The Economic and Financial Crimes Commission (EFCC) has filed a new four-count charge against Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), for printing naira notes with N124.86 billion without the approval of the National Assembly.
The ex-apex bank chief is scheduled to be arraigned before Justice Maryann Anenih at the Federal Capital Territory (FCT) High Court on Wednesday, May 15.
Persecondnews sighted the charge sheet, in which the anti-graft agency alleged that Emefiele approved the printing of naira notes without obtaining the necessary approvals from former President Muhammadu Buhari and the CBN board. The anti-graft agency also claimed that his action had caused public harm.
The charge sheet reads: “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 colour 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, whose conduct caused injury to the public, and you thereby committed an offense.
“That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th of 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 colour swapped N500 (five hundred naira) notes at the total cost of N4, 471,066,040 without the recommendation of the Board of the 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 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 137,070,000 pieces of colour-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 offence.”
Similar charges include the unauthorized printing of N500 and N200 notes, as well as the withdrawal of N124.8bn from the consolidated revenue fund in a manner not prescribed by the National Assembly.
“That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honourable 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 offence,” it added.
Persecondnews recalls that in October 2022, the ex-governor of the Central Bank of Nigeria, Godwin Emefiele, announced that the bank would release redesigned naira notes by December 2022.
Emefiele claims that the policy’s goals included limiting the amount of money in circulation, combating counterfeit money, and stopping ransom payments to kidnappers and terrorists.
He noted: “Indeed, the integrity of a local legal tender, the efficiency of its supply, and its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank.”
Despite the policy receiving approval from former President Buhari, the scarcity of old naira notes sparked violent protests and fatalities in many parts of the country.
Some well-meaning Nigerians and politicians had described the move by the embattled ex-CBN Chief as politically motivated.
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