Former Central Bank Governor Godwin Emefiele was arraigned before Justice MaryAnn Anenih of the Federal Capital Territory High Court on Wednesday, facing four counts of financial impropriety.
The charges stemmed from his alleged approval of printing N684.5 million notes amounting to N18.96 billion.
Emefiele, maintaining his innocence, pleaded not guilty to all charges. His counsel, Mahmud Magaji, moved an application for bail, requesting self-recognition and the same conditions previously granted by Justice Hamza Muazu in a related case.
Granting bail at N300 million with two sureties, Justice Anenih stipulated that the sureties must be Nigerian residents and property owners in the Maitama district. They must also submit an affidavit of means.
Emefiele was instructed to surrender his travel documents, refrain from international travel without court permission, and remanded at Kuje Correctional Center until bail conditions were met.
The EFCC accused Emefiele of disobeying the law’s direction, particularly during the naira swap policy implementation under former President Muhammadu Buhari’s administration. Furthermore, he was charged with unlawfully authorizing the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
This arraignment marks the third charge against Emefiele, following previous counts of procurement fraud and alleged financial mismanagement.
In November 2023, he faced charges for procurement fraud, including the approval of a N1.2 billion contract for vehicle acquisition. Subsequently, in April 2024, the EFCC arraigned Emefiele alongside Henry Omoile for a $4.5 billion and N2.8 billion fraud before Justice Rahman Oshodi of the Special Offenses Court in Lagos. Emefiele pleaded not guilty to all charges.
Rotimi Oyedepo (SAN), supported by eight attorneys representing the Attorney General of the Federation, filed the latest charges on April 2, 2024, as part of the ongoing legal battle against the former CBN governor. The case is adjourned until May 28th and 29th for trial commencement.
Counts one to four of the charge, reads, “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.
“PARTICULARS OF THE 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 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.”
COUNT 2: “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.
COUNT 3: “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.”
COUNT 4: “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.”