A Nigerian court on Wednesday granted bail to former Central Bank Governor Godwin Emefiele, who faces six charges of fraud and corruption.
Emefiele, who was suspended from his position as the central bank’s head in June and detained by security services, has entered a plea of not guilty to the charges.
Justice Hamza Muazu has approved Emefiele’s bail, contingent upon providing a 300 million naira (approximately $333,000) bond and securing two sureties who own properties in Abuja’s prestigious Maitama district.
“I hereby admit the applicant (Emefiele) to bail subject to his appearance in court,” Justice Muazu said in his ruling.
The judge instructed Emefiele to submit his travel documents to the court and stay within Abuja during the ongoing proceedings of the case against him.
Emefiele is accused of allegedly granting a “corrupt advantage.” Prosecutors reduced the charges from a prior 20-count indictment, initially involving two others, to allow for a separate and expedited trial specifically for him.
The ex-central bank chief has not commented publicly on the case.
Emefiele served as the governor of the central bank for nine years, predominantly during the tenure of President Muhammadu Buhari’s predecessor, under whose leadership he worked. During his tenure, Emefiele supervised a heavily scrutinized system of multiple exchange rates, aimed at artificially bolstering the local currency, the naira.
In August, he stepped down, creating an opportunity for Tinubu to appoint Olayemi Cardoso as the new governor of the central bank.
During his inauguration in May, Tinubu emphasized the necessity for a comprehensive overhaul of central bank policies, describing the need for a “thorough house-cleaning.”
