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.

Emefiele Granted ₦50 Million Bail in $4.5 Billion Fraud Case

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.