Ikeja-Lagos court grants Emefiele N50 million bail

The Lagos State Special Offences Court in Ikeja on Friday granted bail to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the sum of N50 million.

The court had on Monday remanded Mr Emefiele in the custody of the Economic and Financial Crimes Commission (EFCC) pending the ruling on his bail application.

His co-defendant, Henry Omoile, was remanded in Ikoyi Correctional Centre.

The court issued the remand order after the defendants were arraigned on 26 counts, including abuse of office and fraud involving about $4.5 billion and N2.8 billion.

Only three of the counts concern Mr Omoile.

They both pleaded not guilty to the charges on Monday.

In his ruling on Friday, the judge, Rahman Oshodi, granted bail to Mr Emefiele to bail with two sureties in like sum.

MR Oshodi held that the sureties must be gainfully employed and have three years tax payment with the Lagos State Government.

He also ordered that the sureties must show proper identification and they must be registered in the Lagos State Bail Management System.

The judge also said that he was satisfied with the bail conditions of N1 million, earlier given to Mr Emefiele’s co-defendant, Henry Isioma-Omoil who is standing trial before another Lagos State High Court judge in Yaba,Olufunke Sule-Hamzat.

Mr Oshodi, however, said that the bail documents must be transferred to special offences court and it must also be registered in the Lagos State Bail Management System.

The EFCC had on 8 April arraigned Mr Emefiele on 23 counts of abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage, and his co-defendant on three counts of acceptance of gift by agents.

The defendants, however, pleaded not guilty to the charge.

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