Former CBN Governor

The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, will stay in prison because he couldn’t meet the substantial N300 million bail set by the court. Emefiele’s lawyer, Mathew Burkaa, confirmed on Monday that Emefiele has not yet fulfilled the conditions for his bail.

The Federal Capital Territory High Court in Abuja adjourned the alleged procurement fraud case against Emefiele to January 18 and 19, 2024, for the continuation of the trial.

Emefiele is facing a six-count amended charge related to the alleged procurement of vehicles amounting to N1.6 billion. He was granted bail on November 17, 2023, amounting to N300 million and required two sureties. However, he remains remanded at the Kuje Correctional Centre until he meets the bail conditions.

During the resumed hearing, Emefiele’s lawyer stated that the Prosecution Witness, a top official of the Corporate Affairs Commission (CAC), revealed that Emefiele neither owned nor held shares in April1616 Investment Limited.

This company was awarded a N1.2 billion vehicle supply contract by CBN under Emefiele. The witness, led by EFCC lawyer Rotimi Oyedepo, presented documents illustrating the company’s incorporation on August 1, 2016. The witness also identified Aminu Yaro, Maryam Abdullahi, and Saadatu Yaro as joint owners of the entity.


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