5 billion.

The charges revolve around Emefiele's alleged illegal purchase of 43 vehicles between 2018 and 2020, valued at N1.2 billion. He is also accused of awarding a contract to procure 37 Toyota Hilux vehicles worth N854 million.

In count one of the amended charge sheet, Emefiele is accused of using his position as Governor of the Central Bank to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a bank staff member, by awarding a contract to April 1616 Investment Ltd. In this company, Yaro is a director. The contract was for the supply of 37 Toyota Hilux vehicles at a cost of N854,700,000.

The second count alleges that Emefiele corruptly conferred an advantage on Yaro by awarding a contract to supply one Toyota Avalon at N99,900,000 to April 1616 Investment Ltd., where Yaro is also a director. Emefiele pleaded not guilty to the charges during his court appearance.