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Emefiele fails to meet ₦300 million bail, to remain in custody till 2024

Due to Emefiele's inability to meet the bail conditions, the court has postponed the trial to January 18, 2024.

Emefiele leaves Federal High Court on Tuesday, July 25, 2023 [Channels TV]

The court had earlier granted him bail on charges related to corrupt practices.

Justice Hamza Muazu of the Federal Capital Territory High Court Abuja had initially granted bail to Emefiele in the sum of ₦300 million, along with two sureties in like sum. The bail application was filed by his legal representative, Mathew Burkaa, SAN.

This decision comes after the former CBN governor had previously been granted bail by the Federal High Court in Lagos, where he was required to pay ₦20 million.

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The charges against Emefiele include allegations of corruptly conferring advantages on individuals and a company, as outlined in a six-count charge. Among the charges are the award of contracts for the supply of vehicles and other services, totaling over ₦1.2 billion.

The charges specify instances where Emefiele is accused of corruptly conferring advantages on Sa’adatu Ramallan Yaro, a CBN staff, by awarding contracts for the supply of 37 Hilux vehicles at a cost of ₦854.7 million in 2018.

Additionally, he is alleged to have conferred an advantage on a company with a CBN staff as a director by awarding a contract for the supply of one Toyota Avallon at the cost of ₦99.0 million.

The charges also involve the illegal award of contracts for the supply of Toyota Land Cruiser V8 vehicles, with one incident in 2019 at the cost of ₦73.0 million and another in 2020 at the cost of ₦73.8 million.

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Furthermore, Emefiele is accused of illegally awarding contracts for the supply of two Toyota Hilux in 2020 at ₦44.2 million and engaging in the illegal purchase of 43 vehicles between 2018 and 2020, amounting to ₦1.2 billion.

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