Emefiele arraigned, pleads not guilty for printing N684m notes with N18.96bn

Godwin Emefiele, former Central Bank of Nigeria (CBN) pleaded not guilty for approving the printing of N684.5m notes at the rate of N18.96bn.

Mr Emefiele was arraigned on Wednesday by the Economic and Financial Crimes Commission (EFCC), before Justice MaryAnn Anenih of the Federal Capital Territory High court on four counts.

The new charge, dated April 2, 2024, was filed by the EFFC prosecutor Rotimi Oyedepo (SAN) alongside eight other lawyers acting on behalf of the Attorney General of the Federation.

In the four counts filed against him, the EFCC alleged that Emefiele 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.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

His lawyer, Mahmud Magaji, who moved the motion for his bail, pleaded with the court to grant him bail on self recognition and on the same grounds and conditions of bail already granted him by a sister court led by Justice Hamza Muazu.

Mr Magaji vowed that his client will always be in court.

Justice Anenih granted him bail in the sum of 300 million Naira, with two sureties in like sum, who must be residents of Nigeria and owners of properties in Maitama district and must post an affidavit of means.

The judge also ordered him to deposit his travel documents and must not travel outside the country without the permission of the court.

Justice Anenih added that he should be remanded at kuje correctional center pending when he fulfills his bail conditions and adjourned to May 28th and 29th for commencement of trial.