EFCC Investigates Emefiele’s ₦18 Billion Outlay For ₦1 Billion In Banknotes

EFCC Investigates Emefiele’s ₦18 Billion Outlay For ₦1 Billion In Banknotes....KINDLY READ THE FULL STORY HERE▶

A new investigation by the Economic and Financial Crimes Commission (EFCC) has uncovered alleged corruption involving former Central Bank of Nigeria (CBN) Governor Godwin Emefiele……. CONTINUE READING

The probe centers on the printing of one billion ₦100 banknotes and the production of 5,000 acrylic blocks for Nigeria’s centenary celebration in October 2014. According to EFCC sources who spoke with Premium Times, Emefiele is accused of circumventing the standard approval process by directly obtaining approval from former President Goodluck Jonathan, bypassing the CBN board as required by the CBN Act of 2007.

The contract, valued at $121.66 million (₦18.91 billion at that time), was awarded to the Swedish firm Crane Currency. The investigation raises concerns about inflated costs and potential kickbacks. The EFCC’s findings suggest that 60% of the contract sum ($72.99 million) was advanced to Crane Currency through its Nigerian subsidiary, although only $39.85 million was actually transferred. The remaining $32.72 million was reportedly converted to naira and used to benefit high-ranking CBN officials and their associates.

The EFCC has so far recovered ₦3.18 billion of the overinflated amount. However, there are reports of pressure on the anti-graft agency to release these funds, with claims that the money is from legitimate sources.

EFCC spokesperson Dele Oyewale confirmed that the investigation is ongoing but declined to provide additional 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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