The Economic and Financial Crimes Commission (EFCC) has brought charges against former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, for purportedly engaging in the unauthorized redesign and printing of new naira notes. Emefiele was arraigned before Justice Maryanne Anenih of the Federal Capital Territory High Court.
The charges, filed under CR/264/2024, accuse Emefiele of implementing the naira redesign policy without requisite approvals from the CBN Board and former President Muhammadu Buhari. The EFCC alleges that Emefiele spent N18.96 billion on printing and swapping new naira notes worth N684.5 million without proper authorization.
The anti-graft agency asserts that Emefiele violated Section 19 of the CBN Act by approving the printing of N1,000 notes, totaling N11.05 billion, and spending N4.4 billion on printing colored N500 notes, along with N3.4 billion for colored N200 notes, all without necessary approvals.
The alleged actions took place between October 2022 and March 2023 in Abuja, according to the EFCC, with Emefiele accused of disobeying the law with the intent to cause injury to the public through the implementation of the naira swap policy.
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Emefiele pleaded not guilty to the charges and his counsel, Mahmud Magaji (SAN), requested bail, which was granted by Justice Anenih. Emefiele was granted bail in the sum of N300 million with two sureties in like sum, who must be responsible citizens owning property worth the bail amount within the FCT. The sureties are required to deposit property documents with the court registry for verification.
Emefiele is also prohibited from traveling outside the country without the court’s permission. The trial is set to commence on May 28.
