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“Emefiele printed N684.5m with N18.9bn” – EFCC Files Fresh Charges

Emefiele printed N684.5m with N18.9bn" - EFCC Files Charges
The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele

In a recent development, the Economic and Financial Crimes Commission (EFCC) has initiated a new legal action against the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The EFCC, through its top prosecutor, Rotimi Oyedepo, SAN, has filed fresh charges against Emefiele at the High Court of the Federal Capital Territory.

The charges levelled against Emefiele by the EFCC include allegations related to the approval of the printing of a significant sum of money and the unlawful withdrawal of funds from the Consolidated Revenue Fund of the Federation. According to the charge sheets obtained by PUNCH Online, Emefiele is accused of approving the printing of N684,590,000 at the rate of N18.96 billion. These actions were purportedly carried out during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The document, dated April 2, 2024, and marked Suit No: CR/264/2024, outlines a four-count charge against Emefiele, including accusations of disobeying the law with intent to harm the public, illegal printing of money, abuse of office, and other related offenses. The charges specifically cite Emefiele’s alleged contravention of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of various denominations of currency without the requisite recommendations and approvals.

The EFCC’s allegations against Emefiele highlight instances where he purportedly approved the printing of specific quantities of color-swapped Naira notes without proper authorization. These actions, according to the charges, were carried out between October 19, 2022, and March 5, 2023, in Abuja. Additionally, Emefiele is accused of unlawfully approving the withdrawal of a substantial sum from the Consolidated Revenue Fund of the Federation in contravention of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended).

This Article is Fact-Checked. See Policy.

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