Emefiele gets ₦50 million bail in $4.5 billion fraud case

Emefiele is charged with abuse of office and fraud to the tune of $4.5 billion and ₦2.8 billion.

An Ikeja Special Offences Court on Friday admitted the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to bail in the sum of ₦50 million.

Emefiele is charged with abuse of office and fraud to the tune of $4.5 billion and ₦2.8 billion.

In his ruling, Justice Rahman Oshodi granted bail to Emefiele with two sureties of equal value. Oshodi stipulated that the sureties must be employed and have proof of three years of tax payment to the Lagos State Government. Additionally, they must provide proper identification and be registered in the Lagos State Bail Management System.

The judge expressed contentment with the ₦1 million bail conditions previously set for Emefiele’s co-defendant, Henry Isioma-Omoil, who faces a separate charge before Justice Olufunke Sule-Hamzat at the Yaba High Court. However, Oshodi specified that the bail documents must be transferred to the special offenses court and registered in the Lagos State Bail Management System.

Emefiele was arraigned by the Economic and Financial Crimes Commission (EFCC) on April 8 on a 23-count charge related to abuse of office, accepting gratifications, corrupt demands, receiving fraudulently obtained property, and conferring corrupt advantages. His co-defendant faced a three-count charge concerning accepting gifts as an agent. Both defendants pleaded not guilty.

As of the time of reporting, counsel were applying for accelerated hearing and trial, as per the News Agency of Nigeria (NAN).