Former CBN Director Accuses Emefiele of Printing Unauthorized Naira Design
Ahmed Umar, a former Director of Currency Operations at the Central Bank of Nigeria (CBN), has accused Godwin Emefiele, the immediate past governor, of printing his own unauthorized design of the naira. This startling disclosure has brought to light significant discrepancies in the nation’s currency design process.
According to The Nation, the Economic and Financial Crimes Commission (EFCC) arraigned Emefiele on May 15, presenting a four-count charge before Justice Maryanne Anenih of the FCT High Court. Emefiele denied the charges and was granted bail set at N300 million.
In his testimony at the Federal Capital Territory (FCT) High Court in Maitama, Umar highlighted that the naira design approved by former President Muhammadu Buhari included a QR code and positioned the portrait on the right side of the note. However, the version printed under Emefiele’s directive did not feature the QR code, placed the portrait on the left, and followed a different number scheme than what was approved.
This case has intensified scrutiny on Emefiele, who has already faced multiple legal challenges. The court recently ordered the forfeiture of $1.7 million linked to Emefiele, as well as another forfeiture of N11 billion worth of property connected to him.
These developments have raised serious concerns about governance and transparency within Nigeria’s financial institutions. The allegations against Emefiele could have far-reaching implications for the CBN and the nation’s economic stability.