The Economic and Financial Crimes Commission (EFCC) has arraigned former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on a four-count charge of fraud and disobedience to law. Emefiele pleaded not guilty to all charges before Justice Maryann Anenih of the Federal Capital Territory High Court, Abuja, on Wednesday.
The EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the former President Muhammadu Buhari administration.
He was also accused of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
The charges against Emefiele include:
– Approving the printing of N375.5 million pieces of color-swapped N1,000 notes at a total cost of N11.052 billion without the recommendation of the CBN Board and the approval of the President.
– Approving the printing of 172 million pieces of color-swapped N500 notes at a total cost of N4.471 billion without the necessary approvals.
– Approving the printing of 137.07 million pieces of color-swapped N200 notes at a total cost of N3.441 billion without the necessary approvals.
– Unlawfully approving the withdrawal of N124.86 billion from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly.
Emefiele’s counsel, Mahmud Magaji, requested bail on self-recognition and on the same grounds and conditions of bail already granted by a sister court. The case has been adjourned for further hearing.
This is the third set of charges against Emefiele, who was previously arraigned on November 17, 2023, for procurement fraud and on April 8, 2024, for alleged $4.5 billion and N2.8 billion fraud alongside one Henry Omoile.
