Lagos court grants Emefiele N50m bail

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The Lagos State Special Offences Court granted bail of N50 million to Godwin Emefiele, the embattled former Central Bank Governor, after he was charged with 26 counts of suspected abuse of authority and improper allocation of $4.5 billion and N2.8 billion, respectively.

Justice Rahmon Oshodi admitted Emefiele to bail with two sureties in the same amount on Friday.

On Monday the Lagos court sent Emefiele back to the custody of the Economic and Financial Crimes Commission

Justice Rahman Oshodi made the remand order shortly after the anti-graft agency arraigned Emefiele on 26 counts bordering on “abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage.”

In the substance of the charges, the EFCC alleged that he abused his office while he was CBN governor through alleged allocations of $4.5bn and N2.8bn.

However, in his ruling today, Oshodi held that the sureties must be gainfully employed and have paid the three years’ tax of the Lagos State government.

He also ordered that the sureties must show proper identification and be registered in the Lagos State Bail Management System.