Embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was granted another N300 million bail on charges related to the unlawful printing of naira notes. Emefiele pleaded not guilty to the charges before the Federal Capital Territory (FCT) High Court in Maitama, Abuja, on Wednesday.

The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele before Justice Maryanne Anenih in a case marked CR/264/2024. According to the charge sheet, Emefiele is accused of violating Section 19 of the CBN Act 2007 by approving the printing of 375.52 million pieces of color-swapped N1,000 notes at a cost of N11.052 billion without the recommendation of the CBN Board and the President’s approval.

When the charges were read, Emefiele denied all allegations. His lawyer, Mahmud Magaji (SAN), requested bail on self-recognizance, noting that the allegations are bailable and that Emefiele has consistently attended court proceedings in various cases initiated by the Federal Government.

EFCC lawyer, Rotimi Oyedepo (SAN), did not oppose the bail application but requested that Emefiele remove certain offensive claims from his bail application. Oyedepo also urged the court to impose conditions ensuring Emefiele’s attendance at future court proceedings.

Justice Anenih emphasized that bail is a matter of personal liberty, provided the defendant will stand trial. She granted Emefiele bail in the sum of N300 million, requiring two sureties who must own properties within the Maitama District of Abuja. Additionally, Emefiele must submit his international passport and is prohibited from traveling outside the country.

The judge stated that the certified true copies (CTC) of the previous bail terms Emefiele complied with would suffice for this ruling. This means Emefiele can present the CTC of the previous bail terms to secure his release.

The court adjourned the case to May 28 and 29, 2024.