A Federal Capital Territory High Court in Abuja granted bail to former Governor of the Central Bank, Godwin Emefiele, on Wednesday. Justice Hamza Muazu ruled on his bail application, setting the bail at N300m with two sureties in like sum. 

The sureties must possess Certificates of Occupancy and titles of property within the Maitama District.

Emefiele was also ordered to deposit all his travel documents with the court registrar and to stay within the Abuja Municipal Area Council. 

Justice Muazu stipulated that the former CBN governor would be held in Kuje Correctional Centre until he fulfills the bail conditions.

Initially facing 20 charges of procurement fraud amounting to N6.5 billion, the Federal Government reduced the charges to six, totaling N1.2bn, for Emefiele's arraignment last Friday. 

The trial is set to commence on November 28, following the adjournment at the last proceeding where Emefiele was remanded in Kuje prison pending the ruling on his bail application.