Emefiele Spent N19 billion to Print N684 million

In the run-up to the 2023 election, Godwin Emefiele approved N18.96 billion to mint N684.5 million in new notes.

The Economic and Financial Crimes Commission (EFCC), on Wednesday, pressed this charge when it arraigned the former CBN governor in the FCT High Court, Abuja.

Emefiele, the commission said, disobeyed the direction of law. And his intent was to cause injury to the public during his implementation of the naira swap policy.

Emefiele has been facing many charges relating to corruption and abuse of office since President Bola Tinubu took office last May.

The anti-graft commission also alleged Emefiele became a party to the misappropriation of N124 billion from the consolidated federation account.

Section 80 of the Constitution of the Federal Republic of Nigeria 1999 established the Consolidated Revenue Fund (CRF). 

It comprises all monies or revenues the state raises. And the state spends it on only those needs the constitution provides for.

But the commission in Abuja on May 15  told Justice Maryann Anenih Emefiele unlawfully approved the withdrawal of the money.

Emefiele pleaded not guilty to the four count charge.

Last week, a CBN contractor and a former director testified in a Lagos court. Both testimonies confirmed they gave and took a $600,000 bribe for Emefiele.

Victor Onyejiuwa and John Ayoh testified separately before the Lagos Special Offences Court April 30 and May 9 respectively.

Onyejiuwa, an ICT contractor, paid the bribe following Ayoh’s insistence—that the approving authority would only give their nod when the contractor played ball.

“After several back and forth, I succumbed to his pressure,” the contractor told EFCC prosecutor Rotimi Oyedepo.

“I was able to organise the sum of $400,000 and $200,000 to facilitate payment of the contract funds.”

Emefiele pleaded not guilty to that, too.

So far, no fewer than four charges pending against him in Abuja and Lagos courts.