Court grants N300 million bail to Emefiele and orders CBN to update CSO on e-Naira

Justice Hamza Muazu of the Federal Capital Territory (FCT) High Court yesterday awarded former Central Bank of Nigeria (CBN) Governor Godwin Emefiele compensation of N300 million with two sureties of the same amount.

Besides the banker depositing the travel documents, the two guarantors, who are land owners in Maitama, Abuja, must deposit the certificate of occupancy.

However, the judge ordered Emefiele to be remanded to Kuje Correctional Center until bail conditions are met.

As a result, he set a November 28 start date for the full trial.
At its last meeting on Friday, the former CBN boss pleaded not guilty to six amended N1.2 billion procurement charges brought by the Economic and Financial Crimes Commission (EFCC).

The Federal High Court in Abuja also ordered the apex bank to provide the Human and Environmental Development Agenda (HEDA Resource Center) with relevant information regarding the selection of BIT as the technology partner for the e-Naira scheme. .

Justice ZB Abubakar made this order while ruling on the complaint in suit number FHC/ABJ/CS/1542/2021 between the Corporate Trustee of HEDA Resource Center and the CBN, regarding the notification dated February 22, 2022. was lowered.

The motion sought a writ of injunction compelling defendants to provide the information outlined in applicant’s request dated September 1, 2021.

Details sought by civil society organizations (CSOs) included evidence of newspaper advertisements seeking bidders, a list of bidders, and public disclosure of bids.

In response, the CBN cited Article 15(2) of the Public Procurement Law and argued that newspaper advertisements were not required for the bidding process.

It asserted that divulging the requested information would be detrimental to Nigeria’s international situation, economic interests and security, especially those countries seeking to consult with the highest leadership on the implementation of the e-currency policy.

In its judgment, the court emphasized that the CBN is a public authority or authority as defined in section 31 of the FoI Act 2011, and that the defendant is entitled to added that it has the following obligations: Please provide details within 7 days.


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