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Godwin Emefiele, the embattled former Governor of the Central Bank of Nigeria (CBN), has been granted bail of N300 million in his third corruption trial.

The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele on Wednesday, accusing him of unlawfully printing N684 million worth of notes and approving withdrawals totaling N124.8 billion from the consolidated revenue fund without proper authorization.


Emefiele, already facing two other criminal charges, pleaded not guilty to the four-count charge presented before Justice Maryann Anenih of the High Court of the Federal Capital Territory (FCT).

The EFCC alleged that Emefiele printed the Naira notes without approval from former President Muhammadu Buhari or the CBN board, actions said to have caused public injury.

Prosecutor Rotimi Oyedepo, SAN, requested a date for the commencement of the trial, while Emefiele’s defense, led by Mahmud Magaji, SAN, sought bail on the grounds of self-recognition or under conditions previously set by Justice Hamza Muazu in a related case.


Magaji assured the court of Emefiele’s compliance with trial proceedings, noting that the charges were bailable.

Justice Anenih granted Emefiele bail with conditions: N300 million and two sureties residing in Nigeria who own property within the Maitama district of Abuja.

Additionally, the sureties must submit an affidavit of means, and Emefiele must surrender his international passport and refrain from traveling abroad without court permission.

Until the bail conditions are met, Emefiele will be held in Kuje prison.

The trial is set to commence on May 28 and 29.

The charges against Emefiele include unauthorized printing of Naira notes and the illegal withdrawal of funds from the consolidated revenue fund, violating both the CBN Act and the Nigerian Constitution.

President Bola Tinubu suspended Emefiele on June 9, 2023, following which he was arrested by the Department of State Services (DSS) at his Lagos residence and subsequently transferred to EFCC custody.

The EFCC initially charged him with procurement fraud on November 28, 2023.

Despite spending 151 days in custody, Emefiele was released on bail from Kuje prison on December 23, 2023, after struggling to meet the bail conditions.

Since his release, Emefiele has faced multiple charges in both Abuja and Lagos, highlighting his ongoing legal battles.

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