The ex-governor of the Central Bank of Nigeria, Godwin Emefiele, has pleaded not guilty to the fresh four-count charges concerning the unlawful redesign and printing of new naira notes brought against him by the Economic and Financial Crime Commission (EFCC).
On Wednesday, May 15, the anti-graft agency arraigned, for the third time, Emefiele before Justice MaryAnn Anenih at the Federal Capital Territory High Court in Abuja for approving the printing of N684.5 million notes at the rate of N18.96 billion.
In the charge marked CR/264/2024, the EFCC alleged that Emefiele carried out the naira redesign policy without the approval of the CBN Board and then President Muhammadu Buhari.
The anti-graft agency said without the approval of the CBN Board and the president, Emefiele spent N18.96 billion for the printing and swapping of new naira notes worth N684.5 million.
When the charges were read to him in court, the ex-CBN governor pleaded not guilty.
His counsel, Mahmud Magaji (SAN), then moved an application for his bail, urging the court to grant him bail on self-recognisance or on the same terms as the bail already granted him by Justice Muazu of the FCT High Court.
“The offences are bailable, and an accused person is presumed innocent until proven guilty,” he said.
He also added that Emefiele has consistently shown up in court every time he had a case.
Ruling on the bail application, Justice Anenih held that “a defendant is entitled to bail and presumed innocent until proven otherwise.”
She also said there was a “cogent and compelling reason to grant the bail application.”
The bail ruling of Justice Muazu was adopted, with the previous bail conditions of N300 million and two sureties in like sum who are responsible citizens of Nigeria and have properties in the jurisdiction of the court.
She added that the property documents must be verified and the original certificates of property must be deposited with the court registry pending the determination of the matter.
Justice Anenih held that the two sureties must deposit two recent passport photos alongside their national identity cards or passports.
She also held that the defendant was prohibited from travelling outside the country without the permission of the court.
She subsequently adjourned until May 28 for the commencement of the trial.
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