EFCC: How Ex-CBN Governor Emefiele Printed N684.5 Million in Notes with N18.9 Billion

The Economic and Financial Crimes Commission (EFCC) has leveled serious accusations against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), alleging that he authorized the printing of N684,590,000 worth of new currency notes at a cost of N18.96 billion, in violation of federal regulations. These charges are part of a broader investigation into the controversial naira redesign policy during Emefiele’s tenure.

In a four-count charge filed with the High Court of the Federal Capital Territory, the EFCC claims that Emefiele knowingly broke the law, causing injury to the public with his actions. The charges allege that he bypassed legal procedures and ignored the Central Bank Act and the Constitution during the implementation of the naira swap policy.

The first count accuses Emefiele of approving the printing of 375,520,000 pieces of new N1,000 notes at a cost of N11.05 billion without the approval of the CBN Board or the Federal Republic of Nigeria’s President. Similarly, the second count alleges that he approved the printing of 172,000,000 pieces of new N500 notes, costing N4.47 billion, without the proper authorization.

The third count claims that Emefiele approved the printing of 137,070,000 pieces of new N200 notes, costing N3.44 billion, again without the required approval. Finally, the fourth count accuses him of unlawfully authorizing the withdrawal of N124.86 billion from the Consolidated Revenue Fund of the Federation, violating the rules set by the National Assembly.

The EFCC intends to bring Emefiele to trial at the FCT High Court in Abuja on April 30, 2024, barring any unforeseen delays. If convicted, he could face significant penalties for his actions during his tenure as CBN governor.

The naira redesign policy, which was initially approved by former President Muhammadu Buhari, has faced intense public scrutiny, with accusations of corruption and mismanagement.