Emefiele printed N684.5m with N18.9bn, says EFCC in fresh charge
The EFCC has accused Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), of various offenses related to his implementation of the naira swap policy and the withdrawal of funds from the Consolidated Revenue Fund of the Federation. According to the charge sheets obtained by PUNCH Online, Emefiele is facing a four-count charge, including allegations of disobeying the law with intent to harm the public, illegal printing of money, abuse of office, among others.
The charges, dated April 2, 2024, and marked Suit No: CR/264/2024, were filed by the EFCC’s top prosecutor, Rotimi Oyedepo, SAN. The document alleges that Emefiele will be arraigned before Justice Hamza Muazu for offenses ranging from disobeying the law to punish Nigerians to illegally approving the printing of money without proper authorization.
One of the counts accuses Emefiele of knowingly disobeying the direction of Section 19 of the CBN Act, 2007, by approving the printing of a large quantity of color-swapped N1,000 notes without the recommendation of the CBN Board and the strict approval of the President of Nigeria. This alleged conduct is said to have caused injury to the public, constituting an offense punishable under Section 123 of the Penal Code Law.
The charges further allege that Emefiele unlawfully approved the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation, which is a serious accusation of misappropriation of public funds. These actions, if proven, would constitute a breach of public trust and a violation of the law governing the operations of the CBN.
Emefiele’s alleged offenses raise concerns about the integrity of the financial system and the management of public funds in Nigeria. The accusations suggest a pattern of behavior that prioritized personal interests over the welfare of the public and adherence to legal protocols. If found guilty, Emefiele could face significant legal consequences, including imprisonment and fines.
The case underscores the importance of accountability and transparency in the management of public institutions, especially those responsible for monetary policy and financial regulation. It also highlights the need for robust oversight mechanisms to prevent abuse of power and ensure compliance with the law.
Emefiele’s defense against these allegations remains to be seen, but the charges represent a serious challenge to his reputation and legacy as a former central bank governor. The outcome of the legal proceedings will have implications not only for him personally but also for the credibility and effectiveness of Nigeria’s financial regulatory framework.
Punch News
