Court grants Emefiele bail 151 days after arrest as CBN affirms old, new Naira notes remain legal tender 

The Central Bank of Nigeria (CBN) Wednesday declared that all bank notes it has issued so far remain legal tender.

This is coming against reports of scarcity  of cash in some major cities despite assurances of sufficient cash stocks in all locations across the country.

Clarifying this in a statement, CBN Director Corporate Communications Isa AbdulMumin said: “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.

“There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.

“Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment.

“Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals. We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.

“Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment.”

 Court grants Emefiele bail

Meanwhile, about five months after he was arrested and detained by the Department of State Services(DSS)  in Lagos, Justice Olukayode  Adeniyi of the Federal Capital Territory High Court Wednesday admitted the immediate past CBN governor,  Godwin Emefiele to bail.

The court ordered that he should be released to his counsel and must be produced in court when needed.

Emefiele was arrested June 10, a day after being suspended from office over undisclosed corruption charges.

In all, he had spent 151 days in the custody of both the DSS and the Economic and Financial Crimes Commission (EFCC) from where he was brought to court. .

He is facing investigations over corruption allegations leveled against him.

EFCC, it will be recalled, took over his case from the SSS after being arrested.

Legal firepower as court rules

Prior to the court order, counsels in the matter had argued for and against his release.

For instance, Oyin Koleoso, counsel representing the federal government and the office of the attorney-general of the federation (OAGF), opposed the bail application.

Koleoso told the court that the applicant is scheduled to be arraigned on November 15, in respect of a pending charge filed by the AGF office.

He prayed the court to “decline the application for bail to avoid a situation where the scheduled arrangement may be interfered with”.

“It will pose further problems for the prosecution to get the applicant for his arraignment,” Koleoso said.

“By the time he is arraigned next week, he can now make a proper application for bail which will be considered on its merit.

“In view of the processes filed, we urge the court to decline the application for bail,” the counsel also submitted.

In another submission, counsel to the EFCC, Farouk Abdullah, also asked the court to refuse the application.

“On behalf of the third and fourth respondents, I state that the applicant only came into the custody of the 4th respondent on October 26 and he has been in the custody of the respondents pursuant to a detention order made by the court.

“These facts are contained in the notice of preliminary objection filed in this court,  therefore, the fourth respondent is not acting arbitrarily but within the confines of legality.

“The court that made the order gave a return date of November 10, 2023.

“Respectfully, we pray your lordship to decline bail and reiterate your learned brother’s directive that the applicant be brought to court on November 15 as two conflicting directives may be difficult,” Abdullah argued.

But Emefiele’s counsel, Matthew Burkaa, SAN, said his client has been incarcerated by agents of the federal government for 151 days.

He submitted that the bail application is a fundamental right enforcement suit different from the cases mentioned by the respondents’ counsel.

Burkaa said his client cannot interfere with the investigation in the criminal suit since the probe has been completed and a charge has been filed since August.

He also stated that section 298(1)(2) of the administration of criminal justice act (ACJA) allows the judge to make another order even where there is a valid remand order.

Burkaa further stated that the order for bail would not affect Emefiele’s presence in court for arraignment despite the failure of the prosecution to serve his client with the charge.

He said there is nothing before the court to show that his client is a flight risk.

The silk also told the court that the former CBN boss was investigated by a team of inter-ministerial Investigators from EFCC, Police and the DSS jointly constituted the federal government.

Delivering a ruling on the bail application filed by the former CBN governor, the presiding judge, Justice  Adeniyi,  ordered the federal government to release Emefiele to his lawyers.

The court also ordered the lawyers to ensure that Emefiele is produced for arraignment whenever he is needed and that his international passport should be deposited before the court.

The  judge said he cannot overlook the fact that Emefiele had been in custody for 151 days without trial.

He said the remand order issued by the magistrate court cannot preclude him from making an order granting bail to the applicant.

Consequently, he ordered that the former CBN governor be released. (Additional reports from TheCable)