May 20, 2024

Former governor of the Central Bank of Nigeria, Godwin Emefiele, has met the bail conditions imposed on him by Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja and subsequently released.

Emefiele met the bail terms before the court closed on Friday, and he was released after the court proceedings. Justice Oshodi had granted Emefiele, who is standing trial before him over allegations of abuse of office and fraud, $4.5 billion and N2.8 billion bail with two sureties in like sum.

The judge also directed that the sureties must be gainfully employed and have paid tax to the Lagos State Government in the last three years.


The court further directed that the sureties must show proper identification, and they must be registered in the Lagos State Bail Management System.

Emefiele’s co-defendant, Henry Isioma-Omoil, was also granted bail by the court.

Isioma-Omoile is to continue to enjoy the conditions of the N1 million bail, earlier granted to him by Justice Olufunke Sule-Hamzat of the Lagos State High Court sitting in the Yaba area of the state

Justice Oshodi, however, ordered that the bail documents must be transferred to the Special Offences Court and that they must also be registered in the Lagos State Bail Management System.


The defendants were accused of accepting gratification, accepting gifts through agents, corruption, and fraudulent property receipts.

He was also accused of conferring corrupt advantage on his associates contrary to the Corrupt Practices Act of 2000 in the charge filed on April 3rd by the EFCC Prosecutor, Rotimi Oyedepo (SAN).

At the hearing on Friday, a prosecution witness, Monday Osazuwa, had narrated to Justice Oshodi how the former governor of the Central Bank of Nigeria (CBN) on different occasions directed him to collect the sum of $3 million cash in tranches.
Osazuwa, an employee of the CBN, also told the court that he collected the money from a businessman on behalf of Emefiele, who is accused of abuse of office and fraud of $4.5 billion and N2.8 billion.

While being led in evidence by the prosecutor, Osazuwa narrated to the court how he served as a dispatch rider in Zenith Bank and later joined the CBN running errands for the former CBN governor.

The witness told the court that he worked with Zenith Bank Plc as a dispatch rider till 2014 before he started working with the CBN.


Osazuwa said, “I joined the CBN in 2014 as a contract staff and became staff in 2015. I have known the first defendant since he was a Deputy Director of Zenith Bank, and he became Director. I have worked with him since then.”

Osasuwa said that he was later appointed a senior supervisor (full-time) to record and handle documents while working in the CBN Governor’s office in Lagos.

“I was still working in the governor’s office while I was appointed as a full staff, and we usually communicate through WhatsApp or email. I perform as a senior supervisor, recording and filing, with other official roles.

“When he called me, he directed that I call a businessman who gave me 11 million dollars on his behalf. Some weeks later, the first defendant also called me to go and see the man, and he gave me $850,000, $750,000 and $400,000 in cash,” he said.

Osazuwa said, “I joined the CBN in 2014 as a contract staff and became staff in 2015. I have known the first defendant since he was a Deputy Director of Zenith Bank, and he became Director. I have worked with him since then.”

Osasuwa said that he was later appointed a senior supervisor (full-time) to record and handle documents while working in the CBN Governor’s office in Lagos.

“I was still working in the governor’s office while I was appointed as a full staff, and we usually communicate through WhatsApp or email. I perform as a senior supervisor, recording and filing, with other official roles.

“When he called me, he directed that I call a businessman who gave me 11 million dollars on his behalf. Some weeks later, the first defendant also called me to go and see the man, and he gave me $850,000, $750,000 and $400,000 in cash,” he said.

Osazuwa further testified that he knew Dumies Oil and Gas Limited while in Zenith Bank and that the former governor, who was also the MD of the company, always sent him to collect cheques from one Monday.


The witness told the court that he always logged the money into the account of Dumies on the order of Emefiele.

Osazuwa also stated, “Whenever I receive the money and take it to the residence of Mr Emefiele, he always tells me to give it to the second defendant whenever he is not at home.

“I did not record transactions because the instruction was to collect and bring the money to his house. The highest amount I collected is $1 million in cash,” Osazuwa said.

The witness also told the court that the embattled former CBN governor had never rewarded him by giving him a part of the collected sum, saying, “He has never for one day said to take this. I have never been rewarded, paid or given anything.”

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