Court Grants Emefiele Fresh N50m Bail on 26-Count Charges

By Adedapo Adesanya

The Federal High Court in Ikeja, Lagos, on Friday granted a N50 million bail to the embattled former Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

Justice Rahmon Oshodi ruled on the bail application today, granting Mr Emefiele bail with the condition of providing two sureties for the same amount.

The former governor of the CBN is on trial facing 26 charges related to accusations of office misuse.

The charge was marked ID/23787c/2024 and dated April 3, 2024, and was initially adjourned till April 11, but due to an extension of the public holiday yesterday, Mr Emefiele was brought before the court on Friday, April 12.

The Economic and Financial Crimes Commission (EFCC) had earlier arraigned Mr Emefiele and his accomplice, Mr Henry Omole, his co-defendant, on Monday before Justice Rahmon Oshodi.

Both defendants entered a not-guilty plea to the charges levied against them.

Business Post reports that the EFCC alleged that Mr Emefiele committed abuse of office between 2022 and 2023, in Lagos, of abuse of office.

The anti-graft watchdog alleged that Mr Emefiele “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

EFCC, further alleged that the banker between 2020 and 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary, act to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59, without bids, which act is prejudicial to the rights of Nigerians.

Mr Emefiele was alleged to have, in 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: special allocation of foreign exchange in the aggregate sum of $1,769,254,793.16, which act is prejudicial to the rights of Nigerians.”

In count four, the sum involved was $370,872,893.01.

Mr Emefiele’s co-defendant, Mr Omoile, was alleged to have on November 17, 2020, in Lagos, whilst acting as an agent accepted from Raja Punjab through Mr Monday Osazuwa, the total sum of $110,000, for Mr Emefiele, gifts as a reward for allocating foreign exchange by the central bank in favour of Raja Punjab’s employer.”