EFCC Files Fresh Charges Against Emefiele, Exposes Massive Naira Printing Scam

Eko Hot Blog reports that the Economic and Financial Crimes Commission (EFCC) has filed a fresh charge against former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, at the High Court of the Federal Capital Territory.

The new charge accused Emefiele of approving the printing of N684,590,000 at a rate of N18.96 billion, among other allegations.

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According to the charge sheets sighted by PUNCH on Tuesday, Emefiele is accused of breaking the law with intent to harm the public during his implementation of the naira swap policy under former President Muhammadu Buhari’s administration.

File Image of EFCC Chairman Olukoyede

The EFCC stated that Emefiele unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The document, dated April 2, 2024, and marked Suit No: CR/264/2024, was filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN.

It revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu, bordering on disobeying the law to punish Nigerians, illegal printing of money, abuse of office, and other offenses.

The charges read:

Count One: “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 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 color-swapped N1,000 notes, at a 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 offense.”

Count Two: “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 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 color-swapped N500 (Five Hundred Naira) notes, at a 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 offense.”

Count Three: “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 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 color-swapped N200 (Two Hundred Naira) notes, at a 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 offense.”

EFCC Operatives

Count Four: “That you, Godwin Ifeanyi Emefiele, on or about October 7, 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 offense.”

Further Reading 

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Recall that Emefiele was previously arraigned on November 18, 2023, on six counts of procurement fraud, and accused of abusing his office by approving a contract for the acquisition of 43 vehicles totaling N1.2 billion from 2018 to 2020.

On April 8, 2024, the EFCC arraigned Emefiele alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos, for an alleged $4.5 billion and N2.8 billion fraud.

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