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EFCC Set to Arraign Former CBN Governor Emefiele Over Controversial Printing of N684.5 Million Notes

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The Economic and Financial Crimes Commission (EFCC) is preparing to arraign former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the approval of printing N684.5 million notes at the cost of N18.96 billion.

In a new 4-count charge, the EFCC alleges that Emefiele disregarded the law with the intention to harm the public while implementing the naira swap policy of the former President Muhammadu Buhari administration.

The anti-graft agency also accuses Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

READ ALSO: Witness Narrates Alleged Contract Awards to Emefiele’s Wife and In-Law

Numerous CBN Approvals Under Emefiele Without Buhari’s Signature – Presidency

Reports monitored by OvertNews indicate that Emefiele will face these charges before Justice Maryann Anenih of the FCT High Court, Abuja, on April 30.

This will mark the third set of charges against the former CBN governor, following his arraignment on Nov. 17, 2023, before Justice Hamza Muazu, on a 6-count charge of procurement fraud, to which he pleaded not guilty.

In addition to the previous allegations, Emefiele faces accusations of office abuse for approving a contract worth N1.2 billion for the acquisition of 43 vehicles between 2018 and 2020.

Furthermore, on April 8, 2024, Emefiele was arraigned alongside Henry Omoile before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, for an alleged $4.5 billion and N2.8 billion fraud. He has also pleaded not guilty to this charge.

The new charge, dated April 2, 2024, was filed by EFCC prosecutor, Senior Advocate of Nigeria, Rotimi Oyedepo, along with 8 other lawyers representing the Attorney General of the Federation.

Counts one to four of the charge, read: “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

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