Former CBN Governor Godwin Emefiele Granted N50 Million Bail

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The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of N50 million by a high court in Ikeja, Lagos. Facing a 26-count charge related to abuse of office, Emefiele had earlier pleaded not guilty to the allegations brought against him by the Economic Financial Crimes Commission (EFCC).

The bail ruling, delivered by Judge Rahmon Oshodi on Friday, required Emefiele to provide two sureties of equal sum for his release. Emefiele had been remanded in the custody of the EFCC following his arraignment earlier in the week, alongside his co-defendant, Herry Omoile, who remains in the custody of the Nigerian Correctional Services.

Prior to the bail decision, Emefiele’s lawyer had passionately argued for his client’s release on self-recognition or the most lenient terms possible. While the EFCC did not oppose the bail application, they requested conditions that would ensure the defendants’ appearance in court for their trial.

The charges against Emefiele and his co-defendant include accepting gratification, receiving gifts through agents, corruption, and fraudulent property dealings. These serious allegations, which also involve conferring corrupt advantages, have put the former CBN governor in the spotlight, with the trial set to unfold in the coming days

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