Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), has been granted bail by a federal capital territory high court in the amount of N300 million.

Emefiele was charged with four counts by the Economic and Financial Crimes Commission (EFCC) and appeared before presiding judge MaryAnn Anenih on Tuesday.

Following the reading of the four counts against him, Emefiele entered a not guilty plea. Mahmud Magaji, Emefiele’s attorney, moved to request bail.

He urged the court to release his client on self-recognition, with the same terms and circumstances as those set down in the previous bail order from a coordinate court chaired by Hamza Muazu.

He added that the defendant will always be in court to face trial.

In her ruling, Anenih granted the former CBN governor bail in the sum of N300 million, with two sureties in like sum.

The court said the sureties must be residents of Nigeria and owners of properties within the Maitama district of Abuja, and that they must possess an affidavit of means.

Emefiele has also been asked to deposit his travel documents before the court. He is not permitted to leave the country without the permission of the court.

Anenih added that Emefiele should be remanded at Kuje Correctional Centre pending the fulfilment of his bail conditions.

The case has been adjourned to May 28 and 29 for commencement of trial.

The anti-graft agency is accusing Emefiele of “illegal” printing of naira notes in its fresh charge.

In the charge sheet seen by TheCable, EFCC alleges that Emefiele “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from former President Muhammadu Buhari and the CBN board.

Emefiele is alleged to have approved the printing of N684.5 million notes at the rate of N18.96 billion.

In response to the charge that he authorised the printing of N684.5 million at the rate of N18.96 billion, Godwin Emefiele, the troubled former governor of the Central Bank of Nigeria, has entered a not guilty plea.

Emefiele made these remarks on Wednesday during his arraignment by the Economic and Financial Crimes Commission, in front of Judge Maryann Anenih of the FCT High Court in Abuja, on a four-count charge.

The EFCC accused Emefiele of violating the law with the intention of harming the public when he carried out the former President Muhammadu Buhari’s naira swap policy, according to the four-count allegation brought against him.

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

More to come…

The House of Representatives committee on financial crimes claims that Binance’s bribery claim is a ploy to deflect criticism away from the purported crimes committed against them in Nigeria.

The largest cryptocurrency company claimed on Tuesday that certain unidentified individuals in Nigeria have requested large payments in digital currency in order to “make their problems in the country go away.”

Background

The house committee on financial crimes has been investigating Binance for multiple crimes, including alleged money laundering, illegal operations, financial terrorism, and tax evasion.

On February 28, the federal government detained two top executives of Binance, as part of a probe into illegal operations in the country and forex manipulations.

The detained executives included Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance.

Anjarwalla escaped from custody in March but was reportedly rearrested in Kenya in April.

On March 5, the Nigerian government filed a criminal charge against Binance for “tax evasion”, the same period Anjarwalla escaped detention.

Last Wednesday, the house of representatives denied demanding bribe from Binance, saying “nothing like that has ever happened”.

‘Binance Blackmailing Lawmakers’

Addressing a press conference on Tuesday, Ginger Onwusibe, chair of the committee, said the bribery allegation by Binance is a red herring.

“The sophisticated criminality of Binance is clearly demonstrated by its actions in organising and carrying out the escape from the lawful custody of the office of the national security adviser (ONSA) and the Economic and Financial Crimes Commission (EFCC) on the 23rd day of March 2024, of its employee, Mr Nadeem Anjarwalla, using forged Kenyan passport while his genuine British passport is still in the custody of the authorities,” Onwusibe said.

“It is important to emphasize that Nigerian security and regulatory agencies such as the ONSA, EFCC, NFIU, SEC, and  CBN were already investigating the alleged criminal activities of Binance independent of the petitions before the committee.

“Clearly, the criminal activities of Binance in Nigeria had gained notoriety. Indeed, the criminal activities of Binance is not just a Nigerian issue but a global problem.

“The committee will continue with its functions and assignments undeterred.

“We recognise that the blackmail by Binance is merely an attempt to distract and draw attention away from the serious allegations of criminality against it which is now compounded by its role in the security breach of the sovereign Nigerian state.”

The committee said it will continue its work with “integrity, transparency and competence” and will not be “diminished or deflated by the shenanigans of Binance and other enemies of Nigeria”.

Credit: The Cable