Emefiele Printed Just ₦‎684.5 Million With A Whopping ₦‎18.9 Billion – EFCC

by Ohepo Ohepo

The Economic and Financial Crimes Commission (EFCC) has leveled new charges against Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), accusing him of significant financial misconduct during his tenure. According to documents filed at the High Court of the Federal Capital Territory and seen by PUNCH Online, Emefiele is alleged to have unlawfully authorized the printing of currency and the withdrawal of substantial sums from the Consolidated Revenue Fund of the Federation, actions believed to have harmed the public interest.

The charges filed on April 2, 2024, outline a four-count indictment against Emefiele, marking yet another chapter in what is becoming a series of legal challenges for the former CBN chief. The EFCC’s top prosecutor, Rotimi Oyedepo, SAN, has presented the case, which is set to be heard by Justice Hamza Muazu.

The specifics of the charges include Emefiele’s approval of over N684 million for printing new currency notes without the necessary recommendations from the CBN Board or approval from the President, as mandated by the CBN Act, 2007. These actions reportedly took place between October 19, 2022, and March 5, 2023, and involved substantial costs to the state amounting to billions of Naira.

In addition to these charges, Emefiele is also accused of improperly authorizing the withdrawal of N124.86 billion from the Consolidated Revenue Fund in a manner not prescribed by the National Assembly, in violation of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended).

This case adds to Emefiele’s legal troubles following his arraignment in November 2023 on six counts of procurement fraud, which is among the highest-profile corruption cases under the administration of President Bola Ahmed Tinubu. Furthermore, on April 8, 2024, Emefiele and an associate, Henry Omoile, were arraigned before Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos, for their involvement in an alleged multi-billion Naira and dollar fraud scheme.

These proceedings underscore the ongoing efforts by Nigerian authorities to address corruption at high levels of government and finance, seeking accountability for actions that have potentially profound impacts on the nation’s economy. The continuation of these cases will be closely watched as they unfold, offering a significant test of Nigeria’s resolve to enforce its laws against corruption and financial malfeasance.

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