Lagos Court Grants Emefiele Bail of N50 Million

Former Central Bank Governor, Godwin Emefiele, facing charges of alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion, has been granted bail of N50 million by the Lagos State Special Offences Court. Justice Rahmon Oshodi issued the bail order on Friday, requiring two sureties to post bail in a similar amount.

However, despite being granted bail, Emefiele was remanded back into the custody of the Economic and Financial Crimes Commission (EFCC) on Monday, Justice Rahman Oshodi made the remand order shortly after Emefiele was arraigned on 26 counts related to “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”

The judge mandated that the sureties must be gainfully employed, have paid their Lagos State government taxes for the past three years, and be registered in the Lagos State Bail Management System. He emphasized the importance of proper identification and registration in the bail conditions, reflecting his satisfaction with similar conditions imposed on Emefiele’s co-defendant, Henry Isioma-Omoil, in another case before Justice Olufunke Sule-Hamzat in the Yaba Division of the Lagos High Court.