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The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) brought former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, before Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos, on Monday, April 8, 2024. Emefiele faced charges related to an alleged $4.5 billion and N2.8 billion fraud, alongside co-defendant Henry Omoile, under an amended 26-count charge.
Emefiele was accused of various offenses including abuse of office, accepting gratification, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage. Omoile was implicated in counts involving acceptance of gifts by agents.
The charges detailed instances where Emefiele allegedly abused his authority by directing the allocation of foreign exchange without proper procedure, prejudicing the rights of Nigerians. Despite the allegations, both defendants pleaded “not guilty” to all charges.
During the proceedings, the prosecution counsel, Rotimi Oyedepo, requested an accelerated hearing and the opportunity to present witnesses. Meanwhile, the defense counsel, A. Labi-Lawal, sought bail for the defendants, emphasizing Emefiele’s compliance with previous bail conditions in a separate case.
Labi-Lawal argued that Emefiele posed no flight risk and should be granted bail on self-recognizance or liberal terms. He also petitioned for Emefiele to be released to his lawyers pending the determination of the bail application.
In response, Oyedepo stressed the court’s discretion in granting bail, urging conditions to ensure the defendants’ appearance for trial. The judge, Justice Oshodi, reserved ruling on bail and scheduled the next hearing for April 11, 2024. Emefiele was remanded in EFCC custody, while Omoile was sent to the Ikoyi Correctional Centre awaiting further proceedings.