Ex-CBN Gov, Emefiele Gets N300 Million Bail, Denies N684.5m Note Printing

The former Governor of the Central Bank (CBN) of Nigeria, Godwin Emefiele, was granted bail of N300 million by a Federal Capital Territory High Court in Abuja.

He was accused of approving the printing of N684.5 million at the rate of N18.96 billion. Additionally, the anti-graft agency alleged that he unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

Emefiele was also accused of disobeying the law and causing harm to the public during the implementation of the naira swap policy of the former President, Muhammadu Buhari’s administration.

The EFCC claimed that he proceeded with the naira redesign without the necessary approvals. Emefiele pleaded not guilty to all charges brought against him by the Economic and Financial Crimes Commission before Justice Maryanne Anenih.

This arraignment marks the third separate charge brought against Emefiele. Following the prosecution’s reading of the charge, Emefiele’s counsel, Mahmud Magaji (SAN), requested bail for his client. Magaji drew the court’s attention to a previous bail granted by Justice Hamza Muazu of the FCT High Court, Maitama.

In ruling on the bail application, Justice Anenih emphasized that a defendant is entitled to bail and presumed innocent until proven otherwise. She also stated that there were compelling reasons to grant the bail application. Consequently, Justice Anenih granted Emefiele bail under the same conditions as previously granted by Justice Hamza Muazu.

The bail amount was set at N300m, and Emefiele was required to provide two sureties. Justice Anenih specified that the sureties must be responsible citizens who own property within the FCT worth the bail sum.
Additionally, the property documents had to be verified and deposited with the court registry until the matter is resolved.

Adopting Justice Muazu’s bail ruling, Justice Anenih further mandated that the two sureties must submit two recent passport photos along with their National Identity cards or international passports. Furthermore, the defendant was prohibited from traveling outside the country without the court’s permission.
The trial was adjourned until May 28 for commencement.

Justice Muazu had previously granted Emefiele bail in the amount of N300 million, with two sureties required to provide the same sum.

However, the arraignment scheduled for today was postponed due to the prosecution’s absence. They had requested a new date for the arraignment, as the previous date was no longer suitable. As a result, the matter has now been rescheduled for Wednesday, May 15.