EFCC Files Fresh Charges Against Former CBN Governor Emefiele for Illegal Printing of Naira Notes

The EFCC has filed new charges against former CBN governor Godwin Emefiele, accusing him of illegally printing N684.59 million worth of naira notes at a cost of N18.96 billion, highlighting the government's efforts to combat financial crimes.

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Nasiru Eneji Abdulrasheed
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EFCC Files Fresh Charges Against Former CBN Governor Emefiele for Illegal Printing of Naira Notes

EFCC Files Fresh Charges Against Former CBN Governor Emefiele for Illegal Printing of Naira Notes

The Economic and Financial Crimes Commission (EFCC) has filed new charges against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), accusing him of illegally printing N684.59 million worth of naira notes at a cost of N18.96 billion. The anti-graft agency alleges that Emefiele broke the law with the intent to harm the public during his implementation of the naira swap policy under the administration of former President Muhammadu Buhari.

In the four-count charge filed at the High Court of the Federal Capital Territory, the EFCC also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation. The charges, dated April 2, 2024, include disobeying the law to penalize Nigerians, illegal money printing, and abuse of office.

Why this matters: This case represents one of Nigeria's most prominent corruption trials under President Bola Ahmed Tinubu's administration, highlighting the government's efforts to combat financial crimes and hold high-ranking officials accountable for their actions during their tenure.

Emefiele is expected to be arraigned before Justice Maryann Anenih on April 30, 2024, on the new charges. This is in addition to the previous charges he faced, including procurement fraud and abuse of office for approving a contract for the acquisition of 43 vehicles totaling N1.2 billion from 2018 to 2020.

The former CBN governor also faces further allegations alongside Henry Omoile for an alleged $4.5 billion and N2.8 billion fraud before the Special Offences Court in Ikeja, Lagos. Emefiele's legal troubles began in November 2023 when the EFCC arraigned him on six counts related to procurement fraud.

The EFCC's fresh charges against Emefiele come as part of the ongoing investigation into the activities of the CBN under his leadership. The commission has not provided any further details on the specific evidence supporting the allegations against the former governor.

As the case unfolds, Nigerians await the outcome of the trial, which could have significant implications for the country's fight against corruption and financial crimes. The EFCC's actions demonstrate the government's commitment to holding public officials accountable for their actions and ensuring transparency in the management of the nation's financial institutions.

Key Takeaways

  • EFCC files new charges against ex-CBN gov Emefiele for illegal printing of N684.59M
  • Emefiele accused of unlawfully approving withdrawal of N124.8B from Consolidated Revenue Fund
  • Case represents prominent corruption trial under Tinubu's administration, highlighting anti-graft efforts
  • Emefiele faces multiple charges, including procurement fraud and $4.5B, N2.8B fraud
  • EFCC's actions demonstrate govt's commitment to holding officials accountable for financial crimes