Emefiele Printed N684.5m With N18.9bn, EFCC Says In Fresh Charges 

There appears to be more troubles for the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with the Economic and Financial Crimes Commission (EFCC) heaping fresh charges on him bordering financial crimes.

EFCC accused Emefiele of printing of N684.5 million notes at the cost of N18.96 billion.

The EFCC, in the fresh charges filed at the High Court of the Federal Capital Territory (FCT), emphasised that the ousted CBN governor violated the law with intent to harm the public while implementing the Naira swap policy under former President Muhammadu Buhari.

Emefiele is also being accused of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund (CRF) of the Federation.

EFCC’s chief prosecutor, Rotimi Oyedepo, SAN, in the document dated April 2, 2024, marked Suit No: CR/264/2024, disclosed that the former CBN governor will be arraigned before Justice Hamza Muazu of the FCT high Court.

In the fresh four-count charge, Emefiele will be defending himself on accusations bordering on disobedience to the law to punish Nigerians, illegal printing of money, abuse of office, among others.

Emefiele’s legal travails started on November 18, 2023, when the EFCC arraigned him before the court on a six-count charge revolving around procurement fraud.

He 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.

The EFCC also arraigned the former CBN chief alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Monday, April 8, 2024, over alleged involvement in $4.5bn and N2.8bn fraud.

Counts one to four of the charge, read, “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.

“PARTICULARS OF THE 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 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.

“COUNT 2: 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.

“COUNT 3: 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.

“COUNT 4: 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.”