The Economic and Financial Crimes Commission (EFCC) is preparing to arraign the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for his alleged involvement in financial misconduct. Emefiele is accused of approving the printing of N684.5 million in notes at the rate of N18.96 billion, which the EFCC claims violated the law and caused harm to the public during the implementation of the naira swap policy under the administration of former President Muhammadu Buhari.
According to the EFCC, Emefiele is also accused of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
The anti-graft agency has filed a fresh four-count charge against him, and he is expected to be arraigned before Justice Maryann Anenih of the FCT High Court, Abuja on April 30.
This new arraignment will bring the total number of charges against the former CBN governor to three. Previously, on November 17, 2023, Emefiele was arraigned before Justice Hamza Muazu on a six-count charge of procurement fraud, to which he pleaded not guilty. He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totaling N1.2 billion between 2018 and 2020.
Additionally, on April 8, 2024, the EFCC arraigned the former banker, along with one Henry Omoile, before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, for an alleged $4.5 billion and N2.8 billion fraud. Emefiele pleaded not guilty to this charge as well.
The new charge, dated April 2, 2024, was filed by the EFCC prosecutor, Senior Advocate of Nigeria Rotimi Oyedepo, alongside eight other lawyers representing the Attorney General of the Federation.
Counts one to four of the charge, read: “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 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 which conduct of yours caused injury to the public and you thereby committed an offence.”
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 colour 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 offence.
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 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.”
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 offence.”
