The Economic and Financial Crimes Commission (EFCC) has accused former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, of violating directives from former President Muhammadu Buhari by outsourcing the naira redesign contract to a foreign company. The anti-graft agency alleged that Emefiele acted unilaterally, ignoring local alternatives and disregarding due process in awarding the contract. This revelation comes as part of the EFCC’s ongoing investigation into financial misconduct during his tenure.
According to EFCC officials, Buhari had instructed that the naira redesign project should be handled within Nigeria to promote local industries and conserve foreign exchange. However, Emefiele allegedly bypassed this directive and engaged a foreign firm without presidential approval. The contract, worth billions of naira, was reportedly executed outside the country, raising concerns about transparency and accountability in the process.
The commission further stated that Emefiele’s decision contributed to the challenges faced during the implementation of the new naira notes, including severe cash shortages and economic disruptions. Many Nigerians struggled with the scarcity of the redesigned notes, leading to protests and economic hardship. Critics argue that the rushed implementation and poor planning worsened the country’s financial instability at the time.
In addition to this allegation, Emefiele is facing multiple charges, including corruption, abuse of office, and financial mismanagement. The EFCC has been investigating his role in various financial transactions under his leadership at the CBN. His legal troubles have intensified as new evidence emerges about questionable contracts and policy decisions made during his tenure.
The former CBN governor has denied any wrongdoing, insisting that all decisions regarding the naira redesign were made in the best interest of the country. His legal team has dismissed the allegations as politically motivated. However, the EFCC remains determined to hold him accountable, with further court proceedings expected to shed more light on the matter in the coming weeks.
