Emefiele: Court grants bail to former Nigerian central bank governor facing corruption trials

The embattled former Nigeria’s central bank governor, Godwin Emefiele has been granted bail after several months in custody over the allegations of fraud and corruption.

Emefiele, who was detained by security forces after being removed as head of the central bank in June, has pleaded not guilty to the accusations.

Justice Hamza Muazu granted Emefiele bail for about $333,000 bond and two sureties with houses in Abuja’s affluent Maitama area.

The judge also asked the top banker to deposit his travelling documents with the court and remain in Abuja, Nigeria’s capital, while the case against him proceeded.

Emefiele was one of the longest serving governors of the central bank in the history of the West African country, having spent nine years in office, mostly under former president Muhammadu Buhari.

He was critisised for instituting a system of multiple exchange rates used to keep the local naira currency artificially strong.

Emefiele has since resigned his position and was replaced with Olayemi Cardoso to preside over the bank on a permanent basis.

The ex-apex bank governor was arrested the next day after his suspension and has been detained since June.

The detention sparked criticism of the secret police, as well as a court battle between the governor and the agency.