Naira Swap: EFCC to arraign Emefiele for printing N684.5m notes at N18.96bn Wednesday

Barring last-minute change, the Economic and Financial Crimes Commission (EFCC) will arraign the immediate-past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, before an FCT High Court on Wednesday, for approving the printing of N684.5m naira notes at the cost of N18.96bn, the Leadership newspaper reports.

The arraignment before Justice Maryann Anenih was originally scheduled for April 30, 2024, but was rescheduled following the agreement of the court and the parties.

In the four-count charge filed against former number 1 banker, 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 N124.8 billion from the Consolidated Revenue Fund (CRF) of the Federation.

This arraignment will bring to three the number of court cases instituted by the EFCC or the Office of the AGF against the former CBN governor.

Recall that on November 17, 2023, Emefiele was arraigned before Justice Hamza Muazu of FCT High Court on a six-count charge of procurement fraud, to which he pleaded not guilty.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.

On April 8, 2024, the EFCC also arraigned the former apex banker alongside one Henry Omoile before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, for an alleged $4.5bn and N2.8bn fraud.

He’s also pleaded not guilty to the charge.

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