The Economic and Financial Crimes Commission (EFCC) has arraigned former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele for approving the printing of N684.5 million notes at a cost of N18.96 billion.
Emefiele appeared before Justice MaryAnn Anenih of the Federal Capital Territory High Court on Wednesday on four counts and pleaded not guilty to all charges. During the bail hearing, Emefiele’s counsel, Mahmud Magaji, requested bail on self-recognition and on the same terms as previously granted by Justice Hamza Muazu. The court granted Emefiele bail at N300 million, with two sureties who must be residents of Nigeria and property owners in the Maitama district. The sureties must provide an affidavit of means, and Emefiele must deposit his travel documents with the court and refrain from traveling without permission.
Justice Anenih ordered Emefiele to be remanded at Kuje Correctional Center until he meets his bail conditions. The trial is scheduled to commence on May 28 and 29. The EFCC’s charges allege that Emefiele disobeyed legal directives during the implementation of the naira swap policy under former President Muhammadu Buhari and unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund. This arraignment adds to Emefiele’s legal troubles, with previous charges including procurement fraud and approving a contract for 43 vehicles totaling N1.2 billion between 2018 and 2020.
In April 2024, Emefiele was also arraigned alongside Henry Omoile for alleged fraud involving $4.5 billion and N2.8 billion. He pleaded not guilty to these charges as well. The latest charges against Emefiele, filed by EFCC prosecutor Rotimi Oyedepo (SAN) and other lawyers representing the Attorney General of the Federation, include:
Count 1: Public servant disobeying direction of law with intent to cause injury to the public, under Section 123 of the Penal Code Law. Emefiele allegedly approved the printing of N1,000 notes worth N11,052,068,062 without proper authorization, causing public harm.
Count 2: Disobeying legal directives by approving the printing of N500 notes worth N4,471,066,040 without proper authorization.
Count 3: Disobeying legal directives by approving the printing of N200 notes worth N3,441,005,280 without proper authorization.
Count 4: Disobeying the Constitution by approving the withdrawal of N124,860,227,865.16 from the Consolidated Revenue Fund without National Assembly approval, causing public harm.
