A High Court sitting in Ikeja, Lagos State, has granted bail to Godwin Emefiele, the embattled former governor of the Central Bank of Nigeria (CBN), in the sum of N50 million.
Ruling on the bail application on Friday, the presiding judge, Rahmon Oshodi, admitted Emefiele on bail with two sureties in like sum.
The former CBN governor is facing trial in Lagos on a 26-count charge bordering on abuse of office.
Recall that Justice Oshodi had ordered the remand of the former Central Bank Bank (CBN) Governor, Godwin Emefiele, in the custody of the Economic and Financial Crimes Commission (EFCC).
The judge gave the remand order over alleged abuse of office and and $4.5 billion and N2.8 billion fraud.
The judge ordered that Emefiele’s co-defendant, Henry Isioma-Omoile, should be detained at Ikoyi Custodial Centre.
The defendants counsel, Mr A. Labi-Lawal, had in his two bail application urged the court to grant the defendants bail on self recognition and on liberal terms pending the determination on the case.
Labi-Lawal, in his 31 affidavits, said the first defendant (Emefiele) had complied with the bail application which was given to him by Justice Muazu in his alleged fraud trial case going on in Abuja.
He said the charges were bailable offences and not a capital offence.
“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 defence counsel said his client had religiously presented himself before Justice Muazu in Abuja to answer the allegations before him.
According to him, the first defendant was not at flight risk, as he was the first person to arrive in court.
He also prayed the court to release Emefiele to lawyer, pending the determination of the bail.
Emefiele and his co-defendant pleaded not guilty to the 26-count charge bordering on abuse of office, accepting gratification, accepting gifts through agents, corruption, and fraudulent property receipt.
The defendants, however, pleaded not guilty, following their arraignment.
The EFCC counsel, Mr Rotimi Oyedepo (SAN), did not oppose the bail application moved by the defence counsel.
Oyedepo, however, urged the court to exercise its discretion judiciously in granting bail to the defendants.
THE FULL COUNT CHARGES BELOW
In count one, Emefiele is accused of “allocating forex of $2,136,391,737.33 without bid”.
In count two, he was said to have allocated forex of $291,945,785.59 without bid”.
Count three alleges “abuse of office by special allocating of forex of $1,769,254,793.16”.
Count four alleges “abuse of office by special allocating of forex of $370,872,893.01”.
Count eight borders on “corruptly received $26,552,000 from NIPCO Plc”.
Count nine accuses the ex-CBN governor of corruptly receiving $740,000 from NIPCO Plc.
In count 10, Emefiele was said to have “corruptly received $2,410,000 from Raja Punjab on account of forex to his employer”.
Count 11 states that he “corruptly received $6,320,000 from Raja Punjab on account of forex to his employer”.
Count 12 states he “corruptly received $7,720,000 from Raja Punjab on account of forex to his employer”.
Count 13 accuses him of corruptly receiving $850,000 from Raja Punjab on account of forex to his employer.
Count 18 accuses him of corruptly receiving $400,000 from Source Computer Ltd as a kickback for a contract award.
In count 19, Emefiele “corruptly received $200,000 from Source Computer Ltd as a kickback for contract award”.
In count 21, he “conferred corrupt advantage on his associate, Limelight Multidimensional Services Ltd to the tune of N900,216,324.21”.
In count 22, he “conferred corrupt advantage on his associate, Limelight Multidimensional Services Ltd to the tune of N1,060,030,249.42”.
In count 23 he is also alleged to have conferred corrupt advantage on his associate, Comec Support Services Ltd to the tune of N149,001,009.70.
Count 24 Emefiele “conferred corrupt advantage on his associate, Comec Support Services Ltd to the tune of N151,168,458.73”.
Count 25, he “conferred corrupt advantage on his associate, Adswin Resources Solution Ltd to the tune of N398,031,732.32”.
Count 26, Emefiele “conferred corrupt advantage on his associate, Adswin Resources Solution Ltd to the tune of N204,992,739.51”.
