A Federal Capital Territory (FCT) High Court sitting in Maitama, Abuja, has granted N300 million bail to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The embattled former CBN governor had been remanded at the Kuje Correctional Centre by the FCT High Court.

Emefiele was arraigned before the court on a six-count charge bordering on procurement fraud to the tune of N1.2 billion.

But he pleaded not guilty while applying for bail from the custody of the Economic and Financial Crimes Commission.

The court noted his application and adjourned to today (November 22) for ruling while ordering his remand with the Nigerian Prison Service.

In his ruling on Wednesday, Justice Hamza Muazu said the charges in the case are bailable offenses.

He directed that Emefiele must produce two sureties who have landed property in Maitama District of the FCT, as condition for his bail perfection.

The case was then adjourned till November 28 for trial.

It will be recalled that after the suspension of Emefiele by President Bola Tinubu, the State Security Service (SSS), an agency of the federal government, charged him before the Lagos State High Court with illegal possession of firearms.

Subsequently, the office of the Attorney General of the Federation (AGF) and Minister of Justice withdrew the charges and approached the FCT High Court Abuja with fresh charges.

In August, the FG subsequently instituted a fresh 20 counts of procurement fraud charges against Emefiele and a CBN staff member, Sa’adatu Yaro, bordering on alleged N6.9 billion fraud.

But their arraignment has been stalled since August 17 over the illness of a CBN female staff member.

They were said to have diverted public funds for personal use including the alleged purchase of exotic cars.

But in fresh suit no: CR/577/2023, the federal government amended the (now N1.2b) fraud charges (dated November 8) to six counts with Emefiele as the sole defendant.

Emefiele was granted bail on the court’s previous sitting on November 8.

The charges state that the embattled CBN governor allegedly conferred “undue advantage” in awarding contracts.