Court grants former CBN Governor, Emefiele N50m Bail

A High Court sitting in Ikeja, Lagos State, has granted bail to Godwin Emefiele, the embattled former governor of the Central Bank of Nigeria (CBN), in the sum of N50 million.

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

The former CBN governor is facing trial in Lagos on a 26-count charge bordering on alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion respectively.

Recall that Justice Oshodi had ordered the remand of the former Central Bank Bank (CBN) Governor, Godwin Emefiele, in the custody of the Economic and Financial Crimes Commission (EFCC).

The judge gave the remand order over alleged abuse of office and and $5.5 billion and N2.8 billion fraud.

The judge ordered that Emefiele’s co-defendant, Henry Isioma-Omoile, should be detained at Ikoyi Custodial Centre.

The defendants counsel, Mr A. Labi-Lawal, had in his two bail application urged the court to grant the defendants bail on self recognition and on liberal terms pending the determination on the case.

Labi-Lawal, in his 31 affidavits, said the first defendant (Emefiele) had complied with the bail application which was given to him by Justice Muazu in his alleged fraud trial case going on in Abuja.

He said the charges were bailable offences and not a capital offence.

“Though the first defendant was granted administrative bail by the prosecuting authority. He is seeking for bail based on self recognition and he is ready to attend the court.

“The court should also take into consideration, the status of the first defendant as he was the former CBN governor of the country,” he said.

The defence counsel said his client had religiously presented himself before Justice Muazu in Abuja to answer the allegations before him.

According to him, the first defendant was not at flight risk, as he was the first person to arrive in court.

He also prayed the court to release Emefiele to lawyer, pending the determination of the bail.

Emefiele and his co-defendant pleaded not guilty to the 26-count charge bordering on abuse of office, accepting gratification, accepting gifts through agents, corruption, and fraudulent property receipt.

The defendants, however, pleaded not guilty, following their arraignment.

The EFCC counsel, Mr Rotimi Oyedepo (SAN), did not oppose the bail application moved by the defence counsel.

Oyedepo, however, urged the court to exercise its discretion judiciously in granting bail to the defendants.