In an unexpected development, the Economic and Financial Crimes Commission (EFCC) has filed a new allegation against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, alleging his involvement in the illicit printing of Naira notes during his tenure.
The EFCC’s four-count accusation, filed in the High Court of the Federal Capital Territory in Abuja, accuses Emefiele of illegally allowing the printing of Naira notes worth billions of naira without necessary license.
According to the agency, Emefiele violated critical protocols, including the consent of former President Muhammadu Buhari and the CBN board.
The charges specifically relate to Emefiele’s conduct between October 19, 2022, and March 5, 2023, when he allegedly approved the printing of multiple denominations of Naira notes, costing billions of naira, without proper process.
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.
“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.”
This fresh legal entanglement adds to Emefiele’s already difficult situation, as he faces various charges in both Abuja and Lagos. Notably, he was suspended from his job as CBN Governor by President Bola Tinubu in June 2023 and later detained by the Department of State Services (DSS) at his Lagos home.
Following his arrest, Emefiele was handed over to the EFCC, which charged him with six counts of procurement fraud.
Despite being granted bail, Emefiele struggled to follow the restrictions and spent a large amount of time in detention before being released.
As Emefiele prepares to plead before trial Justice Maryann Anenih, the nation awaits the outcome of this new legal issue, which casts a pall over one of Nigeria’s most prominent financial personalities.
Stay tuned for more developments on this developing story.