The Lagos State Special Offences Court has granted former Central Bank Governor, Godwin Emefiele, bail of N50 million. Emefiele faces 26 charges relating to alleged abuse of office and the irregular allocation of $4.5 billion and N2.8 billion. Justice Rahmon Oshodi approved the bail with two sureties of similar value last Friday.
However, on Monday, Emefiele’s return to the custody of the Economic and Financial Crimes Commission by the Lagos court. Justice Rahman Oshodi issued the remand order after the anti-graft agency arraigned Emefiele on 26 counts, including abuse of office and corrupt practices.
The EFCC alleges that Emefiele misused his authority as CBN governor by inappropriately allocating $4.5 billion and N2.8 billion. In today’s ruling, Justice Oshodi specified that sureties must be employed, have paid three years’ tax to the Lagos State government, and be registered in the Lagos State Bail Management System.
Furthermore, the judge emphasized satisfaction with the bail conditions of N1 million previously given to Emefiele’s co-defendant, Henry Isioma-Omoil, who faces separate charges. He also insisted that the bail documents must be transferred to the special offences court and registered in the LSBMS.
The bail decision comes amid a high-profile legal battle and intense scrutiny of Emefiele’s tenure as CBN governor. The case has attracted significant attention due to its implications for financial governance and accountability in Nigeria’s banking sector.
