Suspended Nigeria’s central bank governor Godwin Emefiele, was today rearrested by the State Security Services (SSS) most dramatically after he was granted bail by a federal high court in Lagos.
The court had earlier on Tuesday, granted bail to Emefiele at the sum of N20 million, ordering that the embattled former apex head be remanded at the correctional center until he meets the bail conditions.
The presiding judge, Justice Nicholas Oweibo, said in the judgment that charges against Emefiele are bailable, thus approving his bail application with one surety in like sum.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
But in a video circulating online, the SSS, defying the court’s judgment, swooped into the courtroom to re-arrest Emefiele, leading to a physical altercation between them and the personnel of the Nigerian Correctional Service, who were to take the accused into custody, in accordance with the court judgment.
Disgrace ooo pic.twitter.com/dfdzTZdt90
— oseni rufai (@ruffydfire) July 25, 2023
The SSS had arraigned Emefiele on a two-count charge bordering on illegal possession of firearms. The federal government had accused Emefiele of having in his possession, 123 rounds of live ammunition (cartridges) without a license.
Emefiele pleaded not guilty to the charges.
The fresh charges were filed after a federal high court quashed earlier charges leveled against the suspended central bank manager, ordering his release. In its earlier charges, the federal government had accused Emefiele of financing terrorism and economic crimes bordering on money laundering and mismanagement of the economy.
But the court ruled that the applicants have no evidence to prove their case and therefore, set the former apex bank governor free.
An attempt by the federal government to stop the approval of Emefiele’s bail application was rejected by the Lagos high court.
Following Emefiele’s plea, his legal team, headed by Joseph Daodu, a senior advocate of Nigeria, presented a bail application to the court. Daodu requested that the court grant bail to his client based on self-recognizance or other lenient conditions until the trial is heard and resolved.
“There is no counter affidavit from the federal government, this is an unopposed application. He is a renowned banker and can only stay at his house. He can’t travel anywhere,” Daodu said.
However, Nkiru Nebo-Jones, a deputy director of prosecution at the office of the attorney-general of the federation (AGF), raised objections to the bail application, stating that she has not yet received a copy of the document.
In response, Daodu argued that the office of the AGF had been duly served with the bail application document, and he further asserted that the proof of service, bearing the endorsement from the AGF’s office, is present in the court’s file.
“I find and hold that the prosecution has failed to establish why the defendant should not be granted bail,” Justice Oweibo ruled.
“Consequently the defendant is admitted to bail in the sum of 20 million naira with one surety in like sum.
“The surety must be owner of a landed property within the jurisdiction of the court who must not be less than Level 16 in the Nigerian Civil Service.
“The defendant must deposit his international passport to the court,” he said and adjourned the case to the 14th of November for trial.
However, some Nigerians have expressed deep concern over the event, which they said does not paint the country in good light, especially as it seeks the patronage of foreign investors. They said the SSS’ notoriety in showing total disregard for the rule of law beams with red flags that no serious investor would want to reckon with.
Emefiele’s trial has also been described as persecution by the Bola Tinubu administration. President Tinubu has been accused of being vindictive over the monetary policies that Emefiele rolled out during the presidential campaign period, which Tinubu said were designed to scuttle his chances at winning.