In Abuja, a Federal Capital Territory High Court granted bail to Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria, setting it at N300 million, following his arraignment over allegations related to the redesign of naira notes.
Emefiele stands accused of authorizing the printing of N684.5 million at a value of N18.96 billion and unlawfully withdrawing N124.8 billion from the Consolidated Revenue Fund of the Federation. Additionally, it is alleged that he acted against the law in implementing the naira swap policy during the administration of former President Muhammadu Buhari, proceeding without proper approval from the CBN Board or the President.
Pleading not guilty to the four count charges brought by the Economic and Financial Crimes Commission (EFCC), Emefiele asserted his innocence before Justice Maryanne Anenih. This marks the third separate charge brought against him.
Emefiele’s counsel, Mahmud Magaji (SAN), sought bail for his client, citing a previous bail granted by another judge. Justice Anenih, affirming the presumption of innocence, granted bail with conditions similar to those previously set, including a N300 million bail bond and two sureties with property within the FCT equivalent to the bail sum. The property documents must be verified and deposited with the court.
The judge mandated the sureties to provide recent passport photos and identity documentation. Emefiele is prohibited from traveling abroad without court permission. The trial is scheduled to commence on May 28, with Emefiele’s bail mirroring the conditions set by Justice Muazu during a previous arraignment.
The arraignment, initially set for April 30, was postponed due to the prosecution’s absence, requesting a new date.
