The Economic and Financial Crimes Commission (EFCC) has revealed a shocking financial mismanagement under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, accusing him of approving the printing of ₦684.5 million worth of redesigned naira notes at a staggering cost of ₦18.9 billion.
The revelation came during the continuation of Emefiele’s trial at the Federal Capital Territory High Court in Abuja. The EFCC’s witness and top CBN official, Rasheed Adeniyi, stated that the exorbitant sum was spent solely on the production of the new naira notes introduced during the controversial currency redesign policy in 2022–2023.
According to the testimony, while the actual amount of money printed was under ₦700 million, the printing cost ballooned to nearly ₦19 billion — raising questions about procurement irregularities and financial accountability under Emefiele’s leadership.
The case, which has garnered nationwide attention, adds to a long list of corruption allegations against the former apex bank chief, who is also facing charges related to abuse of office, economic sabotage, and unauthorized financial transactions.
The EFCC maintains that Emefiele’s tenure was marked by unprecedented fiscal recklessness, which played a key role in Nigeria’s recent economic instability.
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