Emefiele denies N684.5m note printing as court grants ex-CBN gov N300m bail

The Federal High Court in Abuja, on Wednesday, granted the immediate past Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, bail of N300 million, following the arraignment of the embattled former governor by the Economic and Financial Crimes Commission (EFCC) over unlawful approval of the printing of N684.5 million at the rate of N18.96 billion.

The anti-graft agency also alleged that Emefiele unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation, adding that the former apex bank chief also disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President, Muhammadu Buhari.

EFCC also claimed that Emefiele embarked on the naira redesign without the approval of the Board of the CBN as well as the then President, Buhari.

However, Emefiele pleaded not guilty to all four count charges read to him by the prosecution, Economic and Financial Crimes Commission, before Justice Maryanne Anenih.

This arraignment makes it the third separate charge brought before Emefiele.

Emefiele’s counsel, Mahmud Magaji (SAN), moved for his client’s bail application after the prosecution had finished reading out the charge, drawing the attention of the court to an earlier bail granted by Justice Hamza Muazu of the FCT High Court, Maitama.

In the bail application, Justice Anenih held that “a defendant is entitled to bail and presumed innocent until proven otherwise”.

She also said there is “cogent and compelling reason to grant the bail application.”

Justice Anenih, on this note, granted Emefiele bail with similar conditions as previously given by Justice Hamza Muazu.

She granted him bail to the sum of N300m and two sureties.

She held that the sureties must be responsible citizens and own property worth the bail sum within the FCT.

She added that the property documents must be verified and deposited with the court registry pending the determination of the matter.

While adopting the bail ruling of Justice Muazu, Justice Anenih held that the two sureties must deposit two recent passport photos alongside their National Identity cards or international passports.

She also held that the defendant is prohibited from travelling outside the country without the court’s permission, while adjourning the matter till May 28 for the commencement of trial.