Emefiele spent N18.9bn to print N684.5m notes, says EFCC – Newstrends
Connect with us

News

Emefiele spent N18.9bn to print N684.5m notes, says EFCC

Published

on

Former Central Bank of Nigeria (CBN’s) Governor, Mr. Godwin Emefiele

Emefiele spent N18.9bn to print N684.5m notes, says EFCC

The Economic and Financial Crimes Commission (EFCC) accused former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, of approving the printing of N684,590,000 at the rate of N18.96 billion.

Although approved by ex-President Muhammadu Buhari, the naira redesign policy of CBN under Emefiele has generated huge controversy for the former bank chief.

In a fresh four-count charge filed against him at the High Court of the Federal Capital Territory, the EFCC alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy.

Baring unforseen circumstances, he would be arraigned before the FCT High Court, Abuja, on April 30, 2024.

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.

READ ALSO:

“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.”

Emefiele spent N18.9bn to print N684.5m notes, says EFCC

Africa

Nigeria withdraws fighter jets as Benin recovers after failed coup attempt

Published

on

Nigeria withdraws fighter jets as Benin recovers after failed coup attempt

Nigeria has withdrawn the fighter aircraft it deployed in the Benin Republic following Sunday’s attempted coup, after security assessments confirmed that the situation in the neighbouring country has stabilised. Security sources said the aircraft—initially dispatched from Lagos for surveillance and regional monitoring—were recalled on Sunday afternoon when updated intelligence indicated that the crisis no longer posed “immediate threat to Nigeria’s territorial security.”

The failed coup, aimed at toppling the democratic government of President Patrice Talon, began with an early morning assault on the presidential residence in Cotonou.

Mutinous soldiers, dressed in full military uniform, attempted to seize power but were repelled by loyal forces. Unable to capture the President, the rebels proceeded to take over the Office de Radiodiffusion et Télévision du Bénin (ORTB), briefly controlling the national broadcast signal.

The crisis escalated rapidly, but the Beninese National Guard responded decisively, surrounding the television station and blocking the mutineers’ escape routes.

By late Sunday, loyalist security units had secured all major government installations, restoring order across the capital city.

READ ALSO:

“The situation is under control. The National Guard has everything surrounded,” a senior security official said, noting that negotiations were initiated to persuade the barricaded mutineers to surrender peacefully.

President Talon, reported safe in an undisclosed location, has yet to address the nation. Meanwhile, the streets of Cotonou remained tense but calm, with no reports of widespread violence or civilian casualties.

Presidential spokesman Bayo Onanuga confirmed in a statement on X that the coup had collapsed.

“Mutineers in military uniform who attempted to overthrow President Patrice Talon’s democratic government have failed. They seized the National TV after failing to enter the presidential residence,” he wrote.

He added that Colonel Pascal Tigri, the alleged leader of the mutiny, was on the run, while several members of the group had been apprehended.

Benin’s Interior Minister Alassane Seidou also appeared on national television, confirming that the military uprising had been foiled. “Early on Sunday, 7 December 2025, a small group of soldiers launched a mutiny aimed at destabilising the state and its institutions. The armed forces remained loyal to the republic, and their response allowed them to foil the attempt,” he said.

The Beninese government has since urged citizens to resume their normal activities, assuring the public that the security situation remains firmly under control.

Nigeria withdraws fighter jets as Benin recovers after failed coup attempt

Continue Reading

News

Akpabio sues Natasha for ₦200bn over sexual harassment allegations

Published

on

Senator Natasha Uduaghan and Senate President Godswill Akpabio

Akpabio sues Natasha for ₦200bn over sexual harassment allegations

Senate President Godswill Obot Akpabio has instituted a ₦200 billion defamation lawsuit against Senator Natasha Akpoti-Uduaghan, accusing her of spreading malicious sexual harassment allegations that he says have severely damaged his public image.

According to documents filed before the High Court of the Federal Capital Territory, Abuja, Akpabio is seeking substantial damages, public retractions, and nationwide broadcast apologies. He argues that Senator Akpoti-Uduaghan’s televised, radio, and online interviews portrayed him as a sexual predator who abused his office for personal gratification—claims he insists subjected him to widespread ridicule and reputational harm.

The lawsuit includes a comprehensive statement of claims and a list of witnesses. Akpabio is also asking the court to compel the removal of all online materials containing the disputed allegations and to order repeated public apologies across major media outlets.

READ ALSO:

A court order issued on 6 November 2025 granted permission for substituted service through the Clerk of the National Assembly after initial attempts to reach Senator Akpoti-Uduaghan directly were unsuccessful. The case is now moving forward and is expected to become one of the most closely watched political legal battles in Nigeria.

Responding on 5 December 2025, Senator Natasha Akpoti-Uduaghan confirmed receipt of the suit and expressed readiness to defend her allegations before a competent court. She stated that she had previously been prevented from presenting a petition before the Senate Committee on Ethics and Privileges due to claims that a related case was already in court—an action she believes protected the Senate President from legislative scrutiny.

In a strongly worded response, the Kogi Central senator maintained that the court proceedings will finally provide the platform to substantiate her claims. She reiterated her stance that she experienced sexual harassment and that her refusal to comply with the alleged advances prompted sustained political retaliation.

See you in court, Godswill Akpabio,” she declared.

Akpabio sues Natasha for ₦200bn over sexual harassment allegations

Continue Reading

News

NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party

Published

on

NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party

The Nigeria Labour Congress (NLC) has warned that it will no longer remain passive as criminal gangs intensify violent attacks across the country, declaring its readiness to hold a national day of mourning and mobilise nationwide protests over the escalating insecurity in Nigeria.

Speaking at the opening of the NLC’s National Executive Council (NEC) meeting in Lagos, NLC President Joe Ajaero said the country was “under siege,” condemning the latest school kidnapping and the reported withdrawal of security personnel before the attack. He demanded a full investigation to expose any possible compromise within the nation’s security architecture.

“The NLC cannot stand idly by and allow criminals to take over our country—never again. We want to know who ordered the withdrawal of security operatives from that school. We will not allow kidnappers and bandits to overrun our nation,” Ajaero said.

READ ALSO:

He stressed that the labour movement would soon announce details of the planned protests and national mourning, insisting the lives of teachers, students and workers were in grave danger. “It is getting out of hand. We can no longer bear this,” he added.

Ajaero also revealed that the NLC had withdrawn its representatives from the Labour Party, accusing them of pursuing personal interests rather than representing workers.

Human rights lawyer Femi Falana, SAN, who addressed the meeting, warned that the country was in “serious trouble” over rising kidnappings and attacks. He rejected calls for foreign military intervention, cautioning that such a move would undermine Nigeria’s sovereignty.

Falana criticised recent statements by former U.S. President Donald Trump, describing them as unacceptable. He urged President Bola Tinubu to take decisive action to protect citizens, saying: “We want to let the world know that we are not a conquered people.”

He called on labour unions, civil society organisations and Nigerians to prepare to resist any further decline in national security.

NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending