A Nigerian court decided on Friday to remand Godwin Emefiele, the former Central Bank governor, into custody, citing allegations related to procurement fraud. A subsequent bail hearing, convened for Wednesday, is set to determine the further course of legal proceedings in this matter.
Following his plea of not guilty to six newly filed graft charges, which accuse him of “conferring corrupt advantage,” Emefiele has submitted a bail application.
In a strategic move, prosecutors reduced the charges against Emefiele from a prior 20-count indictment, originally filed alongside two others. This adjustment aims to facilitate a separate and expedited trial process.
In August, while in detention, he tendered his resignation, thereby clearing the path for the subsequent appointment of Olayemi Cardoso as the new Central Bank governor in September.