Nigeria court grants bail to former central bank governor Godwin Emefiele

Abuja — A Nigerian court on Wednesday freed on bail former central bank governor Godwin Emefiele, who has been charged with six counts of fraud and corruption.

Emefiele, who was suspended as head of the central bank in June and detained by the security services, has pleaded not guilty to the charges.

Judge Hamza Muazu granted Emefiele bail subject to the provision of a 300-million naira (roughly $333,000) bond and two sureties with properties in the upmarket Maitama district of the country’s capital Abuja.

The judge asked Emefiele to deposit his travelling documents with the court and remain in Abuja while the case against him proceeded.

Emefiele has been accused of “conferring corrupt advantage”. Prosecutors reduced the charges from a previous 20-count indictment, which he faced along with two others, so he could be tried separately and quickly.

The former bank chief has not commented publicly on the case.

Emefiele was governor for nine years, mostly under President Bola Tinubu’s predecessor, Muhammadu Buhari. He oversaw a much-criticised system of multiple exchange rates used to keep the local naira currency artificially strong.

He resigned in August, paving the way for Tinubu’s appointment of new central bank governor Olayemi Cardoso.

Tinubu said at his inauguration in May that central bank policy needed “thorough housecleaning”.

Reuters