He is charged with abuse of office and fraud to the tune of $4.5 billion and N2.8 billion.
Justice Rahman Oshodi, in his ruling, admitted Emefiele to bail with two sureties in like sum.
Oshodi held that the sureties must be gainfully employed and have three years of tax payment with the Lagos State Government.
He also ordered that the sureties must show proper identification and they must be registered in the Lagos State Bail Management System.
The judge also said that he was satisfied with the bail conditions of N1 million, earlier given to Emefiele’s co-defendant, Henry Isioma-Omoil who is standing another charge before Justice Olufunke Sule-Hamzat at a Yaba High Court.
Oshodi, however, said that the bail documents must be transferred to the special offences court and must also be registered in the Lagos State Bail Management System.
It will be recalled that the Economic and Financial Crimes Commission, EFCC, had on April 8 arraigned Emefiele on a 23-count charge bordering on abuse of office, accepting gratifications, corrupt demand, receiving property fraudulently obtained, and conferring corrupt advantage, while his co-defendant was arraigned on a three-count charge bordering on acceptance of gift by agents.
The defendants, however, pleaded not guilty to the charge.
As at the time of filing this report, the counsels were making applications for accelerated hearing and trial.