Unlawful printing of naira: Court grants Emefiele N300m bail in fresh trial

A Federal Capital Territory, FCT, High Court sitting in Maitama has granted former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, a N300 million bail following his arraignment on a four-count charge bordering on printing new Naira notes without observing due process.

The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned Emefiele for approving the printing of N684.5m notes at the rate of N18.96bn.

Emefiele was arraigned before Justice MaryAnn Anenih of the Federal Capital Territory High court on four counts.

He pleaded not guilty to the four counts when it was read to him.

Moving his application for bail, his counsel, Mahmud Magaji, asked the court to grant him bail on self recognition and on the same grounds and conditions of bail already granted him by a sister court led by Justice Hamza Muazu.

While granting the bail application, Justice Maryann Anenih also ordered Emefiele to produce for two sureties in like sum who must have property in the Maitama district of Abuja.

Justice Anenih ordered the defendant to deposit his travel documents with the court, adding that he should not travel outside the country without the permission of the court.

The judge adopted the conditions attached to a similar bail earlier granted Emefiele by Justice Hamza Muazu (another judge of the FCT High Court), before whom he is being tried on another criminal case.

According to the judge, it would suffice if Emefiele was able to produce the certified true copies (CTCs) of the documents he submitted in fulfillment of the bail earlier granted by Justice Muazu.

She adjourned till May 28 for the commencement of trial.