Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, was granted bail by a Federal Capital Territory High Court in Abuja on Wednesday.
This followed his arraignment on charges related to the unlawful redesign of naira notes.
Emefiele was accused of approving the printing of N684.5 million at a rate of N18.96 billion and unlawfully authorizing the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation. Additionally, he was alleged to have violated legal directives during the implementation of the naira swap policy of the previous administration led by President Muhammadu Buhari.
The Economic and Financial Crimes Commission (EFCC) claimed that Emefiele embarked on the naira redesign without the necessary approvals from the CBN Board and the President.
Emefiele pleaded not guilty to the four-count charges brought against him by the EFCC.
This marks the third separate charge brought against Emefiele. His counsel, Mahmud Magaji (SAN), moved for bail, citing a previous bail granted by another court.
Ruling on the bail application, Justice Maryanne Anenih held that Emefiele was entitled to bail and presumed innocent until proven otherwise. She granted bail in the sum of N300 million with two sureties, stipulating that the sureties must be responsible citizens with property worth the bail sum within the FCT. Property documents were required to be verified and deposited with the court registry.
The court also mandated the sureties to provide recent passport photos and National Identity cards or international passports. Emefiele was prohibited from traveling outside the country without the court’s permission.
The trial is scheduled to commence on May 28, following the adjournment of proceedings.
Notably, Emefiele had previously been granted bail in the sum of N300 million with similar conditions by another court. Today’s arraignment, initially set for April 30, was delayed due to the prosecution’s request for a new date.
