Emefiele Granted Bail: Denies N684.5 Million Note Printing Allegations

In a recent development at the Federal Capital Territory High Court in Abuja, the immediate former governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, was granted bail of N300 million. The bail decision came following Emefiele’s arraignment concerning allegations related to the illegal redesign of the naira notes.

Emefiele faced accusations of authorizing the printing of N684.5 million at a rate of N18.96 billion, alongside the illegal withdrawal of N124.8 billion from the Federation’s Consolidated Revenue Fund. The charges also implicated Emefiele in violating the law with the intention of harming the public, as well as initiating the naira redesign without proper consent from the CBN Board and former President Muhammadu Buhari.

Pleading not guilty to all four counts brought against him by the prosecution, represented by the Economic and Financial Crimes Commission (EFCC), Emefiele staunchly denied any wrongdoing.

This marked the third distinct charge leveled against Emefiele as a result of the ongoing legal proceedings.

Following the prosecution’s presentation of the charges, Emefiele’s attorney, Mahmud Magaji (SAN), swiftly moved for his client’s bail. Citing a previous bail decision made by Justice Hamza Muazu of the FCT High Court in Maitama, Magaji argued for Emefiele’s entitlement to bail as a defendant presumed innocent until proven otherwise.

Justice Maryanne Anenih, presiding over the case, upheld this principle and ruled in favor of granting bail to Emefiele. She emphasized the importance of adhering to legal procedures and ensuring the defendant’s rights were respected.

Granting bail in the amount of N300 million, Justice Anenih mandated two sureties, both law-abiding citizens possessing property in the Federal Capital Territory equivalent to the bail amount. Additionally, the sureties were required to submit relevant property documents to the court registry for verification.

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Furthermore, Justice Anenih imposed additional conditions, including the deposit of two recent passport photos with international passports or National Identity cards by the sureties. Emefiele was also restricted from leaving the country without prior court approval.

The trial was adjourned until May 28, as per Justice Anenih’s directive, providing Emefiele with the opportunity to address the charges brought against him.

Emefiele’s bail underscores the complexities surrounding the legal proceedings, which have garnered significant attention due to the gravity of the allegations leveled against him.