Lagos Court Grants Emefiele Bail of N50 Million

Former Central Bank (CBN) governor Godwin Emefiele has been granted bail by the Lagos High Court in Ikeja. Justice Rahman Oshodi approved bail in the amount of N50m, with two sureties required to provide the same sum.

The court specified that the sureties must be employed and have a record of three years of tax payment to the Lagos State Government. Additionally, Justice Oshodi mandated that the sureties must provide proper identification and be registered in the Lagos State Bail Management System.

The judge also expressed satisfaction with the bail conditions of N1 million previously granted to Emefiele’s co-defendant, Henry Isioma-Omoil, who is facing a separate charge before Justice Olufunke Sule-Hamzat of the Lagos High Court in Yaba.

The court ordered that the bail documents be transferred to the special offences court and registered in the Lagos State Bail Management System. Last week Monday, the Economic & Financial Crimes Commission (EFCC) brought charges against Emefiele, accusing him of 26 counts related to alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion.