CBN Gov Emefiele Arraigned Over Naira Notes Scandal
Emefiele faces charges for producing Naira notes without obtaining “strict approval”
The Economic and Financial Crimes Commission has charged Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN), with four new counts. (EFCC).
The former governor of the Central African Republic (CBN) entered a not guilty plea to all counts upon being arraigned before Maryann Anenih, a federal capital territory (FCT) high court judge.
Emefiele is being accused by the anti-graft bureau in its most recent accusation of making naira notes in a “illegal” manner.
The EFCC claims that Emefiele “disobeyed the direction of law with intent to cause injury to the public” by authorizing the printing of naira notes without receiving “strict approval” from the CBN board and former President Muhammadu Buhari, according to the charge sheet.
Emefiele was also charged by the anti-graft agency with authorizing the N124.8 billion withdrawal from the consolidated revenue fund “in a manner not prescribed by the national assembly.”
The charge sheet reads: “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.”
“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.
“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.
“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.”
The country's largest denominations of currency would be redesigned, according to a plan unveiled by Emefiele on October 26, 2022, to help security authorities combat illicit financial flows and manage the money supply.
The new notes (N200, N500, and N1000) will go into force in the middle of December 2022, according to Emefiele, who also advised users to deposit their old notes by January 31, 2023, when they would no longer be valid forms of payment.
Banks and automated teller machines (ATMs) were set on fire as a result of the scarcity of old naira notes, which led to violent riots across the nation.
The naira redesign policy, according to many commentators, was driven by political considerations.
However, the CBN's deadline for the old notes was invalidated by the Supreme Court. The highest court further mandated that notes, new and old, may be used as legal money for an unlimited period of time.
No comments:
Leave comment here