Former CBN Governor Godwin Emefiele is accused of spending N18 billion to print N1 billion worth of banknotes, as revealed by a new EFCC investigation. The scandal involves the printing of one billion N100 notes and 5,000 acrylic blocks for Nigeria’s centenary in 2014.
The investigation alleges that Emefiele bypassed the CBN board and former President Goodluck Jonathan, awarding an inflated contract of $121.66 million to Swedish firm Crane Currency. An advance payment of $72.99 million was made, with only $39.85 million transferred, while the remainder was converted to Naira and distributed among officials.
The EFCC claims the excess funds, totaling N5.3 billion, were used to benefit certain individuals. Although N3.18 billion has been recovered, there are reports of attempts to return the funds to the accused. EFCC spokesperson Dele Oyewale confirmed the investigation but provided no further details.
