EFCC To Arraign Emefiele on Wednesday Over Naira Swap Policy

The Economic and Financial Crimes Commission, EFCC, will arraign a former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele on Wednesday for approving the printing of N684.5m at the rate of N18.96bn in implementing the naira swap policy.

The arraignment was originally scheduled for April 30, 2024, but was rescheduled following the agreement of the court and the parties.

In the four-count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent to cause injury to the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

Reports gathered that the former CBN governor will be arraigned on these counts before Justice Maryann Anenih of the FCT High Court, Abuja.

This arraignment will bring to three the number of charges pending against the former CBN governor.

On Nov. 17, 2023, Emefiele was arraigned before Justice Hamza Muazu on a six-count charge of procurement fraud to which he pleaded not guilty.

He was also accused of abusing his office by approving a contract for the acquisition of 43 vehicles totalling N1.2 billion from 2018 to 2020.