Emefiele denies alleged unlawful Naira redesign charge

…Court grants him N300m bail

BY ANDREW OROLUA

The former Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, on Wednesday, entered plea of not guilty at the Federal Capital Territory high court sitting in Maitama, Abuja on fresh criminal charges against him over the alleged unlawful redesigning of the nation’s currency, the Naira in 2022.

Emefiele denied the four count charge read against him before Justice Maryanne Anenih of the Federal Capital Territory (FCT), High Court sitting in Maitama District, Abuja.

The Economic and Financial Crimes Commission (EFCC) in the four-count charge claimed that Emefiele embarked on the naira redesign without the approval of the Board of the CBN as well as then President, Muhammadu Buhari.

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Specifically, the EFCC is accusing Emefiele of approving the printing of various quantities of the new Naira notes

“Without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence,” the charge read.

While in count one he was accused of approving the printing of 375,520,000 notes at the cost of N11 billion, in count two he was accused of approving the printing of 172 million coloured swapped N500 notes at the cost of N4.4 billion.

Also in count three, the former CBN boss was alleged to have approved for printing 137,070, pieces of coloured N200 notes at the cost of N3.4 billion.

He was however in count four alleged to have withdrawn the sum of N124, 860, 227, from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly.

He pleaded not guilty to all four counts and his lawyer, Mr Mahmud Magaji, SAN, then moved for his bail application, drawing attention to an earlier bail granted by Justice Hamza Muazu of the same FCT High Court, Maitama.

Ruling in the bail application, Justice Anenih, who observed that a defendant is entitled to bail and presumed innocent until proven otherwise, held that there is cogent and compelling reason to grant the application and subsequently admitted Emefiele to bail in a similar sum and conditions granted by Justice Muazu, with slight modification.

Recall that Justice Muazu had admitted Emefiele to bail in the sum of N300 million with two sureties in like sum. The sureties according to her must be responsible citizens and own property worth the bail bonds within the FCT.

Besides, the property documents must be verified and deposited with the court registry pending the determination of the case.

However, in adopting the ruling of the other judge, Justice Anenih added that the two sureties must deposit two recent passport photos alongside their National Identity cards or international passports and Emefiele cannot travel outside the country without the permission of the court.

She subsequently adjourned till May 28, for commencement of trial.