Emefiele granted N300M bail over unauthorized naira printing

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The Maitama High Court in the Federal Capital Territory (FCT) has sanctioned a bail of N300 million for Godwin Emefiele, the ex-governor of the Central Bank of Nigeria (CBN).

This follows his indictment on charges associated with the illicit production of new naira notes.

Justice Maryann Anenih, who approved the bail on Wednesday, also set additional prerequisites for Emefiele’s liberation.

Emefiele is confronted with a quadruple charge lodged by the Economic and Financial Crimes Commission (EFCC). He is alleged to have sanctioned the production of Naira notes amounting to N124.86 billion without obtaining the required consent from the National Assembly.

This fresh indictment trails Emefiele’s previous arraignment in April by the EFCC at the Lagos High Court on a 26-count charge of office misuse, to which he declared his innocence.

The bail stipulations require Emefiele to present two guarantors, each owning a titled property in the Maitama district of Abuja.

Furthermore, he is mandated to surrender his travel documents to the court and is barred from leaving the country without the court’s prior approval.

Justice Anenih adopted the conditions from a similar bail previously granted to Emefiele by Justice Hamza Muazu of another FCT High Court, where Emefiele is facing a separate criminal case.

The judge clarified that certified true copies (CTCs) of the documents submitted for the earlier bail granted by Justice Muazu would be acceptable.

The court has postponed the initiation of the trial to May 28.

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