The EFCC's investigation reveals that former CBN Governor Godwin Emefiele allegedly orchestrated the printing of N100 banknotes and acrylic blocks for Nigeria's centenary at an inflated cost of N18 billion. Misappropriated funds amounting to N5.3 billion have been traced, with N3.18 billion recovered so far.
A new investigation by the Economic and Financial Crimes Commission (EFCC) has uncovered alleged financial misconduct involving Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN). The EFCC revealed that Emefiele orchestrated the printing of one billion N100 banknotes and the production of 5,000 acrylic blocks for Nigeria's centenary celebration in October 2014.
According to sources within the anti-graft agency, Emefiele bypassed the CBN Board and sought direct approval from former President Goodluck Jonathan for the project. This move reportedly violated the CBN Act of 2007, which mandates that currency issuance be approved by the Board on the President’s recommendation.
The contract, valued at $121.66 million (approximately N18.91 billion at the time), was awarded to Crane Currency, a Swedish firm specializing in banknote printing. An advance payment of $72.99 million was made to Crane’s Nigerian subsidiary, but only $39.85 million was transferred, with the remaining $32.72 million converted to Naira at a rate of N162 per dollar.
Investigators allege that the excess funds, amounting to N5.3 billion, were misappropriated and shared among high-ranking officials within the CBN and their associates. To date, the EFCC has recovered N3.18 billion from the implicated parties.
EFCC spokesperson Dele Oyewale confirmed the ongoing investigation but declined to provide additional details. Efforts to reach Emefiele for comment were unsuccessful.
Source: Premium Times
