Ex-CBN Governor Emefiele Faces Fresh Charges Over Illegal Printing of Naira Notes

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By Sabiu Abdullahi

The Economic and Financial Crimes Commission (EFCC) has filed fresh charges against the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over his role in the naira swap policy implemented during the administration of former President Muhammadu Buhari.

According to the charge sheet which emerged on Tuesday, Emefiele is accused of approving the printing of N684.5 million at the rate of N18.96 billion, contrary to the law.

The EFCC alleges that Emefiele’s actions caused injury to the public and were intended to harm the economy.

The four-count charge, filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN, accuses Emefiele of disobeying the law, illegal printing of money, abuse of office, and unlawful withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

The charges read in part: “That you, Godwin Ifeanyi Emefiele, between October 19, 2022, and March 5, 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 notes 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.”

Emefiele is scheduled to be arraigned before Justice Hamza Muazu on the new charges.

This is in addition to the six counts of procurement fraud he is already facing, as well as a separate case of alleged $4.5 billion and N2.8 billion fraud filed against him in a Lagos court.

The development is the latest in the EFCC’s investigation into the naira swap policy, which has been widely criticized for its impact on the economy and the public.

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