The Economic and Financial Crimes Commission (EFCC) has levied a new four-count charge against the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, accusing him of illegal printing of naira notes.
Emefiele is slated to appear before Judge Maryann Anenih at the Federal Capital Territory (FCT) High Court on Wednesday to face these charges.
According to documents obtained by TheCable, the EFCC alleges that Emefiele violated the law by approving the printing of naira notes without the strict approval of former President Muhammadu Buhari and the CBN board.
The charges specifically accuse Emefiele of disobeying Section 19 of the CBN Act, 2007, by authorizing the printing of various denominations of naira notes without the requisite recommendations and approvals, causing injury to the public in the process.
The charge sheet reads in part: “That you, GODWIN IFEANYI EMEFIELE… knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of [specified quantities] of color swapped [denominations] at the total cost of [specified amounts] without the recommendation of the Board of Central Bank and the strict approval of the President… which conduct of yours caused injury to the public and you thereby committed an offence.”
The allegations stem from Emefiele’s tenure as CBN governor, during which he announced plans to redesign the highest denominations of the country’s currency to manage money supply and aid security agencies in combating illicit financial flows.
The announcement, made on October 26, 2022, triggered controversy and violent protests across the country, with analysts suggesting political motives behind the move.
Despite the backlash, former President Buhari publicly expressed support for the naira redesign policy on multiple occasions.
In November 2023, he elucidated his approval, further fueling debates around the initiative.
Emefiele is no stranger to legal scrutiny, as he currently faces multiple trials related to his management of public funds and decisions made during his tenure as CBN governor.
In November 2023, he was arraigned before Judge Hamza Muazu at the FCT High Court on a six-count charge involving alleged criminal breach of trust, forgery, conspiracy to commit forgery, procurement fraud, and conspiracy to commit a felony.
