EFCC Uncovers Shocking N18 Billion Scandal: Emefiele Allegedly Splurged to Print Just N1 Billion in Banknotes

Fresh investigation by the Economic and Financial Crimes Commission (EFCC) has revealed a staggering scandal involving the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. The investigation uncovered that Emefiele allegedly spent a whopping N18 billion to print just N1 billion worth of banknotes.

The controversy centers around the printing of one billion N100 banknotes and 5,000 acrylic blocks for Nigeria’s centenary celebration in October 2014. The EFCC report alleges that Emefiele bypassed the CBN board and directly secured approval from former President Goodluck Jonathan, sidestepping established procedures.

The contract in question was awarded to the Swedish company Crane Currency on September 17, 2014. The total amount was inflated to $121,660,000.00, approximately N18.9 billion. Crane Currency is known for supplying the CBN with banknote printing and other currency-related services.

In a clear breach of standard practices, an advance payment of $72,996,000.00 was made. However, only $39,848,991.90 was transferred to the company, with the remaining $32,716,050.00 converted into Naira. This amount, totaling N5.3 billion, was allegedly pocketed by top CBN officials and their accomplices.

Investigators disclosed that the contract was deliberately overpriced to create a financial windfall of N5.3 billion for certain individuals within and outside the bank. This excess amount was reportedly shared among the parties involved in the scam.

In a positive turn, the EFCC has managed to recover N3,180,236,254.42 of the stolen funds. However, there are ongoing efforts by those implicated to pressure the EFCC Chairman into returning the recovered money, claiming that the funds were earned legitimately.

EFCC spokesperson Dele Oyewale confirmed that the agency is actively investigating the matter. However, he refrained from providing additional details, stating, “At this stage, I cannot disclose further details as our team is still actively working on the case.”

This scandal has raised significant concerns about financial mismanagement and corruption at the highest levels of Nigeria’s financial institutions, further highlighting the need for stricter oversight and accountability within the country’s banking sector.