Mr. Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), faced allegations of unauthorized currency printing and has been granted bail after pleading not guilty.
The Economic and Financial Crimes Commission (EFCC) charged Emefiele with printing N684 million worth of naira notes, totaling N18.96 billion, without the consent of ex-President Muhammadu Buhari.
Additionally, Emefiele was accused by the EFCC of illegally sanctioning a withdrawal of N124.8 billion from the consolidated revenue fund.
The charges suggest that these actions were taken unlawfully and with potential harm to the public interest.
During the court session presided over by Justice Maryann Anenih of the FCT High Court, Emefiele maintained his innocence.
His legal counsel, led by Mr. Mahmud Magaji, requested that Emefiele be released on bail, citing the possibility of recognizing him based on self-recognition or under conditions previously set by Justice Hamza Muazu in a related case.
Justice Anenih agreed to the bail request, setting the amount at N300 million with two like-valued sureties, who must be residents and landowners in Abuja’s Maitama district.
The court also required the surrender of Emefiele’s international passport and restricted his travel without authorization.
Pending the fulfillment of bail conditions, Emefiele is to be detained at Kuje prison.
The trial is scheduled to continue on May 28 and 29.
