Court Grants Ex-CBN Governor, Godwin Emefiele Bail, Gives Reason

Court Grants Ex-CBN Governor, Godwin Emefiele Bail, Gives Reason

  • FCT High Court in Abuja has granted former Central Bank of Nigeria (CBN) governor, Godwin Emefiele bail
  • Emefiele was arraigned before Justice Maryann Anenih of four count charges by the EFCC on Wednesday, May 15
  • The judge granted Emefiele bail to the sum of N300m, two sureties, adding that the sureties must own property worth the bail sum within the FCT

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Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

FCT, Abuja - Embattled former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has been granted bail of N300 million.

A Federal Capital Territory (FCT) High Court in Abuja granted Emefiele bail following his arraignment on the unlawful redesign of the naira notes on Wednesday, May 15.

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Court grants former CBN governor, Godwin Emefiele bail
Emefiele pleads not guilty, secures N300m bail Photo Credit: CBN
Source: Facebook

The Economic and Financial Crimes Commission (EFCC) accused Emefiele of approving the printing of N684.5 million at the rate of N18.96 billion and unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation, The Punch reports.

Emefiele was also accused of disobeying the direction of law in the naira swap policy and also embarked on the redesign without the approval of the Board of the CBN as well as the then President, Muhammadu Buhari.

The former apex bank chief refused any wrongdoing as he pled not guilty to all four count charges.

Justice Maryann Anenih granted Emefiele bail after his counsel, Mahmud Magaji (SAN) drew the attention of the court to an earlier bail granted by Justice Hamza Muazu, of the FCT High Court, Maitama.

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As reported by Vanguard, the judge granted Emefiele bail to the sum of N300m, two sureties, adding that the sureties must be responsible citizens and own property worth the bail sum within the FCT.

She added that the property documents must be verified and deposited with the court registry pending the determination of the matter.

Justice Anenih held that “a defendant is entitled to bail and presumed innocent until proven otherwise”.

Ex-CBN worker exposes Emefiele in court

Meanwhile, Legit.ng reported that a former CBN employee introduced a fresh twist to the ongoing legal battle involving the prosecution of Emefiele

The employee, who worked at the bank for eight years, testified in court about how he assisted Emefiele in collecting a $600,000 bribe

The court adjourned the case to a future date to ascertain whether the new witness acted under duress or was complicit in the scheme.

Source: Legit.ng

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