BREAKING: Again, Emefiele gets N300 million bail, denies unlawful naira printing as CBN governor

Analysis: Nestle Nigeria clever move to reverse negative shareholder funds 

The suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted another N300 million bail in the Nigerian government’s charge bordering on unlawful printing of naira notes.

He also pleaded not guilty to the charge before the Federal Capital Territory (FCT) High Court, Maitama, Abuja, on Wednesday.

The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele before Justice Maryanne Anenih of the court in a suit marked CR/264/2024.

In the charge sheet filed by the EFCC before Justice Anenih, the former apex bank chief was accused of knowingly violating the provisions of Section 19 of the CBN Act 2007 by approving the printing of N375.520 million pieces of colour-swapped N1,000 notes at the total cost of N11.052 billion without the recommendation of the Board of the CBN and the strict approval of the President of the Federal Republic of Nigeria.

When the charges were read to him by the court’s registrar, Emefiele pleaded not guilty to all of them, denying all the allegations contained in the charge.

What transpired in court

Emefiele’s lawyer, Mahmud Magaji (SAN), then asked the court to grant his client bail on self-recognizance pending the determination of the case.

The senior lawyer equally asked the court to grant his client the bail terms already granted him by another judge in the same FCT High Court, noting that the allegations are bailable offenses.

He added that Emefiele has dutifully attended court proceedings in different criminal matters instituted against him by the Federal Government.

EFCC lawyer, Rotimi Oyedepo (SAN), said he will not oppose the defendant’s bail application but on the condition that he deletes certain offensive claims in the bail application.

“It is more or less casting aspersion on the government,” Oyedepo added.

He urged the court to impose bail conditions that will ensure Emefiele attends court proceedings till the conclusion of the case.

Emefiele’s lawyer agreed with Oyedepo’s request while orally adopting his bail application and urging the court to grant the same.

What the judge said

In her ruling, Justice Anenih said bail is one that borders on the right to personal liberty provided the defendant will stand trial.

She granted Emefiele bail in the sum of N300 million with two sureties in like sum and who must own properties within Maitama District of Abuja.

She added that Emefiele must submit his international passport and must not travel out of the country.

The judge, however, said the certified true copies (CTC) of all the terms already complied with by Emefiele(including the N300 million bail) in another case will suffice in her instant ruling.

This means that Emefiele will only tender the CTC of the previous bail terms he complied with to go home.

The court subsequently adjourned to 28 and 29 May, 2024.

More insights

  • Nairametrics previously reported that Emefiele was suspended from office by President Bola Tinubu, paving the way for an investigation into his office as CBN governor and subsequent prosecution.
  • The suspended governor had also filed a fundamental human rights suit against his prolonged detention before Justice O. Adeniyi. The application was granted.
  • Emefiele was arraigned on a two-count charge of illegal possession of firearms and ammunition before Justice Nicholas Oweibo, on July 25, 2023. The matter was eventually withdrawn by the Attorney General of the Federation and struck out by the court.
  • On November 17, 2023, the EFCC arraigned the former CBN governor before Justice Muazu on a six-count charge bordering on procurement fraud.
  • Emefiele pleaded not guilty to the charge. EFCC later amended the charges before Justice Muazu and re-arraigned Emefiele.
  • On April 4, 2024, the EFCC arraigned Emefiele before Justice Rahman Oshodi of the Lagos High Court over abuse of office bordering on alleged irregular allocation of billions of US dollars in foreign exchange.
  • The suspended CBN governor pleaded not guilty, and the case is yet to be concluded.

Follow us for Breaking news and Market Intelligence.

Leave a Reply

Your email address will not be published. Required fields are marked *