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The Economic and Financial Crimes Commission (EFCC) has arraigned former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Wednesday for authorizing the printing of N684.5 million at a rate of N18.96 billion.

Emefiele entered a plea of not guilty to the four-count charge before Justice Maryann Anenih of the FCT High Court, Abuja.

The EFCC accused Emefiele of disobeying the law with intent to harm the public during the implementation of the naira swap policy under former President Muhammadu Buhari’s administration. Additionally, he was charged with unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

This latest arraignment adds to the charges against Emefiele, who was previously arraigned on November 17, 2023, before Justice Hamza Muazu on a six-count charge of procurement fraud. He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totaling N1.2 billion from 2018 to 2020.

Furthermore, on April 8, 2024, Emefiele faced charges alongside Henry Omoile before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, for alleged $4.5 billion and N2.8 billion fraud.

The new charge, dated April 2, 2024, was filed by EFCC prosecutor Rotimi Oyedepo (SAN) and eight other lawyers acting on behalf of the Attorney General of the Federation.

The charges against Emefiele, as outlined in counts one to four of the charge, accuse him of knowingly disobeying the direction of the law with intent to cause injury to the public. These charges specify instances where he allegedly approved the printing of various denominations of currency without proper authorization, and also approved a significant withdrawal from the Consolidated Revenue Fund of the Federation, contrary to constitutional provisions.

Emefiele is currently maintaining his plea of not guilty to all charges brought against him.


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