On Friday, an Ikeja Special Offenses Court granted N50 million in bail to Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN).
He faces allegations of fraud totaling N2.8 billion and $4.5 billion, respectively, and abuse of office.
In his decision, Judge Rahman Oshodi granted Emefiele bail along with two sureties in the same amount.
According to Oshodi’s ruling, the sureties had to have paid taxes to the Lagos State Government for three years and be working for a profit.
In addition, he mandated that the sureties register in the Lagos State Bail Management System and provide valid identification.
The judge also expressed his satisfaction with the N1 million bail terms previously granted to Henry Isioma-Omoil, Emefiele’s co-defendant, who is currently facing further charges in a Yaba High Court before Justice Olufunke Sule-Hamzat.
But according to Oshodi, the bail paperwork needs to be recorded in the Lagos State Bail Management System and sent to the special crimes court.
The Economic and Financial Crimes Commission, or EFCC, arraigned Emefiele on April 8 on 23 counts related to abuse of office, accepting gratifications, corrupt demand, receiving property obtained fraudulently, and conferring corrupt advantage. His co-defendant was arraigned on three counts related to accepting gift from agents.
Nonetheless, the defendants entered a not guilty plea to the accusation.
The attorneys were submitting requests for an expedited hearing and trial at the time this article was filed.