A recent investigation by the Economic and Financial Crimes Commission (EFCC) has uncovered alleged corruption involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The investigation centers on the printing of one billion pieces of ₦100 banknotes and the production of 5,000 acrylic blocks to mark Nigeria’s centenary celebration in October 2014.
According to EFCC sources who spoke with Premium Times, Emefiele is accused of bypassing the standard approval process by obtaining direct authorization from former President Goodluck Jonathan, without first seeking the required approval from the CBN board, as mandated by the CBN Act of 2007.
The contract, valued at $121.66 million (₦18.91 billion at the time), was awarded to Swedish firm Crane Currency. The EFCC’s investigation raises concerns of overinflation and possible kickbacks. The findings suggest that the payment arrangement deviated from standard 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 remaining $32.72 million was withheld, converted to naira, and allegedly used to enrich senior CBN officials and their associates. The EFCC has reportedly recovered ₦3.18 billion of the inflated amount so far.
However, there are claims that pressure is being applied on the EFCC’s leadership to release the recovered funds, with arguments that the money was obtained through legitimate transactions. EFCC spokesperson Dele Oyewale confirmed the ongoing investigation 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.”
