Court admits Emefiele to N50m bail

In a session held on Friday, the Ikeja Special Offences Court granted bail to the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the amount of N50 million. Emefiele faces charges of abuse of office and fraud totaling $4.5 billion and N2.8 billion.

Justice Rahman Oshodi, in his decision, approved Emefiele’s bail with two sureties posting the same amount. Oshodi stipulated that the sureties must hold gainful employment and have a documented history of three years’ tax payment to the Lagos State Government. Additionally, they must present proper identification and be registered in the Lagos State Bail Management System.

The judge also acknowledged the bail conditions of N1 million previously set for Emefiele’s co-defendant, Henry Isioma-Omoil, who is facing a separate charge before Justice Olufunke Sule-Hamzat at a Yaba High Court. Oshodi mandated that the bail documents be transferred to the special offences court and be registered in the Lagos State Bail Management System.

The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele on April 8 on a 23-count charge related to abuse of office, accepting gratifications, corrupt demands, receiving fraudulently obtained property, and conferring corrupt advantage. His co-defendant faced a three-count charge for accepting gifts as agents. Both defendants pleaded not guilty.

As of the time of this report, counsels were seeking expedited hearing and trial.