Nigeria's high court has released former Central Bank of Nigeria Governor Godwin Emefiele, who is facing corruption charges, on bail of 300 million naira and two sureties (about $333,000), local media said.
"I hereby admit the applicant [Emefiele] to bail subject to his appearance in court,” Justice Muazu said in his ruling as quoted by media.
Specifically, sureties must have title deeds to properties in the prestigious Maitama area of Abuja, the nation's capital. The judge also reportedly asked Emefiele, to surrender his travel documents to the court and remain in Abuja, while the case against him is pending.
The initial charge filed against Emefiele by the Federal Government in August consisted of 20 counts amounting to 6.5 billion naira (over $7.7 million) and was reduced last week to six counts amounting to 1.6 billion naira (almost $1.9 million).
Nigerian security services first detained Emefiele in June as part of an investigation into his office. The move was preceded by a decision by Nigeria's president, Bola Tinubu, to suspend the central bank governor amid planned reforms in the financial sector and his stated call for a "thorough house-cleaning" in the Central Bank.
Later in July, a Lagos court ordered the release of Emefiele on bail, however, security agencies re-arrested the former CBN Chief.
Emefiele assumed office as governor of the Central Bank in June 2014. In May 2019, he was reappointed for a second term that was supposed to end next June. He was replaced by new central bank governor Olayemi Cardoso in September.