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EFCC files fresh charges against Emefiele, accuse him of printing N684,590,000 at rate of N18.96 billion

Allegations of Currency Printing and Revenue Fund Withdrawal Propel Legal Battle

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In a continuing legal saga, the Economic and Financial Crimes Commission (EFCC) has launched a fresh legal offensive against former Central Bank of Nigeria (CBN) governor Godwin Emefiele. The new charges, filed at the High Court of the Federal Capital Territory, accuse Emefiele of sanctioning the printing of N684,590,000 at an alarming rate, among other alleged financial misconducts.

The charge sheets, detail accusations levied against Emefiele for his involvement in what EFCC terms as actions detrimental to public interests. Specifically, the EFCC alleges Emefiele’s complicity in contravening the law during the implementation of the naira swap policy under the administration of former President Muhammadu Buhari.

The documents outline a series of purported infractions, including Emefiele’s alleged authorization of the printing of currency without requisite approvals and his involvement in the unauthorized withdrawal of funds from the Consolidated Revenue Fund of the Federation. These charges underscore the gravity of the allegations leveled against the former CBN governor.

According to the charge, Emefiele faces a four-count indictment, with each count delineating specific offenses related to his tenure at the apex bank. Notably, the charges detail instances where Emefiele allegedly disregarded statutory provisions, causing injury to the public and violating constitutional directives.

This development follows Emefiele’s previous legal entanglements, including a November 2023 arraignment on counts of procurement fraud, which stands as one of the most prominent corruption cases under President Bola Ahmed Tinubu’s tenure. Emefiele has also faced accusations of abusing his office by approving contracts totaling N1.2 billion for vehicle acquisitions during the period spanning 2018 to 2020.

Furthermore, on April 8, 2024, the EFCC brought forward additional charges against Emefiele and an associate, Henry Omoile, in connection with an alleged $4.5 billion and N2.8 billion fraud. These successive legal actions underscore the intensifying legal battle surrounding the former banker, casting a shadow over his tenure at the helm of Nigeria’s central bank.

As Emefiele braces for yet another legal confrontation, the unfolding legal proceedings serve as a testament to the enduring efforts to combat financial impropriety and uphold accountability within Nigeria’s financial institution.

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