The Economic and Financial Crimes Commission (EFCC) has accused former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, of approving the printing of N684,590,000 at a cost of N18.96 billion, according to new charges filed at the Federal Capital Territory (FCT) High Court.
The EFCC’s new charge alleges that Emefiele violated laws with intent to harm the public while implementing the currency swap policy during former President Muhammadu Buhari’s administration.
The EFCC also claims that Emefiele unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation, further adding to the charges against him.
Emefiele is set to be arraigned on four new charges before Justice Maryann Anenih. This follows his previous arraignment on November 18, 2023, where he faced six counts of procurement fraud under President Bola Ahmed Tinubu’s administration.
Additionally, Emefiele was accused of misusing his position by sanctioning a contract for the acquisition of 43 vehicles, totaling N1.2 billion, between 2018 and 2020.
On April 8, 2024, Emefiele and Henry Omoile were arraigned at the Special Offences Court in Ikeja, Lagos, for alleged fraud involving $4.5 billion and N2.8 billion. This arraignment was presided over by Justice R.A. Oshodi.
The new charges against Emefiele, filed on April 2, 2024, by Senior Advocate of Nigeria Rotimi Oyedepo, are scheduled for arraignment on April 30, 2024. The charges involve several alleged offenses that carry significant penalties under Nigerian law.
The first count in the new charges alleges that Emefiele violated the law by approving the printing of N375,520,000 pieces of color-swapped N1,000 notes at a cost of N11,052,068,062 without the approval of the Central Bank’s Board or the President, thereby causing harm to the public.
The second count accuses Emefiele of approving the printing of 172,000,000 pieces of color-swapped N500 notes at a total cost of N4,471,066,040, again without proper authorization from the Central Bank’s Board or the President, leading to public harm.
The third count alleges that between October 19, 2022, and March 5, 2023, Emefiele approved the printing of 137,070,000 pieces of color-swapped N200 notes at a cost of N3,441,005,280 without approval from the Central Bank’s Board or the President, causing injury to the public.
The fourth count claims that Emefiele, on October 7, 2020, unlawfully authorized the withdrawal of N124,860,227,865.16 from the Consolidated Revenue Fund in a manner not prescribed by the National Assembly, violating the Constitution and harming the public.
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