The Federal High Court in Lagos has granted bail to suspended CBN Governor Godwin Emefiele in the sum of N20 million with one surety in like sum.
Justice Nicholas Oweibo granted bail after hearing from Emefiele’s counsel, Joseph Daudu (SAN).
The Federal Government’s contention that Emefiele was a flight risk was rejected by the judge. He ruled that the government had failed to produce any evidence to back up its assertion.
Emefiele, 61, had also pleaded “not guilty” to the Federal Government’s two-count charge of illegal possession of a firearm and ammunition.
Daudu had urged the court in his pleadings to give bail on self-recognizance or on more generous terms, pending the hearing and determination of the trial.
He said, “There is no counter affidavit from the Federal Government opposing bail. Also, the defendant is a renowned banker and can only stay at his house, he can’t travel anywhere.”
But counsel to the FG, Nkiru Jones-Nebo in an oral submission opposed the bail application insisting that the prosecution had not been given time to respond in line with the provisions of fair hearing enshrined in the constitution.
She also said that the prosecution had information that the defendant’s refusal to hand in his passport suggests his capacity to evade and absond from his trial.
“As the governor of the CBN, he is a powerful man, and can intimidate the witnesses. Granting him bail will intimidate the prosecutions witnesses who have come forward to give evidence. He can evade trial based on his antecedents. We urge the court to dismiss the bail application,” she argued.