The Economic and Financial Crimes Commission (EFCC) has brought forth a new accusation against former Central Bank of Nigeria Governor, Mr. Godwin Emefiele, alleging that he engaged in the unlawful printing of Naira notes during his tenure at the apex bank.
Presenting a four-count charge before the High Court of the Federal Capital Territory, FCT, Abuja, the anti-corruption agency also contends that Emefiele improperly sanctioned the withdrawal of approximately N124.8 billion from the consolidated revenue fund.
According to the EFCC, Emefiele, in contravention of the law and purportedly intending harm to the public, authorized the printing of Naira notes without the requisite approval from both the former President, Muhammadu Buhari, and the CBN board.
Emefiele, who already faces multiple charges in Abuja and Lagos, is anticipated to enter his plea before Justice Maryann Anenih.
Specifically, the charge against him, read: “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.
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“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 (Five Hundred Naira) 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 (Two Hundred Naira) 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.”
It will be recalled that Chief Bola Tinubu had on June 9, 2023, suspended Emefiele from office as the head of the apex bank.
The former head of the Central Bank of Nigeria was subsequently handed over to the custody of the Economic and Financial Crimes Commission (EFCC). On November 28, 2023, he was arraigned on a six-count charge related to alleged involvement in procurement fraud.
Initially held for 151 days by security agencies, Emefiele was later granted bail amounting to N300 million. The trial court emphasized that he must provide two sureties, both Abuja residents with property in the Maitama District. However, he couldn’t fulfill these conditions until December 23, 2023, when he was released from Kuje prison after spending approximately 34 days there.
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