Former CBN Governor Godwin Emefiele Charged with Illegal Printing of N684.5 Million

The Economic and Financial Crimes Commission (EFCC) has filed fresh charges against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), for allegedly approving the printing of N684.5 million at a rate of N18.9 billion in Abuja. Emefiele is accused of disobeying the law, illegally printing money, abusing his office, and other offenses related to the implementation of the naira swap policy under former President Muhammadu Buhari's administration.

According to the EFCC, Emefiele approved the printing of N375.5 million pieces of N1,000 notes, 172 million pieces of N500 notes, and 137.07 million pieces of N200 notes without the recommendation of the CBN Board and the approval of the President. The charges, which are punishable under Section 123 of the Penal Code Law, also allege that Emefiele unlawfully approved the withdrawal of N124.86 billion from the Consolidated Revenue Fund of the Federation.

Why this matters: The charges against Emefiele highlight the importance of transparency and accountability in the management of Nigeria's financial institutions. As the former head of the CBN, Emefiele's alleged actions have far-reaching implications for the country's economy and the trust placed in its central bank.

Emefiele is scheduled to be arraigned on a new four-count charge before Justice Maryann Anenih on April 30, 2024. This is not the first time the former CBN governor has faced legal troubles. In November 2023, the EFCC arraigned Emefiele on a six-count charge revolving around procurement fraud. He was also arraigned in April 2024 alongside Henry Omoile for an alleged $4.5 billion and N2.8 billion fraud.

The EFCC's charges against Emefiele come as part of an ongoing investigation into the former CBN governor's tenure. "The EFCC accused Emefiele of violating the law with the intent to harm the public while implementing the Naira swap policy under former President Muhammadu Buhari," stated a source familiar with the case. As the legal proceedings unfold, the public awaits further details on the alleged misconduct and its impact on Nigeria's financial system.

Key Takeaways

• EFCC files fresh charges against ex-CBN governor Emefiele for allegedly printing N684.5m with N18.9bn.
• Emefiele accused of disobeying law, illegally printing money, abusing office, and other offenses related to naira swap policy.
• Emefiele allegedly approved printing of N375.5m N1,000 notes, 172m N500 notes, and 137.07m N200 notes without CBN Board's recommendation.
• Emefiele also accused of unlawfully approving withdrawal of N124.86bn from Consolidated Revenue Fund of the Federation.
• Emefiele to be arraigned on new 4-count charge on April 30, 2024, as part of EFCC's ongoing investigation into his tenure.