The Ikeja Special Offences Court in Lagos granted bail to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in the sum of N50 million with two sureties who must have landed property in Lagos.

Judge Rahman Oshodi, presiding over the case, also approved an accelerated trial, directing that seven out of all prosecution witnesses should give evidence in camera for their protection and security.

Following the ruling, the Economic and Financial Crimes Commission (EFCC)’s lawyer, Mr. Rotimi Oyedepo, SAN, informed the court that seven of the prosecution witnesses were in danger, advocating for a trial in camera.

Emefiele’s co-defendant, Henry Isioma Omoile, facing a fresh 26-count charge of $4.5 billion and £2.8 billion, was granted bail in the sum of N1 million with two sureties in like sum.

The new charges include abuse of office and irregular allocation of a cumulative $4.5 billion and £2.8 billion during Emefiele's tenure as CBN governor.

The EFCC presented 26 charges of fraud and corruption against the defendants, to which they pleaded not guilty.

The EFCC’s lawyer requested an accelerated trial, suggesting that the case be heard in camera to protect the identity of witnesses 1 to 7, citing Section 373 of the Criminal Law of Lagos State.

The leading lawyer for the defendants, Mr. Abduakeem Labi-Lawal, denied knowledge of any threats, noting that a similar trial had been ongoing in Abuja without any reported threats to individuals' lives.