A federal capital territory high court has granted bail to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), in the sum of N300 million.
The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele on a four-count charge before MaryAnn Anenih, the presiding judge, on Tuesday.
Emefiele pleaded not guilty to the four-count charge when it was read to him.
Moving an application for bail, Mahmud Magaji, counsel to Emefiele, asked the court to grant his client bail on self-recognition and on the same grounds and conditions of bail already granted him by a coordination court presided over by Hamza Muazu.
The anti-graft agency is accusing Emefiele of “illegal” printing of naira notes in its fresh charge.
In the charge sheet seen by NewMailNG, EFCC alleges that Emefiele “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from former President Muhammadu Buhari and the CBN board.
THE CHARGE
“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,” the charge sheet reads.
“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 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 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.
“That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”
NAIRA REDESIGN CONTROVERSY
Emefiele had said the new notes (N200, N500, and N1000) would be effective from mid-December 2022, advising customers to deposit their old notes before January 31, 2023, when they would cease to be legal tender.
The scarcity of old naira notes sparked violent protests in many parts of the country as banks and automated teller machines (ATMs) were torched.
Many analysts had argued that the naira redesign policy was politically motivated.
The supreme court, however, quashed the deadline given by the CBN for the old notes. The apex court also ordered that both old and new notes can be used as legal tender indefinitely.
