Printing of N684m notes: Emefiele granted N300m bail 

Former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, was Wednesday granted a N300 million bail after his arraignment before Justice Maryanne Anenih of the FCT High Court, Abuja, by the Economic and Financial Crimes Commission (EFCC).

He is facing another four-count charge of printing new naira notes without observing due process.

The charges read: “That you Godwin Ifeanyi Emefiele between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 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.” 

While the charge was brought against him by the anti-graft agency at the resumed sitting, Emefiele pleaded not guilty.

The embattled former CBN governor was accused of approving the printing of N684.5 million at the rate of N18.96 billion.

In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Federation’s Consolidated Revenue Fund.

He however got a bail after a plea was made by his counsel. The bail was not without conditions.