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EFCC arraigns Emefiele for high cost of printing Naira notes



Former Governor of the Central Bank of Nigeria, Godwin Emefiele on Thursday denied any wrongdoing when arraigned by the Economic and Financial Crimes Commission (EFCC), before the High Court of the Federal Capital Territory over alleged approval of the printing of a sum of N684.5 million currency notes at the cost of N18.96 billion.

Emefiele, who was arraigned before Justice Maryann Anenih, pleaded not guilty to the charge slammed against him by the anti-graft agency.

In the four-count charge, the EFCC accused Emefiele of disobeying the law with intent to cause injury to the public when the CBN under him implemented the Naira swap policy of the administration of former President Muhammadu Buhari. Emefiele is also accused of unlawfully approving the withdrawal of a sum of N124.8 billion from the Consolidated Revenue Fund.

After listening to the prayers of the defense counsel seeking bail for his client Justice Anenih admitted the ex CBN Governor to a bail on the same terms as granted by Justice Hamza Muazu of a sister court. The terms include a sum of N300 million with two sureties in like sum.

There is, however, a slight modification which is that Emefiele must remain within the FCT during the cause of his trial and that he must get the permission of the Court to travel out of its jurisdiction.

The court subsequently adjourned to May 28th and 29th, 2024 for the commencement of trial.

The arraignment brings to three the total number of lawsuits against the former CBN Governor. On November 17, 2023 he was arraigned before Justice Hamza Muazu of the FCT High Court on a six-count of procurement fraud, to which he pleaded not guilty.

Emefiele is also on trial before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos on a twenty six-count charge bordering on abuse of office, accepting gratification, and gifts through agents, corruption and fraudulent property receipt. The suit was also initiated by the EFCC.

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