Naira Redesign Policy: EFCC To Arraign Emefiele On Wednesday

Former Central Bank of Nigeria Governor, Godwin Emefiele is slated to be arraigned this Wednesday on charges of financial misconduct following the postponement of the originally scheduled court date of April 30, 2024.

Naija News reports that this hearing is to take place before Justice Maryann Anenih at the FCT High Court in Abuja.

The Economic and Financial Crimes Commission (EFCC) has charged Emefiele with four counts, alleging he acted contrary to the law with intentions that could harm the public interest during the implementation of the naira swap policy by the administration of former President Muhammadu Buhari.

Specifically, the charges accuse Emefiele of illegal financial activities, including unauthorized printing of currency and the misappropriation of funds from the Consolidated Revenue Fund of the Federation.

This arraignment marks the third set of charges against Emefiele, adding to the growing legal challenges he faces. Previously, 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.

Additionally, on April 8, 2024, Emefiele and one Henry Omoile faced charges before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, for alleged fraud involving substantial amounts in foreign and local currencies.

The fresh charges against Emefiele read, “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.

 “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.

“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.

“That you, Godwin Ifeanyi Emefiele, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honourable 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.”