BREAKING: Embattled Former CBN Governor, Emefiele to remain in prison till 2024

Embattled Former CBN Governor, Emefiele has been remanded in prison till January 2024.

 

NewsOnline Nigeria reports that the Federal Capital Territory High Court has adjourned till January 18, 2024, the case of the former Central Bank of Nigeria governor, Godwin Emefiele, in an alleged procurement fraud suit. 

 

This Nigeria news platform understands that Emefiele faced allegations of leveraging his role to grant a corrupt advantage to Sa’adatu Yaro, a CBN staff member, through the allocation of a contract for the purchase of 43 vehicles valued at N1.6 billion from 2018 to 2020. 

 

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He was subsequently remanded at the Kuje Correctional Centre pending a ruling on his bail application on November 22. 

However, Emefiele was granted bail by Justice Hamza Muazu, with the stipulation that he pay N300 million. 

 

NewsOnline Nigeria reports that Emefiele is standing trial on a six-count amended charge on alleged procurement of vehicles to the tune of N1.6bn. 

 

He had pleaded not guilty to the charges. 

 

During the court session, a key figure from the Corporate Affairs Commission (CAC) testified that Emefiele neither owned nor held shares in April 1616 Investment Limited.  

 

This revelation contradicted previous claims, as the company had been granted a N1.2 billion vehicle supply contract by the CBN under Emefiele’s leadership.

 

The Prosecution Witness, a high-ranking CAC official, emphasized this disconnect in ownership during the hearing. 

 

He proceeded to announce the Company’s shareholders, including Aminu Yaro, Maryam Abdullahi, and Saadatu Yaro, who collectively own the entity. 

 

Emefiele’s lawyer, Mathew Burkaa, who declined to speak on camera, said Emefiele is yet to meet his bail conditions. 

 

Counsel for the Economic and Financial Crimes Commission (EFCC) and the Federal Government declined to speak on the day’s proceedings. 

The former CBN chief was brought to court and taken away by armed personnel of the Nigerian Correctional Service.