Emefiele Released After Meeting Bail Conditions

Former Central Bank Governor, Godwin Emefiele, has been freed from custody after fulfilling the bail terms set by the court. He arrived at the Lagos High Court, Ikeja, escorted by officials from the Economic and Financial Crimes Commission (EFCC) on Friday and departed for his residence following the court proceedings.

Justice Rahman Oshodi, presiding over his bail application, granted him bail in the amount of N50 million, with two sureties required to provide the same sum.

Subsequent to the bail announcement, the trial commenced with the EFCC presenting its initial prosecution witness, Monday Osazuwa, a staff member of the Central Bank of Nigeria (CBN). Osazuwa recounted various instances where Emefiele allegedly instructed him to collect $3 million in cash installments.

Led by the prosecution counsel, Senior Advocate of Nigeria, Rotimi Oyedepo, Osazuwa detailed his role as a dispatch rider at Zenith Bank before joining the CBN. He described his duties, including running errands for Emefiele and logging transactions into Dumies Oil and Gas Limited’s account at the instruction of the former CBN governor.

Osazuwa testified that he delivered cash to Emefiele’s residence and handed it over to Henry Isioma Omoile, who resided there. He stated that he never received compensation for these tasks, as they were performed out of loyalty to Emefiele.

Under cross-examination by the defense counsel, Abdulakeem Labi-Lawal, Osazuwa affirmed his long-standing association with Emefiele and his involvement in transactions for Dumies Oil and Gas dating back to Emefiele’s tenure at Zenith Bank.

Justice Oshodi dismissed a request for adjournment from the defense, deeming it unwarranted. The trial is set to resume on April 29, with pending applications for closed-door sessions for certain prosecution witnesses to be addressed.