Economic and Financial Crimes Commission (EFCC) has leveled allegations against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, accusing him of authorizing the printing of N684,590,000 at a rate of N18.96 billion.
While this move was sanctioned by former President Muhammadu Buhari, the naira redesign policy implemented by Emefiele during his tenure at the CBN has sparked considerable controversy for the ex-banking chief.
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In a fresh indictment comprising four charges filed against him at the High Court of the Federal Capital Territory, the EFCC alleges that Emefiele violated the law with the intent to harm the public during his execution of the naira swap policy.
Barring unforeseen circumstances, he is set to be arraigned before the FCT High Court in Abuja on April 30, 2024.
The charges, from one to four, state the following: “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.
“PARTICULARS OF THE OFFENCE: 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 color-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 offense.”
COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of color-swapped N500 (Five Hundred Naira) Notes, at the total cost of N4,471,066,040 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 offense.
COUNT 3: “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 137,070,000 pieces of color-swapped N200 (Two Hundred Naira) Note, at the total cost of N3,441,005,280 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 offense.”
COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124,860,227,865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offense.”
