Court grants Emefiele N50m bail

A high court sitting in Ikeja, Lagos, has granted bail to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in the sum of N50 million.

In his ruling on the bail application on Friday, April 12, the judge, Rahmon Oshodi, admitted Emefiele on bail with two sureties in like sum.

Oshodi held that the sureties must be gainfully employed and have paid the three years tax of the Lagos State government. He also ordered that the sureties must show proper identification and be registered in the Lagos State Bail Management System.

Recall that Emefiele is facing trial in Lagos on a 26-count charge bordering on abuse of office.

Emefiele had earlier pleaded not guilty to a 26-count charge bordering on abuse of office brought against him by the Economic Financial Crimes Commission, EFCC.

The Lagos State Special Offences Court sitting in Ikeja on Monday, April 8, remanded the former governor of the CBN in the custody of the EFCC, following his arraignment.

Justice Rahman Oshodi made the remand order after Emefiele and his co-defendants, Herry Omoile, pleaded not guilty to a 26-count charge bordering on abuse of office brought against them by the EFCC.

Emefiele had remained behind bars until today, Friday, April 12, when the Judge granted his bail application.

The judge remanded Omoile in the custody of the Nigerian Correctional Services.