The Economic and Financial Crimes Commission (EFCC) has arraigned former Central Bank of Nigeria (CBN) Governor Godwin Emefiele for allegedly approving the printing of N684.5 million notes at a cost of N18.96 billion. Emefiele pleaded not guilty to the four counts read to him before Justice MaryAnn Anenih of the Federal Capital Territory High Court.
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.
Emefiele’s counsel, Mahmud Magaji, requested bail on self-recognition and on the same grounds and conditions as a sister court led by Justice Hamza Muazu. The court granted him bail in the sum of N300 million with two sureties in like sum, who must be residents of Nigeria and owners of properties in Maitama district.
The sureties must post an affidavit of means, and Emefiele must deposit his travel documents before the court. He is not allowed to travel outside the country without the court’s permission. The case has been adjourned to May 28 and 29 for the commencement of trial.
This is the third charge 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.
The four counts filed against him read:
COUNT 1: “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: “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 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 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: “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 137,070,000 pieces of colour swapped N200 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: “STATEMENT OF OFFENCE: 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.”
Emefiele’s legal team, led by Mahmud Magaji, requested bail on self-recognition and on the same grounds and conditions as a sister court led by Justice Hamza Muazu. The court granted him bail in the sum of N300 million with two sureties in like sum, who must be residents of Nigeria and owners of properties in Maitama district.
The sureties must post an affidavit of means, and Emefiele must deposit his travel documents before the court. He is not allowed to travel outside the country without the court’s permission. The case has been adjourned to May 28 and 29 for the commencement of trial.
This is the third charge 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.
The EFCC prosecutor, Rotimi Oyedepo (SAN), alongside eight other lawyers acting on behalf of the Attorney General of the Federation, filed the new charge on April 2, 2024.
