Former CBN governor Emefiele meets N300m bail conditions and regains freedom from Kuje prisons
As the report of Jim Obaze, the Special Investigator appointed by President Bola Tinubu to investigate the activities of Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN) continues to elicit reactions, Emefiele has been released from the Kuje Correctional Center after fulfilling his bail bond requirements.
The Obaze report said Emefiele used proxies to acquire a new generation bank when he held sway as the governor of CBN.
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Emefiele’s release was confirmed on Saturday, December 23, by Adamu Duza, the spokesperson for the Kuje Correctional Centre, Federal Capital Territory.
He said: “I can confirm to you that he (Emefiele) has met his bail conditions, hence he has no reason to remain in our facility.
“He met his bail condition and was released past 2pm yesterday (Friday).”
Emefiele, who is being tried for alleged procurement fraud, was granted N300 million in bail by the Federal Capital Territory High Court in Abuja.
Justice Hamza Muazu granted the bail with two sureties in like sum.
According to the judge, the sureties had to possess titles and certificates of occupancy for homes located in Abuja’s Maitama District.
In addition, he mandated that Emefiele stay inside the Abuja Municipal Area Council and that he turn in all of his travel documents to the court registrar.
The judge, however, ordered that Emefiele should remain in Kuje Correctional Centre till he meets the bail conditions.
The Economic and Financial Crimes Commission objected to Emefiele’s bail application, but Justice Muazu rejected their argument that the ex-CBN governor was a flight risk who might breach bail, endanger the nation’s security, or jeopardize an investigation if released on bond.
After granting the bail application, Justice Muazu adjourned till November 28 for the commencement of trial.
Emefiele is standing trial on six counts bordering on procurement fraud to the tune of N1.2 billion.
In the Obaze report submitted to President Tinubu on December 20, he detailed a total of 17 allegations against Emefiele including how a bank was acquired in 2019 allegedly by Emefiele and a late businessman.
He further disclosed that the bank was acquired by the two individuals without evidence of payment
Here are the 17 allegations laid against emefiele:
1. Unauthorized funded 593 Bank accounts located in the UK, US, and China.
2. Fraudulent cash withdrawal of $6.23 million from CBN vault under a purported approval of the president to pay foreign election observers.
3. Gross financial misconduct by Ex CBN Governor and at least 13 other individuals, including his Deputy Governors.
4. £543.4 million kept in fixed deposit by Mr. Emefiele.
5. Manipulation of the Naira exchange rate and perpetration of fraud in the e-Naira project of the CBN.
6. The Naira Redesign was neither recommended by the Board of the CBN nor approved by the then president.
7. The CBN printed the new N200, N500, N1,000 notes at a total cost of N61.5 billion out of which N31.8 billion has been paid to the Contractor.
8. The sum of N1.73 billion was spent on questionable legal fees on 19 cases that are directly traceable to the Naira Redesign and reconfiguration agenda.
Read Also: CBN probe: Emefiele used proxies to acquire bank – Investigator
9. £205,000 was paid to a UK Firm for Naira Redesign effort – positioning of watermark, presence of QR codes, different numbering style, and other complex security features.
10. Fraudulent use of Ways & Means to the tune of N26.627 trillion.
11. Fraudulent intervention programmes.
12. Fraudulent expenditures on COVID-19.
13. Misrepresentation of presidential approval on the NESI Stabilization Strategy Ltd.
14. Padding of former president Buhari’s approval with N198.96 billion – approximating N801.04 billion to N1 trillion.
15. No approvals are received from the former president and yet N500 billion was taken and debited to Ways & Means.
16. Former CBN Governor and 4 Deputies connived to steal outrightly in order to balance the books of the CBN.
17. No approval for the breakdown of N22.72 trillion presented to the 9th National Assembly to illegally securitize the “Ways & Means” financing.
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