‘Abuse of office’: Lagos court grants Emefiele N50m bail

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

Rahmon Oshodi, the judge, in his ruling on the bail application on Friday, admitted Emefiele on bail with two sureties in like sum.

The former CBN governor is facing trial in Lagos on a 26-count charge bordering on abuse of office.

On Monday, Emefiele was arraigned by the federal government alongside Henry Omole, his co-defendant.

The two defendants pleaded not guilty to the 26-count charges preferred against them.

During the court proceedings on Monday, A. Labi-Lawal, counsel to Emefiele, prayed the court to grant his client bail on self recognition with liberal terms, pending the determination of the case.

Rotimi Oyedepo, counsel to the Economic and Financial Crimes Commission (EFCC), did not oppose the bail application moved by the defence counsel.

The judge adjourned ruling on the bail application to April 11.

However, the court could not hear the application because of the Eid-el-Fitr holiday.

Highlighting the bail conditions, the judge said the two sureties must be gainfully employed and have three years tax payment with the Lagos state government.

The judge ordered that the addresses of the two sureties must be verified.

For the second defendant, the judge granted him N1 million bail with two sureties, who must provide two years tax clearance.