LAGOS, Nigeria — In a recent court development, Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), was granted bail by the Lagos High Court in Ikeja.
On Friday, April 12, 2024, Justice Rahman Oshodi set the bail at N50 million with two sureties in a similar sum, as Emefiele faces multiple charges including alleged abuse of office and irregular allocation of significant financial sums.
The conditions stipulated by the court require the sureties to be gainfully employed and have a three-year tax compliance record with the Lagos State Government.
They must also be registered in the Lagos State Bail Management System and present proper identification.
This judicial decision comes after Emefiele’s arraignment last Monday on a 26-count charge by the Economic and Financial Crimes Commission (EFCC), detailing the alleged misallocation of $4.5 billion and N2.8 billion.
The charges accuse the former governor of financial misconduct during his tenure.
During the hearing, both Emefiele and his co-defendant, Henry Isioma-Omoil, pleaded not guilty to all counts.
While Justice Oshodi remanded Emefiele in the custody of the EFCC, his co-defendant was placed in the Ikoyi Correctional Centre until further proceedings.
Justice Oshodi expressed satisfaction with the bail conditions previously set for Omoil, who faced separate charges under Justice Olufunke Sule-Hamzat at the Lagos High Court in Yaba.
Emefiele’s legal counsel, AbdulHakeem Labi-Lawal, argued for his client’s bail on the grounds of his consistent attendance at prior hearings and non-flight risk status, highlighting Emefiele’s cooperation with judicial processes and his proactive presence in court as proof of his commitment to legal obligations.
The former CBN governor is slated to face another set of charges in Abuja next week.
