After 151 days in the custody of federal security agencies, the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail by a High Court in the Federal Capital Territory.

Despite strong opposition from the Federal Government, including the Attorney General of the Federation (AGF) and the Economic and Financial Crimes Commission (EFCC), the court ruled in favor of Emefiele, allowing him to prepare for his arraignment scheduled for November 15.

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Justice Olukayode Adegbola Adeniyi, who made the decision, based his judgment on the fact that Emefiele had exceeded the legal time limit for detention in government custody.

He also noted that the Federal Government had concluded its investigation into the allegations against the former CBN Chief and had prepared charges against him as early as August this year.

The ruling on the bail application, presented by Senior Advocate of Nigeria, Mathew Burkaa, stressed the importance of justice and fair play, in accordance with the provisions of Section 35 of Nigeria’s Constitution.

Justice Adeniyi emphasized the need to put an end to prolonged detention without trial by the federal government.

The AGF and the Federal Government, represented by Oyin Koleoso, opposed Emefiele’s bail request, expressing concerns about potential interference with the November 15 arraignment without providing concrete evidence of such interference.

The EFCC, through its counsel, Farouk Abudalla, argued that Emefiele had not spent three months in their custody and urged the court to deny the bail request.

In response, the applicant’s legal counsel argued that the government’s objections were speculative since Emefiele had not been declared a flight risk.

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They urged Justice Adeniyi to dismiss the EFCC’s claim that Emefiele was only brought into their custody on October 26.

As part of the bail conditions, Emefiele will be released to his senior lawyer, Matthew Burkaa, SAN, who must produce him on any day the Federal Government schedules his formal arraignment.