The Economic and Financial Crime Commission (EFCC) has uncovered a massive fraud involving former CBN Governor Godwin Emefiele, who allegedly spent N18 billion to print just N1 billion in banknotes, raising serious concerns about financial misconduct at the highest levels.
According to a report by PREMIUM TIMES, a fresh investigation by the commission has revealed how former CBN Governor Godwin Emefiele allegedly orchestrated the printing of one billion N100 notes and the production of 5,000 acrylic blocks.
Findings showed that contrary to Section 19(1)(b) of the CBN Act, 2007, which stipulates that the currency notes and coins issued by the CBN shall be of such forms and design and bear such devices as shall be approved by the President on the recommendation of the Board of the Bank, Mr Emefiele obtained the approval of the former President before presenting it before the Board for ratification.
The contract for the award of the printing of one billion pieces of N100 banknotes and production of 5000 pieces of acrylic blocks was awarded in the sum of $121, 660,000.00 (N18,911,524,842.62 at the time).
The contract for printing one billion N100 notes was allegedly prearranged in favor of Swedish company Crane Currency, which has provided banknote printing services to the CBN.
Awarded on September 17, 2014, the contract was valued at $121.66 million, with an advance payment of $72.99 million—60% of the total—made through Crane Currency’s Nigerian subsidiary, bypassing the standard practice of using a letter of credit.
However, only $39.85 million of the advance payment was transferred to Crane Currency, while the remaining $32.72 million was withheld and converted to Naira at N162 per dollar, raising serious questions about financial impropriety.
When contacted, the spokesperson to the EFCC, Dele Oyewale, confirmed that his agency was investigating the matter but declined to provide further details. “There is nothing I can tell you at this point because our people are still working on the matter,” he said.
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