Emfiele Granted N300M Bail over Naira Redesign Case

At the FCT High Court former Governor of the Central Bank of Nigeria, Godwin Emefiele has been granted bail worth N300 million on Wednesday after being charged with the unlawful redesign of the naira notes.

Emefiele allegedly approved printing N684.5 million at a rate of N18.96 billion and also authorized the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation without proper authorization.

The Economic and Financial Crimes Commission (EFCC) accused Emefiele of disobeying legal directions during the implementation of the naira swap policy under former President Muhammadu Buhari’s administration.

They claimed he proceeded with the naira redesign without the necessary approvals from the CBN Board and President Buhari.

Emefiele pleaded not guilty to the charges and was represented by (SAN). The court granted him bail similar to a previous ruling by Justice Hamza Muazu, requiring two sureties with property within the FCT valued at N300 million.

These sureties have to deposit their property documents, recent passport photos, and identity cards or passports with the court registry. Additionally, Emefiele was prohibited from leaving the country without court permission.

The trial was adjourned until May 28, with this being Emefiele’s third separate charge.