Fresh Charge Filed Against Emefiele by EFCC for Printing N684.5m with N18.9bn

Charges have been brought by the Economic and Financial Crimes Commission (EFCC) at the High Court of the Federal Capital Territory against Godwin Emefiele, the former governor of the Central Bank of Nigeria.

The accusation is that Emefiele authorized the printing of N684,590,000 with N18.96 billion.

In a four-count charge sheet disclosed on Tuesday, EFCC alleges that Emefiele violated the law with the intention to harm the public while implementing the naira swap policy under the administration of former President Muhammadu Buhari.

Furthermore, the anti-graft agency accuses Emefiele of illegally approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

According to the charge, “Between the 19th day of October 2022 and March 5, 2023 in Abuja, you, GODWIN IFEANYI EMEFIELE, 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 offense.”

Emefiele was previously arraigned before the court on November 18, 2023, on six counts of procurement.

He was also alleged to have misused his position by approving a contract for the acquisition of 43 vehicles totaling N1.2 billion from 2018 to 2020.

On Monday, April 8, 2024, Emefiele and Henry Omoile were arraigned by the EFCC before Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos, for an alleged $4.5 billion and N2.8 billion fraud.

President Bola Ahmed Tinubu suspended Emefiele on June 9, 2023.

Since then, the CBN’s management during his tenure has been under investigation by the government.