Lagos State Special Offences Court Grants Former CBN Gov. Emefiele 50M Naira Bail

The Lagos State Special Offences Court has granted the embattled former Central Bank Governor, Godwin Emefiele, bail of N50 million after being charged with a 26-count bordering on alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion respectively.

Emefiele was admitted to bail with two sureties in like sum by Justice Rahmon Oshodi on Friday.

On Monday the Lagos court sent Emefiele back to the custody of the Economic and Financial Crimes Commission

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Justice Rahman Oshodi made the remand order shortly after the anti-graft agency arraigned Emefiele on 26 counts bordering on “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”

In the substance of the charges, the EFCC alleged that he abused his office while he was CBN governor through alleged allocations of $4.5bn and N2.8bn.

However, in his ruling today, 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.

The judge stressed that he was satisfied with the bail conditions of N1 million, earlier given to Mr Emefiele’s co-defendant, Henry Isioma-Omoil, who is standing another charge before Justice Olufunke Sule-Hamzat in the Yaba Division of the Lagos High Court.

He also maintained that the bail documents must be transferred to the special offences court and registered in the LSBMS.