By Joke Kujenya
A FEDERAL Capital Territory High Court in Abuja granted bail to the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in the sum of N300 million on Wednesday.
JKNewsMedia reports that this decision came following his arraignment on allegations related to the unlawful redesign of the naira notes.
Emefiele was accused of approving the printing of N684.5 million at the rate of N18.96 billion, and also of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
The Economic and Financial Crimes Commission (EFCC) further claimed that he disobeyed the direction of law during his implementation of the naira swap policy of the former administration of President Muhammadu Buhari.
In response, Emefiele pleaded not guilty to all four counts brought against him by the prosecution before Justice Maryanne Anenih. This marks the third separate charge brought against Emefiele.
His counsel, Mahmud Magaji (SAN), moved for his bail application, referencing an earlier bail granted by another court.
Justice Anenih ruled in favour of granting bail, citing Emefiele’s entitlement to bail and presumption of innocence until proven otherwise.
The bail conditions mirrored those set by another judge, requiring a sum of N300 million, two sureties who must be responsible citizens owning property within the FCT, and a prohibition on international travel without court permission.
The trial is set to commence on May 28.
Today’s arraignment was previously scheduled for April 30 but was postponed due to the prosecution’s absence.
The matter was rescheduled for today, Wednesday, May 15, after Emefiele pleaded not guilty to the allegations during his arraignment.
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