The former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted a bail of 50 million naira by the Ikeja Special Offences Court.
News About Nigeria reports that Emefiele is facing allegations of abusing his office and fraud totaling $4.5 billion and ₦2.8 billion.
Justice Rahman Oshodi, who presided over the case, granted Emefiele bail on Friday.
The bail requires two sureties who must each provide the same amount of bail money. These sureties must have steady jobs, have paid taxes to the Lagos State Government for at least three years, and possess proper identification. Additionally, they must be registered in the Lagos State Bail Management System.
Justice Oshodi noted that he was content with the bail conditions previously set for Emefiele’s co-defendant, Henry Isioma-Omoil, by Justice Olufunke Sule-Hamzat of Yaba High Court. However, he ordered that the bail documents must be transferred to the special offences court and registered in the Lagos State Bail Management System.
Recall that Emefiele was on Monday ordered to remain in the custody of the Economic and Financial Crimes Commission (EFCC).
Emefiele’s lawyer, Mr. A. Labi-Lawal, had sought bail for his client based on self-recognition and liberal terms, citing Emefiele’s compliance with previous bail conditions set by another court in Abuja regarding a separate fraud case.
Labi-Lawal argued that the charges were bailable and noted Emefiele’s status as a former CBN governor, adding that he poses no flight risk.
“Though the first defendant was granted administrative bail by the prosecuting authority. He is seeking for bail based on self-recognition and he is ready to attend the court.
“The court should also take into consideration, the status of the first defendant as he was the former CBN governor of the country,” he said.
Emefiele was suspended as CBN governor by President Tinubu in June 2023, when the latter stepped into office.
Emefiele was subsequently arrested and charged in July 2023 and later released on bail after being re-arrested by the Department of State Services.
