In a legal showdown at the High Court of the Federal Capital Territory (FCT) on Wednesday, the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, vehemently denied allegations of unlawfully printing Naira notes during his tenure. The Economic and Financial Crimes Commission (EFCC) had leveled accusations against Emefiele, asserting that he had printed N684 million in notes without authorization from former President Muhammadu Buhari, amounting to N18.96 billion. Additionally, Emefiele was accused of approving the withdrawal of approximately N124.8 billion from the consolidated revenue fund.
Facing a four-count charge, Emefiele pleaded not guilty before trial Justice Maryann Anenih. The prosecution, represented by Mr. Rotimi Oyedepo, SAN, sought a timeline for the commencement of full proceedings. At the same time, Emefiele’s legal team, led by Mr. Mahmud Magaji, requested bail for their client.
Magaji urged the court to grant bail on self-recognition or based on previous conditions set by another judge overseeing a separate case against Emefiele. He assured the court of Emefiele’s cooperation and stressed the bailable nature of the charges.
In a decisive ruling, Justice Anenih granted Emefiele bail of N300 million, to be secured by two sureties of equal amount. The sureties, mandated to be residents of Nigeria, must own landed properties within Abuja’s Maitama district. They were also required to provide an affidavit of means, and Emefiele was ordered to surrender his international passport. Furthermore, the court prohibited him from leaving the country without prior approval and directed his remand in Kuje prison until all bail conditions were met.
The trial, scheduled to commence on May 28 and 29, will see Emefiele face charges related to disobeying the direction of the CBN Act and the Constitution of the Federal Republic of Nigeria. Emefiele’s legal ordeal began with his suspension from office by President Bola Tinubu on June 9, 2023, followed by his subsequent arrest at his Lagos residence by the Department of State Services (DSS). After spending 151 days in custody, he was granted bail but remained incarcerated until December 23, 2023. Since then, Emefiele has been embroiled in various legal battles in courts across Abuja and Lagos.
