A Lagos State Special Offences Court in Ikeja took a significant step on Monday by remanding former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, in the custody of the Economic and Financial Crimes Commission (EFCC) on charges of alleged abuse of office.

Justice Rahman Oshodi issued the remand order after Emefiele and his co-defendant, Herry Omoile, pleaded not guilty to a 26-count charge related to abuse of office brought against them by the EFCC.

Emefiele’s bail application will be considered on Thursday, pending the judge’s decision. In the interim, Omoile has been remanded in the custody of the Nigerian Correctional Services.

Emefiele’s lawyer, Abdulakeem Ladi-Lawal, urged the court to grant bail, suggesting self-recognition or the most lenient terms. He requested similar bail conditions to those previously granted by Justice Hamzat Muazu of the Federal Capital Territory High Court in Abuja and proposed Emefiele be released to his legal team until bail terms are fulfilled.

While the EFCC did not oppose bail, their counsel, Rotimi Oyedepo, SAN, advocated for conditions ensuring the defendants’ appearance for trial.

The charges against Emefiele and Omoile include accepting gratification, receiving gifts through agents, corruption, fraudulent property receipts, and conferring corrupt advantages on associates, as outlined in the charge filed by EFCC Prosecutor Rotimi Oyedepo, SAN, on April 3rd.

Emefiele faces separate EFCC prosecution in the Federal Capital Territory High Court in Abuja regarding alleged fraudulent financial transactions during his tenure as CBN Governor.