TheCable

Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has been remanded in the custody of the Economic and Financial Crimes Commission (EFCC).

Emefiele was arraigned on Monday by the federal government alongside his co-defendant, Henry Omole, before Rahmon Oshodi, a judge at the Ikeja high court.

The two defendants pleaded not guilty to the 26-count charges preferred against them.

THE CHARGES

On the first count, the former CBN governor was accused of abuse of office between 2022 and 2023, in Lagos, an offence punishable under “Section 73 of the Criminal Laws of Lagos State, 2011”.

Emefiele was also accused of arbitrarily allocating foreign exchange in the “aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians”.

In the second count, the federal government alleged that between 2020 and 2021, Emefiele “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59, without bids, which act is prejudicial to the rights of Nigerians”.

In the third count, Emefiele was accused of arbitrarily “allocating foreign exchange in the aggregate sum of $1,769,254,793.16, which act is prejudicial to the rights of Nigerians”.

Emefiele’s co-defendant was accused of accepting the sum of $110,000 on behalf of the former CBN governor as “reward for allocating foreign exchange by the Central Bank in favour of Raja Punjab’s employer”.

THE COURT PROCEEDINGS

During the court proceedings on Monday, A. Labi-Lawal, counsel to Emefiele, prayed the court to grant his client bail on self recognition with liberal terms, pending the determination of the case.

Labi-Lawal said Emefiele had complied with the bail conditions granted him by Hamza Muazu, judge of the federal capital territory (FCT) high court.

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

Labi-Lawal also urged the court to extend bail to Omole, the second defendant.

“Though the first defendant was granted administrative bail by the prosecuting authority, he is seeking bail based on self recognition and ready to attend court proceedings,” he said.

“The court should also take into consideration the status of the first defendant as a former CBN governor of the country.”

However, Rotimi Oyedepo, EFCC counsel, did not oppose the bail application moved by the defence counsel.

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

After hearing the arguments of both counsels, Oshodi, the trial judge, ruled that Emefiele be remanded in EFCC custody, while Omole should be in the Ikoyi correctional centre.

The judge adjourned the case to April 11 for ruling on the determination of the bail applications and the commencement of the trial.