A High Court in Ikeja, Lagos State, has granted bail to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), in the amount of N50 million.
During the ruling on the bail application on Friday, the presiding judge, Rahmon Oshodi, allowed Emefiele to be released on bail with two sureties who must provide the same amount.
Emefiele is currently facing trial in Lagos on a 26-count charge related to abuse of office.
Previously, Justice Oshodi had ordered that the former CBN Governor, Godwin Emefiele, be held in the custody of the Economic and Financial Crimes Commission (EFCC).
This order was given due to allegations of abuse of office, $5.5 billion, and N2.8 billion fraud.
Additionally, the judge directed that Emefiele’s co-defendant, Henry Isioma-Omoile, be detained at the Ikoyi Custodial Centre.
The defendants’ counsel, Mr. A. Labi-Lawal, requested the court grant bail to the defendants on self-recognition and on lenient terms until the case is resolved.
Labi-Lawal, in his 31 affidavits, mentioned that the first defendant (Emefiele) had already met the bail conditions set by Justice Muazu in a separate fraud trial case in Abuja.
He argued that the charges were bailable offenses and not capital crimes.
“Though the first defendant was granted administrative bail by the prosecuting authority. He is seeking for bail based on self recognition and he is ready to attend the court.
“The court should also take into consideration, the status of the first defendant as he was the former CBN governor of the country,” he said.
The defense attorney stated that his client consistently appeared before Justice Muazu in Abuja to address the allegations against him.
He argued that the first defendant was not a flight risk, as he was the first to show up in court.
He also requested the court to release Emefiele to his lawyer until the bail determination.
Emefiele and his co-defendant pleaded not guilty to the 26 charges related to abuse of office, accepting bribes, receiving gifts through intermediaries, corruption, and fraudulent property acquisition.
Despite being arraigned, the defendants maintained their plea of not guilty.
The EFCC prosecutor, Mr. Rotimi Oyedepo (SAN), did not object to the defense’s bail request.
However, Oyedepo asked the court to carefully consider granting bail to the defendants.
