Court grants ex-CBN governor Emefiele N50 million bail

Godwin Emefiele, the former governor of the Central Bank, is facing 26 counts of suspected abuse of power and improper allocation of N2.8 billion and $4.5 billion, respectively. 

The Lagos State Special Offences Court granted him bail of N50 million. Justice Rahmon Oshodi admitted Emefiele to bail on Friday, along with two sureties in the same amount. 

According to a PUNCH Online story on Monday, Emefiele was returned to the Economic and Financial Crimes Commission by a Lagos court.

Justice Rahman Oshodi made the remand order shortly after the anti-graft agency arraigned Emefiele on 26 counts bordering on “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”

The main thrust of the accusations came from the EFCC, which claimed that he misused his position as governor of the CBN by allegedly allocating N2.8 billion and $4.5 billion. Oshodi, however, ruled today that the sureties had to be employed for a profit and had paid the Lagos State government's three-year tax. 

In addition, he mandated that the sureties register in the Lagos State Bail Management System and produce valid identification.

The judge emphasised that he was content with the N1 million bail terms that had previously been granted to Mr. Emefiele's co-defendant, Henry Isioma-Omoil. Judge Olufunke Sule-Hamzat of the Lagos High Court is the judge in charge of Mr. Emefiele's other case. 

Additionally, he insisted that the bail documents be registered in the LSBMS and moved to the special crimes court.

Source