News - North Central - FCT Updated: November 28, 2023

Emefiele fails to meet 300 million bail condition

By Maureen Okpe
November 28, 2023

Former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, will remain in prison due to his inability to meet the 300 million bail condition of the FCT high court.

He was granted bail in his last court appearance by Justice Hamza Muazu subject to the provision of a 300 million naira (roughly $333,000) bond and two sureties with properties in the upscale Maitama district of the country’s capital Abuja.

The case was also postponed on Tuesday, by the court until January 18, 2024, for trial continuation.

Emefiele had been charged with six modified counts of fraud by the Economic and Financial Crimes Commission (EFCC).

The application for Emefiele’s bail had already been obtained by his attorney, Mathew Burkaa, SAN.


The six-count charges against Emefiele include, that you, Godwin Ifeanyi Emefiele, male, adult…Corruptly confer an advantage on Sa’adatu Ramallan Yaro, a staff of the CBN, by awarding contract for the supply of 37 Hilux vehicles at cost of ₦854.7m in 2018.

Corruptly confer an advantage on a company where a CBN Staff is a director by awarding a contract for the supply of one Toyota Avallon at the cost of ₦99.0m.

Conferring corrupt advantage contrary to Section 16 of ICPC Act Toyota Landcruiser V8 in 2019 at the cost of ₦73.0m.

Illegal award for the supply of Toyota Land cruiser V8: ₦73.8m

Award of contract for supply of 2 Toyota Hilux in 2020: ₦44.2m


llegal purchases of 43 vehicles between 2018 & 2020: ₦1.2bn

All cash as stipulated by the agency was transacted through, April1616 Investment Ltd.

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Maureen Okpe

Maureen is a media practitioner and an impeccable writer with close to 4 years active experience wor...

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