The Lagos High Court sitting in Ikeja has granted bail to former Central Bank (CBN) governor Godwin Emefiele. Justice Rahman Oshodi presided over the proceedings, granting bail to Emefiele in the sum of N50 million, with two sureties each required to provide an equal sum.

In addition to the financial conditions, Justice Oshodi mandated that the sureties must be gainfully employed individuals who have paid taxes to the Lagos State Government for a minimum of three years. Furthermore, the sureties must provide proper identification and be registered in the Lagos State Bail Management System.

The judge expressed satisfaction with the bail conditions previously set for Emefiele’s co-defendant, Henry Isioma-Omoil, who is facing separate charges before Justice Olufunke Sule-Hamzat of the Lagos High Court sitting in Yaba.

Emefiele was charged by the Economic & Financial Crimes Commission (EFCC) last week Monday with 26 counts related to alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion. The bail documents for Emefiele are to be transferred to the special offenses court and registered in the Lagos State Bail Management System as per the court’s instructions.