Former CBN Governor Emefiele on Trial for Alleged Cash Hoarding by Banks

The former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is facing trial in a Federal High Court in Abuja on charges related to the scarcity of redesigned Naira notes. The prosecution alleges that commercial banks hoarded cash, contributing to the scarcity.

During the trial, the EFCC revealed that the anti-graft agency discovered significant cash hoarding by commercial banks during the implementation of the Naira redesign policy. Emefiele faces four counts of charges in connection with the alleged cash hoarding.

The defense counsel sought clarification on EFCC's actions against bank officials involved in the hoarding, but objections were raised on the relevance of the line of questioning. The presiding judge, Justice Maryann Anenih, directed responses to the questions posed during the trial.

The matter was adjourned for further proceedings. Emefiele's involvement in the controversial Naira redesign exercise continues to be contested, with ongoing legal challenges against the EFCC's charges.