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

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:

• CBN sells dollar to BDCs at N1,021/$1
• Just in: Ex-Imo Gov Ihedioha heads for LP, dumps PDP
• Policeman shot dead corps member at LAUTECH convocation party
• Tinubu approves palliative for traditional, religious institutions

“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.”