The former bank Chief was initially arraigned on a six count charge bordering on procurement fraud and using his position to confer a corrupt advantage on Sa’adatu Yaro, a staff of the CBN, by awarding a contract for the procurement of 43 vehicles worth N1.2 billion between 2018 and 2020.
The charge against him has now been amended to 20.
The latest amended charge against the former CBN Governor now includes criminal breach of trust, forgery, conspiracy to commit forgery, procurement fraud and conspiracy to commit felony.
On December 24, 2023, following his arrangement on procurement fraud, he was granted bail in sum of N300 million with two sureties in like sum after he pleaded not guilty to the charge. He was mandated to deposit all his travel documents with the registrar of the court.as part of his bail terms.
The court also ordered that he must remain within the Abuja Municipal Area Council (AMAC).
Emefiele, who was remanded in Kuje Correctional Centre pending when he would meet his bail condition, was released recently after he met his bail terms.
His trial over alleged procurement fraud had commenced before Justice Muazu.
The embattled former CBN boss, through his counsel, Mathew Bukka, SAN, had prayed the court for a variation of his bail terms.
The Economic and Financial Crime Commission’s (EFCC’s), counsel, Rotimi Oyedepo, SAN, did not object to the request, but however, urged the court to ensure that Emefiele wrote an undertaking that he would remain in Nigeria if his plea was granted.
In granting the application, Justice Muazu reasoned that Emefiele could travel out of the FCT, but maintained that he must remain in Nigeria.