Former Governor of the Central Bank of Nigeria, Godwin Emefiele, has been granted bail in the sum of N300 million following his arraignment on a four-count charge of printing new naira notes without observing due process.

Emefiele pleaded not guilty to the charges brought against him by the Economic and Financial Crimes Commission before Justice Maryanne Anenih of the High Court of the Federal Capital Territory in Maitama.

According to reports by Eric Ikhilae from Abuja, the conditions of the bail require Emefiele to produce two sureties, each possessing titled property within the Maitama area of the Federal Capital Territory.

Justice Anenih also ordered Emefiele to deposit his travel documents with the court and prohibited him from traveling outside the country without the court’s permission.

The judge adopted the conditions of bail earlier granted to Emefiele by another judge, Justice Hamza Muazu, under whom he is facing another criminal case.

Emefiele’s lawyer, Mahmud Magaji, argued for bail, stating that his client would always be present in court to face trial. Following the application, Justice Anenih granted bail to Emefiele and set the bail amount at N300 million.

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

In the charges filed against Emefiele, the EFCC alleged that he disobeyed the 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.

Additionally, Emefiele was accused of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

This latest arraignment brings the total number of charges against Emefiele to three. He has previously been arraigned for procurement fraud and an alleged $4.5 billion and N2.8 billion fraud.

The new charge against Emefiele was filed by EFCC prosecutor Rotimi Oyedepo alongside eight other lawyers acting on behalf of the Attorney General of the Federation.