A Nigerian high court granted bail to embattled former central bank governor Godwin Emefiele, who is facing six counts of fraud and corruption charges, on Wednesday. His release, contingent upon a 300 million Naira bond and two sureties with properties in Abuja, followed a reduction in charges from a 20-count indictment alleging a 6.5 billion Naira fraud to six counts totaling 1.6 billion. Emefele has pleaded not guilty to the charges.
Over his nine-year tenure as the bank’s head, Emefiele faced criticism for implementing a system of multiple exchange rates to artificially strengthen the local Naira currency. He was initially detained in June amid the appointment of Olayemi Cardoso as Central Bank Governor. The government at the time called for a forensic audit of the central bank amid reforms. Later in July, despite being granted bail on firearms charges, which he denied, Emefiele faced a subsequent arrest on court premises by DSS officers.
While the Nigerian constitution imposes a limit to the detention period of a suspect to a maximum of 48 hours, law enforcement agencies are often permitted to extend this period with the permission of a court of law. The judge asked Emefiele to deposit his travel documents with the court and remain in Abuja while the case against him proceeds. Following the grant for bail, the date for commencement of his trial has been set to November 28.
Source: Jurist
