Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), finds himself embroiled in another controversy as the Economic and Financial Crimes Commission (EFCC) reveals shocking details about his alleged misuse of funds. Documents released in a new investigation indicate that he reportedly squandered N18 billion to print merely N1 billion worth of banknotes.
According to a report by PREMIUM TIMES, the scandal centers around the 2014 printing of one billion N100 notes and 5,000 acrylic blocks for Nigeria’s centenary celebration, all orchestrated under Emefiele’s watch.
Eyebrows have been raised as it’s disclosed that he sidestepped the CBN board, seeking approval directly from former President Goodluck Jonathan, bypassing the vital due process.
The investigation highlights a blatant violation of Section 19(1)(b) of the CBN Act, 2007, which mandates that currency notes must be designed and approved by the President only upon the Board’s recommendation. Instead, Emefiele secured Jonathan’s approval before even presenting the plan to the Board.
The contract awarded to Swedish firm Crane Currency on September 17, 2014, was grossly inflated to an eye-watering $121,660,000.00 (approximately N18.9 billion). Alarmingly, an advance payment of $72,996,000.00 was made—a clear breach of established fiscal protocols. Investigators revealed that only $39,848,991.90 was actually transferred, with the remaining $32,716,050.00 converted to Naira and distributed among top officials, a scheme that raises serious ethical questions.
According to investigators, that withheld sum of $32,716,050.00 was funneled into the Nigerian subsidiary of the Swedish company, amounting to N5.3 billion. This misappropriated fund is suspected to have been siphoned to enrich high-ranking officials at the CBN and their conspirators. As one investigator succinctly put it, “The contract was deliberately overpriced to benefit specific individuals, leading to a windfall of N5.3 billion.”
Initially, the N5.3 billion was reportedly disbursed among those complicit in the scandal. Yet, amidst the turmoil, the EFCC has managed to recover N3,180,236,254.42 from those involved. Despite this, there are mounting pressures to compel the EFCC Chairman to return the recovered funds to the accused, who assert that they earned the money legitimately.
EFCC spokesperson Dele Oyewale confirmed the ongoing investigation but remained tight-lipped on further details.
“At this stage, I cannot disclose further information as our team is still actively working on the case,” he stated.
