HEAD MUST ROLL… Emefiele to name publishers who benefited from CBN looting

The ongoing legal process involving former Central Bank of Nigeria chairman, Godwin Emefiele, regarding large sums of money in naira and dollars may implicate well-known figures in the newspaper industry. An anti-corruption agency is poised to investigate various financial dealings of media organizations in Nigeria.

A source told ThePAPERS that Emefiele is not happy with the way some newspaper outlets have been reporting his arraignment and this could lead to revealing certain newspaper publishers who had profited from the embezzlement of funds from the Central Bank of Nigeria during the administrations of former presidents Goodluck Jonathan and Mohammadu Buhari.

Additionally, the Economic and Financial Crimes Commission (EFCC) has reportedly looked into individuals linked to these transactions.

As the investigation progresses, there is growing concern among certain media personalities who are rumored to be involved in the transactions.

The Economic and Financial Crimes Commission (EFCC) has arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on a fresh four-count…

Meanwhile, the Economic and Financial Crimes Commission (EFCC) has arraigned the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on a fresh four-count charge of printing N684.5 million notes with the sum of N18.96 billion.

Emefiele was arraigned before Maryann Anenih, judge of a Federal High Court in Abuja, the nation’s capital, and pleaded not guilty to all the counts.

In the four-count charge filed against him, the EFCC alleged that Emefiele breached the order of the court with intent to harm during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

According to the anti-graft agency, the ex-CBN governor “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from Buhari and the CBN board.

The EFCC further stated that Emefiele was accused of approving the withdrawal of N124.8 billion from the consolidated revenue fund “in a manner not prescribed by the national assembly”.

The charges filed against him are:

“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.