Former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail by a high court sitting in Ikeja, Lagos, in the sum of N50 million. Judge Rahmon Oshodi ruled on the bail application on Friday, admitting Emefiele on bail with two sureties in like sum.

Emefiele is facing trial in Lagos on a 26-count charge bordering on abuse of office, to which he had earlier pleaded not guilty. The charges were brought against him by the Economic Financial Crimes Commission (EFCC).

Following his arraignment on Monday, Emefiele had been remanded in the custody of the EFCC by the Lagos State Special Offences Court sitting in Ikeja. Justice Rahman Oshodi made the remand order after Emefiele and his co-defendant, Herry Omoile, pleaded not guilty to the charges.

Emefiele remained in custody until Friday when the judge granted his bail application. However, Omoile was remanded in the custody of the Nigerian Correctional Services.

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Before the court’s ruling, Emefiele’s lawyer, Abdulakeem Ladi-Lawal, urged the court to grant bail to his client on self-recognition or on the most liberal terms. He requested that the same bail conditions granted to Emefiele by Justice Hamzat Muazu of the Federal Capital Territory High Court in Abuja be imposed, and that Emefiele be released to his lawyers pending the perfection of the bail terms.

EFCC lawyer, Rotimi Oyedepo, SAN, did not oppose the bail application but urged the judge to impose conditions that would ensure the defendants appear in court for their trial.

The defendants are accused of various offenses, including accepting gratification, accepting gifts through agents, corruption, and fraudulent property receipts. The charges were filed on April 3rd by EFCC Prosecutor, Rotimi Oyedepo, SAN, alleging Emefiele conferred a corrupt advantage on his associates contrary to the Corrupt Practices Act of 2000.