Nigeria’s Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned a former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele for approving the printing of N684.5m notes at the rate of N18.96bn.

Emefiele was arraigned before Justice MaryAnn Anenih of the Federal Capital Territory High court on four counts.

He pleaded not guilty to the four counts when it was read to him.

Moving his application for bail, his counsel, Mahmud Magaji, asked the court to grant him bail on self recognition and on the same grounds and conditions of bail already granted him by a sister court led by Justice Hamza Muazu.

He added that Emefiele would always be present in court to face trial.

Justice Anenih subsequently granted him bail in the sum of 300 million Naira, with two sureties in like sum, who must be residents of Nigeria and owners of properties in Maitama district.

The sureties must post an affidavit of means.

Emefiele must also deposit his travel documents before the court. He must also not travel outside the country without the permission of the court.

Justice Anenih added that he should be remanded at kuje correctional center pending when he fulfills his bail conditions.

The case has being adjourned to 28th and 29th of May, for commencement of trial.

In the four counts filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

Wednesday’s arraignment brought to three the number of charges pending against the former CBN governor.

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