Economic and Financial Crimes Commission, EFCC has filed new charges against the former governor of Central Bank of Nigeria, Godwin Emefiele who allegedly punished the public with acclaimed excess approval of abused figures to print the naira notes while he was in office under the presidential era of Muhammadu Buhari.

EFCC in the new charges as reportedly sighted by Punch Newspaper, accused Godwin Emefiele of approving ₦18.9 billion to print merely ₦684.5 million, representing about 2761% higher in rates and value, apparently overinflated abused cost price to print the naira notes.

The Economic and Financial Crimes Commission is set to arraign the former Governor of the Central Bank of Nigeria, Godwin Emefiele, for the new charges on a date yet to communicated but some media had reported that the former CBN governor maybe arraigned on the new count charges before Justice Maryann Anenih of the FCT High Court, Abuja on April 30.

EFCC in the new charges filed before the court stated that between October 2022 and March 2023, Godwin Emefiele as CBN Governor approved the printing of 375.520 million pieces of ₦1,000 notes at a cost price of ₦11.052 billion. This means, Godwin Emefiele only used ₦29:43 Kobo per one single piece of ₦1,000 note.

EFCC did not state in the new charges the actual cost of printing currency note per one in the international or alternative market. It would be recalled the then President Muhammadu Buhari confirmed in a public statement that he authorized the printing of new naira notes under top secret security structure which many government officials were cut unaware. Buhari finally launched the newly printed naira notes at State House in Abuja.

Also, EFCC in the new charges filed before the court stated that between October 2022 and March 2023, Godwin Emefiele as CBN Governor approved the printing of 172 million pieces of ₦500 notes at a cost price of ₦4.471 billion. This means, Godwin Emefiele only used ₦25:99 Kobo per one single piece of ₦500 note.

EFCC also in the new charges filed before the court stated that between October 2022 and March 2023, Godwin Emefiele as CBN Governor approved the printing of 137.070 million pieces of ₦200 notes at a cost price of ₦3.441 billion. This means, Godwin Emefiele only used ₦25:10 Kobo per one single piece of ₦200 note.

In the fresh 4 count charge filed against him, 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 administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of ₦124.8 billion from the Consolidated Revenue Fund of the Federation.

It is gathered that the arraignment will bring to three; the number of charges pending against the former CBN governor.

“In the charge sheets sighted by Punch Online on Tuesday, EFCC alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of ₦124.8 billion from the Consolidated Revenue Fund of the Federation.

The document dated April 2, 2024, and marked Suit Number: CR/264/2024, was filed by EFCC’s top prosecutor, Rotimi Oyedepo, SAN, revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu bordering on disobeying the law to punish Nigerians, illegal printing of money, abuse of office, among others.

Counts one to four of the charge, read, “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 375,520,000.00 pieces of colour swapped₦1,000, at the total cost of ₦11,052,068,062 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: “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 ₦500 Notes, at the total cost of ₦4,471,066,040 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: “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 ₦200 Note, at the total cost of ₦3,441,005,280 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: “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 ₦124,860,227,865.16 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.”

Recall that Emefiele was on November 18, 2023, arraigned before the court on six counts of procurement fraud, in what is the most high-profile corruption case under President Bola Ahmed Tinubu.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling ₦1.2 billion from 2018 to 2020.

On Monday, April 8, 2024, the EFCC arraigned the former banker alongside one Henry Omoile before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5 billion and ₦2.8 billion fraud”, Punch newspaper report ends in quote.