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Naira Note Printing: Emefiele Pleads Not Guilty Of N18.96bn, Granted N300m Bail

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Information reaching the OsunReporters News confirmed that the Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned embattled former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele for approving the printing of N684.5m at the rate of N18.96bn.

According to reports, Emefiele pleaded not guilty to the four count charge when he was arraigned on these counts before Justice Maryann Anenih of the FCT High Court, Abuja.

,,,,,,”””””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.

____””””””The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

,,,,,,,,,The fresh arraignment brought to three the number of charges pending against the former CBN Governor.

Ruling in the bail application, Justice Anenih, held that “a defendant is entitled to bail and presumed innocent until proven otherwise”.

She also said there is “cogent and compelling reason to grant the bail application.”

Justice Anenih, on this note granted Emefiele bail with similar conditions as previously granted by Justice Hamza Muazu.

She granted him bail to the sum of N300m and two sureties.

She held that the sureties must be responsible citizens and own property worth the bail sum within the FCT.

She added that the property documents must be verified and deposited with the court registry pending the determination of the matter.

While adopting the bail ruling of Justice Muazu, Justice Anenih held that the two sureties must deposit two recent passport photos alongside their National Identity cards or international passports.

She also held that the defendant is prohibited from travelling outside the country without the permission of the court.

She subsequently adjourned till May 28 for the commencement of trial.

Recall that Justice Muazu had granted Emefiele bail in the sum of N300 million with two sureties in like sum.

Today’s arraignment on the fresh charges brought before Emefiele was previously scheduled to be held on April 30.

The arraignment was, however, stalled due to the absence of the prosecution who had asked the court to fix another date for the arraignment as the previous date was no longer convenient.


Following his request, the matter was fixed for today, Wednesday, May 15.

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