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Wednesday, May 22, 2024

How Emefiele printed N684.5m with N18.9bn -EFCC

Embattled former governor of the Central Bank of Nigeria, Godwin Emefiele, has been charged with a new offense by the Economic and Financial Crimes Commission at the High Court of the Federal Capital Territory.

According to the charge, Emefiele approved the printing of N684,590,000 at the cost of N18.96 billion.

In a four-count sheet on Tuesday, the EFCC alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

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

“That you, GODWIN IFEANYI EMEFIELE, between the 19th day of October 2022 and March 5 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”, the charge partly reads.

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

He was also accused of abusing his office by approving a contract to acquire 43 vehicles totalling N1.2 billion from 2018 to 2020.

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

On June 9, 2023, Emefiele was suspended by President Bola Ahmed Tinubu.

Since then, the government has investigated the management of the CBN during his tenure.

Bridget Benson
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