The embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele, on Wednesday, pleaded not guilty to the allegation of approving the printing of N684.5 million at the rate of N18.96 billion.
Emefiele, responding to the four-count charge that was read to him at his trial before Justice Maryann Anenih of the High Court of the Federal Capital Territory, FCT, pleaded his innocence to the allegation.
In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.
According to the EFCC, the defendant, acting in violation of law and “with intent to cause injury to the public,” approved the printing of naira notes without the approval of both former President Buhari and the board of the CBN.
The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Federation’s Consolidated Revenue Fund.
While the prosecution counsel, Rotimi Oyedepo, SAN, requested for a date for the commencement of full hearing in the matter, the defendant, through his team of lawyers led by Mahmud Magaji, prayed the court to allow him to go home on bail, pending the determination of the case against him.
Magaji, SAN, urged the court to either grant his client bail on self recognition, or to adopt previous conditions that were handed to him by Justice Hamza Muazu, who is presiding over another charge that is pending against him before the same high court.
Magaji assured that his client would always be available to attend his trial, noting that the charge contained bailable offences.
In her ruling, Justice Anenih noted that she was minded to accede to the defendant’s request for bail but consequently granted him bail to the tune of N300m, with two sureties in the like sum.
The court maintained that the sureties must not only be resident in Nigeria, but owners of landed properties within the Maitama district of Abuja.
Furthermore, the court stressed that the sureties must deposit an affidavit of means, even as it ordered the defendant to surrender his international passport.
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The court warned that the former CBN Governor must not travel out of the country without permission, adding that he should be remanded at Kuje prison, pending the perfection of all the bail conditions.
Subsequently, Justice Anenih adjourned the case to May 28 and 29 for the commencement of trial.
The charge against the former CBN Governor specifically read: “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.
“That you, Godwin Ifeanyi Emefiele, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 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, 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.”
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