Emefiele Arraigned for Printing Naira Notes without Approval, Pleads not Guilty

Former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has been arraigned on a fresh four-count charge by the Economic and Financial Crimes Commission (EFCC). The charges were brought before Maryann Anenih, judge of a federal capital territory (FCT) high court, where Emefiele pleaded not guilty to all counts.

The EFCC alleges that Emefiele engaged in “illegal” printing of naira notes without the necessary approvals. Specifically, they accuse him of disobeying the direction of law and causing injury to the public by approving the printing of Naira notes without the strict approval of former President Muhammadu Buhari and the CBN board.

The charges also include accusations of unauthorized withdrawals from the consolidated revenue fund, totaling N124.8 billion, conducted in a manner not prescribed by the national assembly.

In a statement from the charge sheet, one of the counts reads: “That you GODWIN IFEANYI EMEFIELE… knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of color-swapped N1,000 notes, 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.”

The charges also reference similar alleged offenses concerning the printing of N500 and N200 notes, as well as the unauthorized withdrawal from the consolidated revenue fund.

Emefiele’s legal team is expected to vigorously contest the charges, emphasizing his innocence in the matter.

The allegations against Emefiele stem from a broader controversy surrounding the redesign of Nigeria’s highest currency denominations. Announced on October 26, 2022, Emefiele’s plan aimed to control money supply and assist security agencies in curbing illicit financial flows.

However, the policy faced backlash, with violent protests erupting across the country due to the scarcity of old naira notes. Critics argued that the redesign was politically motivated.

The Supreme Court later nullified the CBN’s deadline for the old notes and ruled that both old and new notes could be used as legal tender indefinitely.