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  • News - North Central - FCT
  • Updated: May 15, 2024

Corruption trial: Former CBN Governor Emefiele granted N300 million bail

Corruption trial: Former CBN Governor Emefiele granted N300

Justice Anenih has granted embattled former CBN Governor, Godwin Emefiele bail to the tune of N300 million with two sureties in the like sum.

The court insisted that the sureties must not only be Nigerian residents but also possess real properties in Abuja's Maitama neighbourhood.

Furthermore, the court emphasised that the sureties must provide an affidavit of means, even if it ordered the defendant to forfeit his international passport.

The court advised that the former CBN Governor should not leave the country without authorization. It determined that he should be imprisoned in Kuje jail pending the completion of all bail terms. The matter was then delayed for trial on May 28 and 29.

Specifically, the charge against the former CBN Governor reads: “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 of 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.”

On June 9, 2023, President Bola Tinubu suspended Emefiele from his position as President of the apex bank. DSS agents later detained him at his home in Lagos 

The former CBN chief was then taken to the EFCC's custody, where he was charged with six counts of procurement fraud on November 28, 2023.

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