EFCC Uncovers How Godwin Emefiele Spent N18billion To Print N1billion Notes

A fresh investigation by the Economic and Financial Crimes Commission (EFCC) has revealed alleged corruption linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The investigation focuses on printing one billion pieces of ₦100 banknotes and the production of 5,000 acrylic blocks in commemoration of Nigeria’s centenary celebration in October 2014.

Sources within the EFCC who spoke with the Premium Times disclosed that Emefiele allegedly bypassed the standard approval process by securing direct approval from former President, Goodluck Jonathan without first passing the proposal through the CBN board as mandated by the CBN Act of 2007.

According to the investigation, this contract, valued at $121.66 million (₦18.91 billion at the time), was awarded to Swedish company Crane Currency, raising concerns of overinflation and kickbacks.

The EFCC’s findings indicated that the payment arrangement breached established practices, with 60% of the contract sum ($72.99 million) advanced to Crane Currency through its Nigerian subsidiary.

Investigators allege that only $39.85 million was actually transferred to Crane, while the balance of $32.72 million was held back, converted to naira, and used to enrich top officials of the CBN and their associates.

The EFCC has reportedly recovered ₦3.18 billion of the inflated amount so far.

However, sources say that pressures are being mounted on the anti-graft agency’s leadership to release the funds, with claims that the proceeds are from legitimate transactions.

The EFCC spokesperson, Dele Oyewale, confirmed that the investigation is ongoing but declined to provide further details, stating, “There is nothing I can tell you at this point because our people are still working on the matter.”

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