Former CBN Governor Emefiele Faces Fresh Charges Over Naira Printing

Former Central Bank of Nigeria (CBN) governor Godwin Emefiele faces fresh charges of illegally printing naira notes and withdrawing billions from the consolidated revenue fund without approval, sparking concerns about accountability and transparency in Nigeria's financial system. The allegations, which have significant implications for the country's economic stability, will be heard in the Federal Capital Territory (FCT) High Court on Wednesday." This description focuses on the primary topic of Emefiele's alleged illegal actions, the main entity of the CBN, and the context of Nigeria's financial system. It also highlights the significant actions and consequences of the allegations, including the potential impact on the country's economic stability. The description provides objective and relevant details that will guide the AI in creating an accurate visual representation of the article's content.

author-image
Nitish Verma
New Update
Former CBN Governor Emefiele Faces Fresh Charges Over Naira Printing

Former CBN Governor Emefiele Faces Fresh Charges Over Naira Printing

Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), is set to face fresh charges filed by the Economic and Financial Crimes Commission (EFCC) over allegations of illegally printing naira notes and withdrawing N124.8 billion from the consolidated revenue fund without approval. The four-count charge will be heard by Judge Maryann Anenih at the Federal Capital Territory (FCT) High Court on Wednesday.

Why this matters: This case has significant implications for accountability and transparency in Nigeria's financial system, and its outcome may influence the country's efforts to combat corruption and illicit financial flows. Moreover, the allegations against Emefiele could have far-reaching consequences for the credibility of the Central Bank of Nigeria and the nation's economic stability.

The EFCC accuses Emefiele of disobeying the direction of law with intent to cause injury to the public during his implementation of the naira swap policy under former President Muhammadu Buhari's administration. Specifically, Emefiele is alleged to have approved the printing of N684.5 million naira notes at a cost of N18.96 billion without the recommendation of the CBN board and the strict approval of the President.

The charge sheet states, "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."

Emefiele is also accused of approving the printing of 172 million pieces of N500 notes at a cost of N4.47 billion and 137.07 million pieces of N200 notes at a cost of N3.44 billion without the necessary approvals. Additionally, he allegedly withdrew N124.86 billion from the consolidated revenue fund in a manner not prescribed by the National Assembly.

The former CBN governor is already facing multiple trials over his management of public funds and decisions taken while he was at the helm of the apex bank. In November 2023, Emefiele was arraigned before Judge Hamza Muazu at the FCT High Court on a six-count charge bordering on alleged criminal breach of trust, forgery, conspiracy to commit forgery, procurement fraud, and conspiracy to commit a felony. He pleaded not guilty to those charges.

In October 2022, Emefiele announced plans to redesign the highest denominations of Nigeria's currency to control money supply and aid security agencies in tackling illicit financial flows. The naira redesign policy sparked violent protests in many parts of the country as banks and automated teller machines (ATMs) were torched. Many analysts argued that the policy was politically motivated.

The fresh charges filed by the EFCC against Emefiele focus on his alleged illegal actions in printing naira notes and withdrawing funds from the consolidated revenue fund without following due process. As the former CBN governor faces another legal battle, the outcome of this case will have significant implications for accountability and transparency in Nigeria's financial system. The arraignment on Wednesday marks the beginning of a new chapter in the ongoing saga surrounding Emefiele's controversial tenure at the apex bank.

Key Takeaways

  • Godwin Emefiele, ex-CBN governor, faces fresh charges for illegally printing naira notes and withdrawing N124.8 billion.
  • EFCC accuses Emefiele of disobeying the direction of law, causing injury to the public.
  • Emefiele allegedly printed N684.5 million naira notes without CBN board and presidential approval.
  • He also withdrew N124.86 billion from the consolidated revenue fund without National Assembly approval.
  • The case has significant implications for accountability and transparency in Nigeria's financial system.