According to the EFCC, the defendant unlawfully approved the printing of naira notes without the consent of both former President Buhari and the CBN board, intending to harm the public.
However, when the four-count charge was presented before Justice Maryann Anenih at the High Court of the Federal Capital Territory (FCT), the defendant pleaded not guilty.
Prosecution counsel Mr. Rotimi Oyedepo, SAN, requested a date for the commencement of the full hearing. Meanwhile, the defendant’s legal team, led by Mr. Mahmud Magaji, asked the court to grant him bail pending the trial’s outcome.
Magaji, SAN, requested either bail on self-recognition or the adoption of previous conditions set by Justice Hamza Muazu in a related case. He assured the court that his client would attend all trial sessions, emphasizing that the charges were bailable.
In her ruling, Justice Anenih granted the defendant’s request for bail.
Consequently, she granted him bail to the tune of N300m, with two sureties in the like sum.
The court specified that the sureties must reside in Nigeria and own property within the Maitama district of Abuja.
Additionally, the court required the sureties to submit an affidavit of means and ordered the defendant to surrender his international passport.
The court emphasized that the former CBN Governor must not leave the country without permission.
Until all bail conditions are met, the defendant will be remanded at Kuje prison.
The case was subsequently adjourned to May 28 and 29 for the commencement of the trial.
The charges against the former CBN Governor, Godwin Ifeanyi Emefiele, are as follows:
- “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 2023, in Abuja, knowingly disobeyed Section 19 of the CBN Act, 2007, by approving the printing of 375,520,000 pieces of color-swapped N1,000 notes at a total cost of N11,052,068,062 without the Board of the Central Bank’s recommendation and the strict approval of the President of the Federal Republic of Nigeria, causing injury to the public, thereby committing an offence.
- “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 2023, in Abuja, knowingly disobeyed Section 19 of the CBN Act, 2007, by approving the printing of 172,000,000 pieces of color-swapped N500 notes at a total cost of N4,471,066,040 without the Board of the Central Bank’s recommendation and the strict approval of the President of the Federal Republic of Nigeria, causing injury to the public, thereby committing an offence.
- “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 2023, in Abuja, knowingly disobeyed Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of color-swapped N200 notes at a total cost of N3,441,005,280 without the Board of the Central Bank’s recommendation and the strict approval of the President of the Federal Republic of Nigeria, causing injury to the public, thereby committing an offence.
- “That you, Godwin Ifeanyi Emefiele, on or about October 7, 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of N124,860,227,865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, causing injury to the public, thereby committing an offence.”
It will be recalled that on June 9, 2023, President Bola Tinubu suspended Emefiele from his position as head of the Central Bank of Nigeria (CBN).
Emefiele was subsequently arrested at his Lagos residence by DSS operatives and later transferred to the custody of the EFCC. On November 28, 2023, he was arraigned on a six-count charge related to alleged procurement fraud.
Although Emefiele initially spent 151 days in the custody of security agencies, he was eventually granted bail set at N300 million. He was required to produce two sureties, who had to be residents of Abuja with landed property in the Maitama District. Emefiele was unable to meet these conditions until December 23, 2023, resulting in his release from Kuje prison after approximately 34 days.
Since then, the defendant has faced various charges in both Abuja and Lagos.
