Lagos Court Grants Emefiele N50m Bail

Former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail by the Lagos High Court located in Ikeja.

He was granted bail in the amount of N50 million with two sureties in the same amount by Judge Rahman Oshodi.

The court further ruled that the sureties had to have paid taxes to the Lagos State Government for three years and be engaged in a gainful capacity.

According to Justice Oshodi, the sureties need to register in the Lagos State Bail Management System and provide valid identity.

The court also expressed his satisfaction with the N1 million bail terms previously granted to Henry Isioma-Omoil, Emefiele's co-defendant, who is currently on trial before Justice Olufunke Sule-Hamzat of the Lagos High Court in Yaba for a different charge.

The court ordered that the bail paperwork be entered in the Lagos State Bail Management System and sent to the special crimes court.

The Economic & Financial Crimes Commission (EFCC) indicted Emefiele in court on Monday of last week on 26 counts that included alleged abuse of authority and improper distribution of N2.8 billion and $4.5 billion, respectively.