How Emefiele printed N684.5m with N18.9b — EFCC

The Economic and Financial Crimes Commission (EFCC) is set to arraign Mr Godwin Emefiele, former governor of the Central Bank of Nigeria for allegedly printing N684.5 million worth of notes with N18.96 billion.

In the fresh four-count charge lodged against him on Tuesday, 23rd April 2024, the anti-graft agency alleges that Mr Emefiele violated the law with the intent to cause harm to the public during his execution of the naira swap policy under the administration of ex-President Muhammadu Buhari

The commission also accused Emefiele of illegally approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

He will be arraigned before Justice Maryann Anenih on April 30 on the new four-count charge.

Recall that Emefiele was arraigned before another judge of the court on November 18, 2023, on six counts of procurement fraud.

The embattled bank chief 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, the EFCC arraigned the former bank chief alongside Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5billionn and N2.8billion fraud.

The new charge, dated April 2 and marked CR/264/2024 was filed by criminal law expert Rotimi Oyedepo (SAN).

Counts one to four of the charge reads, “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.

“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.”

“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 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.

“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 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.”

“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.”