“Alleged $4.8b, N2.8b fraud:Godwin Emefiele Remanded by EFCC Pending Bail Ruling”

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Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), found himself in legal trouble as he was remanded in the custody of the Economic and Financial Crimes Commission (EFCC) on Tuesday. This action will keep him detained until Thursday, when the Ikeja Special Offences Court in Lagos will decide on his bail application.

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Emefiele faced a total of 23 charges, including allegations of abuse of office, acceptance of gratification and gifts through agents, corruption, and fraudulent property receipt amounting to $4.8 billion and N2.8 billion. His co-defendant, Henry Omoile, was also remanded in the custody of the Nigeria Correctional Services (NCoS) in Ikoyi.

Although both defendants pleaded not guilty, the EFCC prosecuting counsel, Rotimi Oyedepo (SAN), requested a trial date from the court. Conversely, Abdulakeem Labi-Lawal, the defense lawyer, submitted two bail applications, urging the court to grant Emefiele bail either on self-recognisance or on liberal terms until the case is resolved.

Labi-Lawal emphasized that Emefiele had complied with previous bail conditions set by Justice Muazu in a separate fraud trial case in Abuja. He argued that considering Emefiele’s status as the former CBN governor for nine years, as well as his track record of attending court proceedings, there was no risk of flight.

Prosecution counsel Oyedepo did not oppose the bail applications, acknowledging Emefiele’s compliance with previous bail conditions. He also mentioned an ongoing appeal regarding a court order restraining the EFCC from re-arresting Emefiele without proper authorization.

The court adjourned the matter until April 11, and the EFCC detailed Emefiele’s alleged abuse of authority as CBN governor, including unauthorized allocation of foreign exchange and receipt of funds from Source Computer Limited.


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