Godwin Emefiele, suspended Governor of the Central Bank of Nigeria (CBN), has been granted bail in the sum of N20 million and a surety in like sum.
Justice Nicholas Oweibo of the Federal High Court in Ikoyi, Lagos, granted the bail in a ruling on Tuesday.
The judge rejected the Federal Government’s bail application and the claim that Emefiele was a flight risk, saying that the plaintiff failed to provide any facts to support its claim.
After listening to the submissions of Emefiele’s counsel, Joseph Daudu (SAN), the presiding judge said the charges against Emefiele are bailable.
Justice Oweibo, therefore, granted bail to the suspended CBN in the sum of N20m with one surety in like sum.
The judge also ordered that Emefiele be held at the Ikoyi Correctional Centre, pending the perfection of his bail.
Earlier, Emefiele was brought to court by DSS operatives in a Hilux vehicle for his arraignment on a two-count charge of firearm and ammunition possession.
Appearing before Justice Oweibo, Emefiele, 61, pleaded “not guilty” to the two counts of illegal possession of firearm and ammunition filed against him by the Federal Government.
In his submissions, Emefiele’s lawyer, Daudu, urged the court to grant bail on self-recognizance or on other liberal terms, pending the hearing and determination of the trial.
However, counsel for the Federal Government, 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 suggested his capacity to evade and abscond from his trial.
Jones-Nebo said granting Emefiele bail will intimidate the prosecution witnesses who have come forward to give evidence against him.
However, after listening to the submissions from both sides, the court overruled the Federal Government and granted Emefiele bail.
