Alleged procurement fraud :Court admits Emefiele to N300m bail


Abuja, Nov. 22, 2023.

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A High Court in Abuja on Wednesday admitted the suspended Central Bank of Nigeria Governor, Godwin Emefiele to bail in the sum of N300 million .

Justice Hamza Muazu admitted Emefiele while ruling in the bail application.

Emefiele is charged with procurement fraud by the Economic and financial Crimes Commission (EFCC).

Muazu in addition, ordered for two sureties in the like sum of the N300 million who must have property in Maitama district of Abuja.

The sureties who must in addition present the title documents and certificates of occupancy (C of O) to the court for verification.

The judge further added that Emefiele should submit to the registrar of the court his international passport and must be within Abuja within the period of his trial.

He earlier held that bail is granted at the discretion of the court according to what was placed before it, however, according to the law.

He added that the offence attracts a five-year jail term.

He also held that there was nothing in the prosecution’s submission that showed that Emefiele would absconded or would jeopardise investigation or threaten the security of the country.

Muazu further noted that Emefiele was granted bail on Nov. 8, by Justice Olukayode Adeniyi of Abuja high court and was present in court after a week for his arraignment.

Subsequently, he adjourned the hearing of the trial until Nov. 28.

Earlier, Emefiele was arraigned on six court by the Economic and Financial Crimes commission (EFCC) bordering on procurement fraud to the tune of N6.9billion, conferment of advantage.

He was released on Nov. 15 after spending 151 days in custody, following the order of Justice Olukayode Adeniyi of the same High Court of the FCTon his enforcement of right.

The anti-graft agency had in August, first charged Emefiele and Mrs Sa’adatu Yaro and a company, April 1616 Investment Limited, purported to belong to Mrs Yaro, on alleged breach of the procurement Act in respect of the purchase of some vehicles.

However, the arraignment could not go on because of the reported ill health of Yaro.

However, when the matter was called on Friday, EFCC’s lawyer, Mr Rotimi Oyedepo, SAN, drew the attention of the court to an amended charge dated Nov. 8, 2023.

In the new charge Emefiele was the sole defendant and the charge reduced from 20 to six, to which Emefiele pleaded not guilty.(

Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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