The Economic and Financial Crimes Commission (EFCC) has arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on a fresh four-count charge of printing N684.5 million naira notes with the sum of N18.96 billion.
Emefiele was arraigned before Justice Maryann Anenih of the Federal High Court in Abuja and pleaded not guilty to all the counts. The EFCC alleged that Emefiele breached the order of the court with intent to harm the public during his implementation of the naira swap policy under the administration of former President Muhammadu Buhari
According to the anti-graft agency, Emefiele “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from Buhari and the CBN board. The EFCC further stated that Emefiele was accused of approving the withdrawal of N124.8 billion from the consolidated revenue fund “in a manner not prescribed by the national assembly”
This is the third criminal case pending against Emefiele. On November 17, 2023, he was arraigned before Justice Hamza Muazu on a six-count charge of procurement fraud, to which he pleaded not guilty. On April 8, 2024, the EFCC also arraigned Emefiele alongside one Henry Omoile before Justice Rahman Oshodi for an alleged $4.5 billion and N2.8 billion fraud, to which he also pleaded not guilty
The naira swap policy implemented by the CBN under Emefiele’s leadership in the buildup to the 2023 general elections caused untold hardship for Nigerians, leading to violent protests in many parts of the country as banks and ATMs were vandalised and razed. While some APC governors counted the plan as politically motivated, some sections of the Nigerian public from the opposition applauded the move.
The Supreme Court, however, canceled the deadline given by the CBN for the old notes and ordered that both old and new notes can be used as legal tender indefinitely, which is still in effect.