Emefiele Pleads Not Guilty For Printing N684m Using N18.9bn

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Former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has today pleaded not guilty to a four-count charge pressed against him by the Economic And Financial Crime Commission, EFCC, for printing N684 million notes using N18.96 billion. Emefiele was arraigned by the EFCC, before Justice Maryann Anenih of the Federal Capital Territory, FCT, High Court, Abuja, when he entered the plea. 


In a the four-count charge pressed against him, the anti-graft 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. 

Accordingly, the anti-graft agency also accused the former CBN governor of unlawfully Okaying the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation. 

The arraignment today has brought the charges levelled against Emefiele to be three in number. 

On November 17, 2023, Emefiele was paraded before Justice Hamza Muazu on a six-count charge of procurement fraud to which he pleaded not guilty too. 

The former apex bank governor was also charge with gross abuse of 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 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. 

Meanwhile, Emefiele also pleaded not guilty for this one too. 

However, another charge was added to that on 02nd April was subsequently added on April, 2,2024 by the anti-graft lawyer, Rotimi Oyedepo (SAN) alongside eight other lawyers on behalf of the Attorney General of the Federation, AGF. 

The charges reads as follows; “STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990. 

“PARTICULARS OF THE 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 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.” 

COUNT 2: “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 (Five Hundred Naira) 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. 

COUNT 3: “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 (Two Hundred Naira) 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.” 

COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable 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.”