Former Central Bank Governor Godwin Emefiele Granted Bail on Naira Redesign Charges

The immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele, has been granted bail of N300 million by the Federal Capital Territory High Court in Abuja. Emefiele faced charges related to the unauthorized redesign of the country’s naira notes.

Emefiele was accused of approving the printing of N684.5 million worth of currency at the rate of N18.96 billion and also unlawfully withdrew N124.8 billion from the Consolidated Revenue Fund of the Federation. The charges allege that he went against the law with the intention to harm the public while implementing the naira swap policy of the administration of former President Muhammadu Buhari.

The Economic and Financial Crimes Commission (EFCC) claimed that Emefiele initiated the naira redesign without the necessary approvals from the CBN Board and President Buhari. Emefiele pleaded not guilty to the four-count charges brought against him by the prosecution, EFCC, in front of Justice Maryanne Anenih.

Following the prosecution’s reading of the charges, Emefiele’s legal representative, Mahmud Magaji (SAN), requested bail for his client. Justice Maryanne Anenih, citing that all defendants are innocent until proven guilty, granted Emefiele bail with similar conditions stipulated by a previous ruling from Justice Hamza Muazu.

Justice Anenih set the bail amount at N300 million, requiring two responsible citizens with property worth the bail sum within the FCT to act as sureties. She mandated the verification and deposit of the property documents with the court registry. Additionally, the sureties must provide recent passport photos along with their identity cards or passports.

Emefiele is also barred from leaving the country without court permission. The trial is set to commence on May 28, and this marks the third separate charge brought against the former CBN Governor. The arraignment was initially scheduled for April 30 but was postponed to accommodate the prosecution’s request.