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BREAKING: Emefiele Granted Bail in Unlawful Naira Swap Case

Emefiele Arraigned in Court, Pleads Not Guilty

On Wednesday, the Federal Capital Territory High Court in Maitama granted bail to former Central Bank Governor Godwin Emefiele in the sum of N300 million.

Justice Maryann Anenih ruled in favor of Emefiele’s bail application, which was filed in response to a four-count amended charge brought by the Economic and Financial Crimes Commission (EFCC).

The charges allege disobedience to the direction of the law and unlawful actions related to the naira color swap.

Anenih further ordered Emefiele to provide two sureties, each with property in the Maitama district of Abuja, valued at the same amount.

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The sureties must present title documents, and certificates of occupancy to the court for verification, and must submit recent passport photographs to the registrar of the court.

READ ALSO: Cardoso to Retire Emefiele’s Directors

The Judge also imposed conditions on Emefiele, requiring him to submit his traveling documents to the registrar and remain within Abuja throughout the trial period.

She ordered a certified true copy of the bail conditions granted by Justice Hamza Muazu, who had previously granted bail to Emefiele under similar conditions.

In her ruling, Anenih stressed that bail is at the discretion of the court, based on the circumstances presented.

According to her, the offense, which carries a five-year imprisonment sentence, did not warrant denying Emefiele bail, as there was no evidence to suggest he would abscond, jeopardize the investigation, or pose a threat to national security.

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