BREAKING: Amid Naira's Struggles, EFCC Uncovers How Emefiele Reportedly Spent N18bn, Details Emerge
- The EFCC has reportedly accused Godwin Emefiele of printing one billion pieces of N100 banknotes with N18 billion
- Legit.ng reports that this is one of the cases pending against the embattled former Central Bank boss
- Emefiele, an economist and banker, served as governor of the CBN from June 4, 2014, until his suspension by President Bola Ahmed Tinubu, on June 9, 2023
Legit.ng journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public affairs and corruption matters.
FCT, Abuja - Amid Nigeria's struggles to stabilise its exchange rate, a fresh investigation by the Economic and Financial Crimes Commission (EFCC) has revealed how Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), allegedly orchestrated the printing of one billion pieces of N100 banknotes.
In a report by Premium Times on Saturday, August 17, Emefiele also reportedly arranged the production of 5000 pieces of acrylic blocks.
Source: Getty Images
Emefiele: Another economic 'sin' surfaces
The newspaper said it received the scoop from sources within the anti-graft agency who disclosed that Emefiele did a memo to former President Goodluck Jonathan on September 1, 2014, preparatory to the centenary celebration. In the memo, Emefiele sought approval to print the banknotes and acrylic blocks without passing through the board of the CBN as demanded by the CBN act 2007.
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Contrary to Section 19(1)(b) of the CBN act 2007 which stipulates that the currency notes and coins issued by the CBN shall be of such forms and design and bear such devices as shall be approved by the president on the recommendation of the board of the bank, Emefiele obtained the approval of Jonathan before presenting it before the board for ratification.
Legit.ng recalls that in November 2023, the EFCC opened its case in the trial of Emefiele on charges of procurement fraud.
The anti-graft agency charged Emefiele to the FCT high court, Abuja, with six counts of alleged breach of procurement procedure in the award of the contract to April 1616 Investment Limited.
When contacted concerning the new N18 billion allegation, Dele Oyewale, the spokesperson to the EFCC, confirmed that his agency was investigating the matter but declined to provide further details.
Oyewale said:
“There is nothing I can tell you at this point because our people are still working on the matter."
Read more on Godwin Emefiele
- Emefiele to forfeit $2.04m, 7 landed properties, 2 shares
- Anxiety as court declines Emefiele's travel request, reason emerges
- EFCC blocks Emefiele’s request for medical treatment abroad: “He’ll be tempted to jump bail”
EFCC sends notice to LG chairmen
Earlier, Legit.ng reported that Ola Olukoyede, the chairman of the EFCC, reiterated the agency's determination to scrutinise local government area administrations in Nigeria following the Supreme Court judgement granting financial autonomy to the councils.
According to him (Olukoyede), the EFCC will monitor LGA activities to ensure effective governance.
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Source: Legit.ng
