Lagos court grants Emefiele N50m bail

A Lagos state Special Offences Court sitting in Ikeja on Friday has granted N 50 million bail to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

He was arrested on Monday for alleged abuse of power and fraud to the tune of $4.5 billion and N2.8 billion.

The defendant, on trial together with one Henry Isioma-Omole had pleaded not guilty to the 26-count indictment, following which they requested for release on generous terms.

Justice Rahman Oshodi, in his verdict, allowed Mr Emefiele to N50 million bail with two sureties in equal amount.

Justice Oshodi concluded that the sureties must be gainfully employed and have three years tax payment with the Lagos State Government.

He also added that the sureties must present valid identity and they must be registered in the Lagos State Bail Management System.

The court also added that he was happy with the bail terms of N1 million, originally handed to Emefiele’s co-defendant who is facing another charge before Justice Olufunke Sule-Hamzat before a Yaba High Court.

Justice Oshodi, however, ruled the bail paperwork must be forwarded to the special crimes court and it must also be filed in the Lagos State Bail Management System.

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