₦airaland Forum

BREAKING: EFCC Uncovers How Emefiele Spent N18billion to Print N1billion Notes

Photo of Daniel Daniel Daniel Daniel Follow on TwitterAugust 17, 2024 1 minute read

Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele allegedly spent N18 billion to print just N1 billion worth of banknotes, a fresh investigation by the Economic and Financial Crimes Commission (EFCC) has revealed.

The scandal revolves around the printing of one billion N100 banknotes and 5000 acrylic blocks for Nigeria’s centenary celebration in October 2014.

The report revealed that Emefiele bypassed the CBN board, and obtained approval from former President Goodluck Jonathan without following due process.


The contract, awarded to Swedish company Crane Currency on September 17, 2014, was inflated to $121,660,000.00 (N18,911,524,842.62). It is understood that the company supplies the CBN with banknote printing and other currency-related services.

An advance payment of $72,996,000.00 was made which is in breach of established practices. The report exposed that only $39,848,991.90 was transferred, with the balance of $32,716,050.00 converted to Naira and shared among top officials.

According to investigators, the withheld amount of $32,716,050.00 was converted to Naira and transferred to the Nigerian subsidiary of the Swedish company, totalling N5.3 billion. This amount is believed to represent the excess funds generated by the inflated contract, which was allegedly used to enrich top officials of the Central Bank of Nigeria and their accomplices.

As one investigator noted, “The contract was deliberately overpriced to benefit specific individuals within and outside the bank, resulting in a windfall of N5.3 billion.”

It is understood that N5.3 billion was initially distributed among the parties involved in the inflated contract.

However, the EFCC has since recovered N3,180,236,254.42 from those implicated in the scam. Despite this, there are reportedly efforts to pressure the EFCC Chairman to return the recovered funds to the accused individuals, who claim that the money was earned through legitimate means.

EFCC spokesperson, Dele Oyewale, has admitted that the agency is investigating the matter. However, he has refrained from providing additional information.

“At this stage, I cannot disclose further details as our team is still actively working on the case,” he said.

I am not surprise because one drug master, certificate forger, agbero, tout and strange man without any economy plan is in Abuja travelling from one place to another looking for nothing. The evil party call APC needed power and now they have it, but one dull and old weak cargo is giving cheap excuses for his harsh policies.

Xscape1993:
The evil party call APC has succeeded in destroying our country.

if you can read carefully then you will notice this crime was committed during Goodluck Jonathan's administration

Xscape1993:
God's Love For Humanity Is Boundless

Appreciate that supposed boundless love by properly using the senses you are given.

The skit-making content creators have done it again o.
122m USD as of 2014 was much less than N18B. They created this content to deflect attention from their undeniable failings. To cap the legendary comedy off, hear what EFCC actors have to say below.

“At this stage, I cannot disclose further details as our team is still actively working on the case,” he said.

...always still working while disclosing details to the media and at same time, unable to disclose further details, because, ... of course, they are still working on the case. Lol.

Already na contract wey politicians dey take thief.

Xscape1993:
The evil party call APC has succeeded in destroying our country.

Ma this your illiteracy go kee you since you no fit read

Title ought to read.. EFCC uncovers how Northerners spent #18 billion to print #1 billion naira notes.. that's northonomics for you. Emefiele was just a senseless puppet in the hand of his Northern masters.
Effect of quota system is reason why smart people are dying daily in Nigeria. It's still same reason we are spending billions of naira to pay workers in non-functional refineries filled with kids of Northern elite class.

At this stage, I cannot disclose further details as our team is still actively working on the case....

The EFCC ought to have use this Intel to go underground. Do it detailed investigation over the years, track any points those monies have been looted to and gather irrefutable evidence. Then boom!

Arrest all that needs to be arrested and start prosecuting to convict them. But here they are engaged in a media propaganda trial charade to bungle a case it was supposed to bootstrapped.

Lolzzzzz. After discovering how foolish they looked washing their their dirty linens in public, they decide to revert back to status quo and shift the blame to GEJs time

..