Justice Hamza Muazu of the High Court in Abuja has ordered the remand of ex-Central Bank Governor Godwin Emefiele in Kuje prison pending the outcome of his bail request.
The decision, set to last until November 22, follows a six-count charge alleging procurement irregularities, initially totaling N6.5 billion but now reduced to N1.6 billion.
Lead counsel Mathew Burkaa SAN sought bail for Emefiele, while Rotimi Oyedepo, representing the Federal Government, vehemently opposed it.
The accusations primarily focus on procurement fraud, accusing Emefiele of illicitly acquiring 43 vehicles between 2018 and 2020, valued at N1.2 billion.
The charges also allege Emefiele used his position to confer a corrupt advantage on CBN staff Sa’adatu Ramallan Yaro by awarding contracts to April 1616 Investment Ltd., where Yaro serves as a director.
These contracts include the supply of 37 Toyota Hilux Vehicles, one Toyota Avalon, and two Toyota Landcruiser V8 vehicles, among others, totaling N854 million.
Justice Muazu deferred a bench ruling, citing the need to study authorities and exhibits.
The trial is adjourned until November 22 for the bail ruling and November 28 for trial commencement.