Emefiele gets N300m bail, denies N684.5m note printing fraud

An FCT High Court Wednesday granted former Central Bank governor, Godwin Emefiele bail in the sum of N300 million in a case concerning an alleged unlawful naira redesign programme.

The Economic and Financial Crimes Commission (EFCC) had brought a four-count amended charge against him, including accusations of disobedience to the rule of law.

Justice Maryann Anenih presided over the case and ordered Emefiele to produce two sureties in the same bail amount, who must own property in Abuja’s Maitama district.

The sureties also had to present their property title documents and certificates of occupancy for verification, along with recent passport photographs to the court, the judge said.

Emefiele was also required to submit his travel documents to the court and remain within Abuja during the trial period.

The judge further mandated that a certified true copy of the bail conditions set by Justice Hamza Muazu, who granted Emefiele bail earlier, must be submitted to her court.

The trial was adjourned until May 28.

The EFCC accused Emefiele of various financial improprieties, including approving the printing of “colour-swapped” naira notes without proper board recommendations, spending substantial amounts on printing these notes and withdrawing funds from the Consolidated Revenue Fund in a manner not prescribed by the National Assembly.

Emefiele pleaded not guilty to the charges and sought bail either on self-recognition or under conditions similar to those granted by Justice Hamza Muazu previously.

The case is part of broader legal proceedings against Emefiele, who is also facing charges in another court.