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.

Correspondent Kunle Ojo reports that Moving the 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.

The Judge added that Emefiele must also deposit his travel documents before the court while he must also not travel outside the country without the permission of the court.

Justice Anenih stressed that the accused 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

On November 17, 2023, Emefiele was arraigned before Justice Hamza Muazu on a six-count charge of procurement fraud to which he pleaded not guilty.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On April 8, 2024, the EFCC also arraigned the former banker alongside one Henry Omoile before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

He also pleaded not guilty to the charge.

The new charge, dated April 2, 2024, was filed by the EFFC prosecutor Rotimi Oyedepo (SAN) alongside eight other lawyers acting on behalf of the Attorney General of the Federation.