In a significant development, Emefiele, the suspended Central Bank of Nigeria (CBN) Governor, has been granted bail by the Ikeja Special Offences Court. The bail sum is ₦50 million.
Charges Against Emefiele
Emefiele faces charges related to abuse of office and fraud, amounting to $4.5 billion and ₦2.8 billion.
Bail Conditions
Justice Rahman Oshodi, presiding over the case, granted Emefiele bail under specific conditions:
- Bail amount: ₦50 million
- Two sureties required, each with equivalent sum
- Sureties must be employed and have three years of tax payment to the Lagos State Government
- Proper identification and registration in the Lagos State Bail Management System for the sureties
Previous Bail Conditions
Oshodi noted that the bail conditions previously set for Emefiele’s co-defendant, Henry Isioma-Omoil, were satisfactory. Isioma-Omoil is facing a separate charge before Justice Olufunke Sule-Hamzat at the Yaba High Court.
Charges by EFCC
Emefiele was arraigned by the Economic and Financial Crimes Commission (EFCC) on April 8, facing a 23-count charge. These charges include abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage. His co-defendant was arraigned on a three-count charge related to accepting gifts by agents. Both defendants pleaded not guilty.
Ongoing Proceedings
As of now, legal counsels are seeking accelerated hearing and trial for the case.
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