Court admits Emefiele to N50m bail

An Ikeja Special Offences Court on Friday admitted the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, to bail in the sum of N50 million.

He is charged before the court in Lagos State with abuse of office and fraud to the tune of $4.5 billion and N2.8 billion.

Justice Rahman Oshodi, in his ruling, admitted Emefiele to bail with two sureties in like sum.

Oshodi held that the sureties must be gainfully employed and have three years tax payment with 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 also said that he was satisfied with the bail conditions of N1 million earlier given to Emefiele’s co-defendant, Henry Isioma-Omoil, who is standing trial for another charge before Justice Olufunke Sule-Hamzat of a Yaba High Court.

Oshodi, however, said the bail documents must be transferred to the special offences court and also be registered in the Lagos State Bail Management System.

The Economic And Financial Crimes Commission had on April 8 arraigned Emefiele on a 23-count charge bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage, while his co-defendant was arraigned on a three-count charge bordering on acceptance of gift by agents.

The defendants, however, pleaded not guilty to the charge.

The News Agency of Nigeria reports that at the time of filing this  story, the counsel were making applications for accelerated hearing and trial.