The Lagos Division of the Federal High Court has granted embattled CBN governor Godwin Emefiele N20 million bail.
On Tuesday, Justice Nicholas Oweibo of the Lagos Division of the Federal High Court admitted the suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to N20 million bail.
Mr Emefiele is standing trial on a two-count charge bordering on possessing a single-barrel shotgun and possessing 123 rounds of live ammunition without licences.
He, however, pleaded not guilty to the charge.After his plea, defence counsel Joseph Daudu who led four other senior advocates informed the court of a bail application filed on behalf of the defendant.
But the prosecutor, N.B Jones, objected to the bail application on the ground that she was served with a copy of the application.
She informed the court that her office had been on the lookout for a possible bail application of the defendant but had seen none.In his ruling, Mr Oweibo agreed with the submission of the defence counsel on the ground that the offence for which the defendant is charged is bailable.
The court held that bail could only be denied where any circumstances set out in section 162 of the Administration of Criminal Justice Act are established, stressing that the prosecution did not provide such circumstances before the court.
The court, consequently, granted a N20 million bail to the defendant with one surety in like sum.
The court held that the surety must depose to an affidavit of means and have a landed property.
He asked that the defendant be remanded in prison custody pending perfection of bail.
The judge adjourned the case until November 14 for trial.
