Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has pleaded not guilty to charges of unlawfully printing Naira notes during his tenure.
The Economic and Financial Crimes Commission (EFCC) alleges that Emefiele printed N684 million in notes, amounting to N18.96 billion, without authorization from former President Muhammadu Buhari, and unlawfully approved the withdrawal of about N124.8 billion from the consolidated revenue fund.
Emefiele faced a four-count charge before Justice Maryann Anenih of the High Court of the Federal Capital Territory. The EFCC claims that Emefiele’s actions violated CBN regulations and caused injury to the public.
During the proceedings, Emefiele’s lawyer, Mahmud Magaji, requested bail, emphasizing his client’s willingness to comply with court requirements.
Justice Anenih granted Emefiele bail at N300 million with two sureties, both of whom must own property in Abuja’s Maitama district and submit an affidavit of means. Additionally, Emefiele must surrender his international passport and is prohibited from leaving the country without court approval.
Pending the fulfillment of bail conditions, Emefiele is to be remanded at Kuje prison. The trial is set to commence on May 28 and 29.
Emefiele’s charges include unauthorized printing of N375.5 million worth of N1,000 notes, N172 million worth of N500 notes, and N137 million worth of N200 notes. He is also accused of approving the withdrawal of N124.8 billion from the consolidated revenue fund without National Assembly approval.
Suspended by President Bola Tinubu on June 9, 2023, Emefiele was arrested by the Department of State Services (DSS) and transferred to EFCC custody. Initially detained for 151 days, he was later granted bail but remained in Kuje prison until December 23, 2023. Emefiele continues to face multiple charges in both Abuja and Lagos courts.
