Former CBN Governor Godwin Emefiele Charged with Illegal Printing and Withdrawal of Funds

Former CBN Governor Emefiele charged with misusing office, illegal money printing, and causing public harm during naira swap policy. Highlights ongoing efforts to combat corruption in Nigeria's financial institutions.

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Nasiru Eneji Abdulrasheed
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Former CBN Governor Godwin Emefiele Charged with Illegal Printing and Withdrawal of Funds

Former CBN Governor Godwin Emefiele Charged with Illegal Printing and Withdrawal of Funds

The Economic and Financial Crimes Commission (EFCC) has filed new charges against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele at the High Court of the Federal Capital Territory in Abuja. The charges, dated April 2, 2024, accuse Emefiele of approving the printing of N684,590,000 at a cost of N18.96 billion and improperly withdrawing N124.8 billion from the Consolidated Revenue Fund during the implementation of the naira swap policy under the administration of former President Muhammadu Buhari. "Emefiele's actions were done with the intent to harm the public," the EFCC alleges.

The four counts against Emefiele include disobeying the law with intent to cause injury to the public, illegal printing of money, and misuse of office. This is the latest in a series of charges filed against the former CBN governor, who was previously arraigned on procurement fraud charges and accused of a $4.5 billion and N2.8 billion fraud alongside Henry Omoile before the Special Offences Court in Ikeja, Lagos, on April 8, 2024.

Why this matters: The charges against Emefiele highlight the ongoing efforts by Nigerian authorities to combat corruption and hold high-ranking officials accountable for their actions. The case also underscores the importance of transparency and proper oversight in the management of the country's financial institutions and resources.

Emefiele's legal troubles began when he was suspended by President Bola Ahmed Tinubu in June 2023 as the government investigated the management of the CBN during his tenure. The former CBN governor now faces one of Nigeria's most prominent corruption cases under President Tinubu's administration. As the case progresses, it is anticipated to shed light on the alleged mismanagement of funds and misuse of power within the central bank during the implementation of the controversial naira swap policy.

Key Takeaways

  • EFCC files new charges against ex-CBN governor Godwin Emefiele.
  • Emefiele accused of approving N684.59M printing at N18.96B and misusing N124.8B.
  • Charges include disobeying law, illegal money printing, and misuse of office.
  • Emefiele's legal troubles began after suspension by President Tinubu in 2023.
  • Case highlights efforts to combat corruption and hold officials accountable.