JUST IN: Remand Emefiele In Prison Until....... - Court Orders | READ DETAILS

The judge gave the ruling when the Economic and Financial Crimes Commission (EFCC) arraigned Emefiele before the court on charges bordering on procurement fraud which he pleaded not guilty to.

Emefiele's counsel, Mathew Burkaa, SAN, moved the application for bail but the FG counsel, Rotimi Oyedepo opposed to the bail request.

Justice Hamza Muazu said a bench ruling could not be delivered in view of the plethora of authorities cited by the two parties.

Muazu added that he needed a little time to study the authorities and peruse through the exhibits supplied by Emefiele to support his request for bail and thereafter ordered that he be remanded pending the determination of his bail application.

Muazu then adjourned the case till November 22 for ruling on the bail application and November 28 for the commencement of trial.

Recall that the Federal Government had initially preferred 20 count charge bordering on procurement fraud to the tune of N6.5 billion against the former CBN governor.

The FG however, reduced the charges to six to the tune of over N1bn which he was arraigned on Friday.

In the new charge, Emefiele was the sole defendant and the charge reduced from 20 to six, to which the former CBN boss pleaded not guilty.

In count one, he was alleged to have used his position as governor of CBN to confer a corrupt advantage on Sa'adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 37 (Nos.) Toyota Hilux Vehicles at the cost of "Eight Hundred and Fifty-Four Million, Seven Hundred Thousand Naira (N854,700,000.00) only to April1616 Investment Ltd, a company in which the said Sa'adatu Ramallan Yaro is a Director and thereby committed an offence.

Count two:

That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2019 within the jurisdiction of this Honourable Court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa'adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 1 (No.) Toyota Avalon at the cost of Ninety-Nine Million, Nine Hundred Thousand Naira (N99,900,000.00) only to April1616 Investment Ltd, a company in which the said Sa'adatu Ramallan Yero is a Director and thereby committed an offence,contrary to Section 19 of the Corrupt Practices and other Related Offences Act 2000.

Count three:

That you Godwin Ifeanyi Emefiele, male, adult, sometime in 2019 within the jurisdiction of this Honourable Court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa'adatu Ramaiian Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 1 (No ) Toyota Landcruiser V8 at the cost of Seventy three Millon and = eight hundred Thousand = Naira (N73 800 000 00) only to April1616 Investment Ltd, a company in which the said Sa'adatu Ramallan Yaro is a Director and thereby committed an offence.

Count four

That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2020 within the jurisdiction of this Honourable Court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa'adatu Ramailan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 2 (Nos.) Toyota Hilux Shell Specification Vehicles at the cost of Forty Four Million Two hundred thousand Naira ┬░ (N44,200,000.00) only to April1616 Investment Ltd, a company in which the said Sa'adatu Ramallan Yaro is a Director and thereby committed an offence.