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Emefiele gets ₦50 million bail in $4.5 billion fraud case

Emefiele is charged with abuse of office and fraud to the tune of $4.5 billion and ₦2.8 billion.

Godwin Emefiele was removed from office by the Bola Tinubu administration over fraud allegations [Punch]

Emefiele is charged with abuse of office and fraud to the tune of $4.5 billion and ₦2.8 billion.

Justice Rahman Oshodi, in his ruling, admitted Emefiele to bail with two sureties in like sum.

Oshodi held that the sureties must be gainfully employed and have three years tax payment with the Lagos State Government.

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He also ordered that the sureties must show proper identification and they must be registered in the Lagos State Bail Management System.

The judge also said that he was satisfied with the bail conditions of ₦1 million, earlier given to Emefiele's co-defendant, Henry Isioma-Omoil who is standing another charge before Justice Olufunke Sule-Hamzat before a Yaba High Court.

Oshodi, however, said that the bail documents must be transferred to special offences court and it must also be registered in the Lagos State Bail Management System.

The Economic And Financial Crimes Commission (EFCC) had on April 8 arraigned Emefiele on a 23-count charge bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained and conferring corrupt advantage, while his co-defendant was arraigned on a three-count charge bordering on acceptance of gifts by agents. The defendants, however, pleaded not guilty to the charge.

The News Agency of Nigeria (NAN) reports that at the time of filing this story, the counsel were making applications for accelerated hearing and trial.

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