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UPDATED: Lagos Court Grants Emefiele N50 Million Bail

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The Lagos State Special Offences Court has granted bail in the sum of N50 million to the embattled former Central Bank Governor, Godwin Emefiele. He faces charges related to alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion, comprising 26 counts.

Justice Rahmon Oshodi granted Emefiele bail on Friday, requiring two sureties with similar financial standing.

Earlier reports indicated that Emefiele was remanded in the custody of the Economic and Financial Crimes Commission (EFCC) after the agency arraigned him on 26 counts of offenses including abuse of office and corrupt practices.

Justice Rahman Oshodi made the remand order following allegations by the EFCC that Emefiele abused his office during his tenure as CBN governor, involving allocations of $4.5 billion and N2.8 billion.

In his recent ruling, Justice Oshodi specified that the sureties must be employed and have paid three years’ tax to the Lagos State government. Additionally, they must possess proper identification and be registered in the Lagos State Bail Management System.

The judge referenced the bail conditions previously granted to Emefiele’s co-defendant, Henry Isioma-Omoil, and directed that the bail documents be transferred and registered in the LSBMS.

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