BREAKING: Court remands Emefiele in EFCC custody for alleged $4.5bn, N2.8bn fraud

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The Special Offences Court sitting in the Ikeja area of Lagos State on Monday, April 8, 2024, ordered the remand of the former Central Bank Bank (CBN) Governor, Godwin Emefiele, in the custody of the Economic and Financial Crimes Commission (EFCC) over alleged abuse of office and $4.5 billion and N2.8 billion fraud.
The presiding judge, Justice Rahman Oshodi, remanded Emefiele in EFCC custody while his co-defendant, Henry Omoile, was remanded in Ikoyi Custodial Centre where he is currently held pending the determination of their bail application on April 11.

Justice Oshodi gave the order after Emefiele and Omoile pleaded not guilty to the 26-count charge bordering on abuse of office, accepting gratification, accepting gifts through agents, corruption, and fraudulent property receipt.

The defendants pleaded not guilty, following their arraignment on Monday.

The defence counsel, A. Labi-Lawal, had in his two bail applications urged the court to grant the defendants bail on self-recognition and on liberal terms pending the determination of the case.

Labi-Lawal, in his 31 affidavits, said the first defendant (Emefiele) had complied with the bail application which was given to him by Justice Muazu in his alleged fraud trial case going on in Abuja.

He said the charges were bailable offences and not a capital offence.

The lawyer said: “Though the first defendant was granted administrative bail by the prosecuting authority.

“He is seeking bail based on self-recognition and he is ready to attend the court.

“The court should also take into consideration, the status of the first defendant as he was the former CBN Governor of the country.”

The defence counsel said his client had presented himself before Justice Muazu in Abuja to answer the allegations before him.

Labi-Lawal added that Emefiele was not at flight risk, saying he was the first person to arrive in court on Monday.

He also prayed the court to release Emefiele to him, pending the determination of the bail.

The EFCC counsel, Rotimi Oyedepo (SAN), did not oppose the bail application moved by the defence counsel.

Oyedepo, however, urged the court to exercise its discretion judiciously in granting bail to the defendants.

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