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Ex-Central Bank Chief Godwin Emefiele Gets Bail, Faces Trial for Financial Misconduct

Emefiele was granted bail by the Lagos High Court, with conditions set at N50 million and two sureties of equal value, marking a significant development in the ongoing legal saga surrounding allegations of financial misconduct.

Published

2 weeks ago

April 14, 2024

Stella Charles Akupue

Ex-Central Bank Chief Godwin Emefiele Gets Bail

The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, found himself entangled in legal proceedings after being apprehended by operatives of the Economic and Financial Crimes Commission (EFCC).

Emefiele was brought into custody and appeared before the Lagos High Court, Ikeja, where Justice Rahman Oshodi presided over his bail application.

Following deliberations, Justice Oshodi granted Emefiele bail, setting the amount at N50 million with two sureties of similar value. Despite the trial, Emefiele remains under scrutiny, as the trial commenced immediately after his release.

The EFCC, represented by Senior Advocate of Nigeria Rotimi Oyedepo, called its first prosecution witness, Monday Osazuwa, a former CBN staff member.

Osazuwa’s testimony shed light on alleged irregularities involving Emefiele. He recounted instances where Emefiele purportedly directed him to collect substantial sums of money, totalling $3 million, in cash.

Osazuwa detailed how he served as a conduit for these transactions, receiving instructions from Emefiele via WhatsApp and email. The witness disclosed that the cash was collected in tranches and delivered to Emefiele’s residence, often on behalf of Dummies Oil and Gas Limited, a company associated with Emefiele.

Emefiele’s Bail: N50 Million Bond Set by Lagos High Court Amidst Ongoing Trial

During cross-examination by Emefiele’s defence counsel, Abdulakeem Labi-Lawal, Osazuwa affirmed his long-standing association with Emefiele, dating back to 2002. He also confirmed the presence of Henry Isioma Omoile, the second defendant, in Emefiele’s residence, suggesting a close relationship between Emefiele and Omoile.

Despite attempts to delay proceedings, Justice Oshodi rejected a request for adjournment, emphasizing the importance of expediency in the trial process.

The trial is set to resume on April 29th, and applications for closed sessions to protect the identity of certain prosecution witnesses are pending. The case underscores the gravity of the allegations against Emefiele and the legal complexities surrounding his tenure as the former CBN governor.