Former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of N50 million by a high court sitting in Ikeja, Lagos. The ruling on the bail application was delivered by Judge Rahmon Oshodi on Friday, who admitted Emefiele to bail with two sureties in like sum.
Emefiele is facing trial in Lagos on a 26-count charge bordering on abuse of office, to which he had earlier pleaded not guilty. The charges were brought against him by the Economic and Financial Crimes Commission (EFCC).
The former CBN governor had been remanded in the custody of the EFCC following his arraignment at the Lagos State Special Offences Court in Ikeja on Monday. However, Justice Rahman Oshodi granted his bail application today, Friday, allowing him to secure his release upon meeting the stipulated bail conditions.
While Emefiele’s lawyer, Abdulakeem Ladi-Lawal, urged the court to grant bail on self-recognition or the most liberal terms possible, the EFCC did not oppose the bail application. Rotimi Oyedepo, SAN, representing the EFCC, urged the judge to impose conditions that would ensure the defendants’ appearance in court for trial.
The charges against Emefiele include accepting gratification, receiving gifts through agents, corruption, fraudulent property receipts, and conferring a corrupt advantage on his associates. These allegations are contrary to the Corrupt Practices Act of 2000, as stated in the charge filed by EFCC Prosecutor Rotimi Oyedepo, SAN, on April 3rd.