By Ayodele Ifasakin
The Economic and Financial Crimes Commission (EFCC) has made a startling discovery, revealing that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, spent a whopping N18 billion to print a mere N1 billion worth of banknotes.
According to the EFCC's investigation, the scandalous contract was awarded to Swedish company, Crane Currency, in 2014, for the printing of N100 banknotes and 5000 acrylic blocks to commemorate Nigeria's centenary celebration.
The contract was allegedly inflated to $121,660,000.00 (N18,911,524,842.62), with Emefiele bypassing the CBN board and obtaining approval from former President Goodluck Jonathan without following due process.
A significant portion of the funds, $32,716,050.00, was converted to Naira and shared among top officials, with N5.3 billion initially distributed among the parties involved. However, the EFCC has since recovered N3,180,236,254.42 from those implicated in the scam.
The investigation has exposed a shocking abuse of office and corruption, with top CBN officials and their accomplices allegedly benefiting from the inflated contract. The EFCC's findings have sparked widespread outrage, with many calling for Emefiele and others involved to face justice.
Lagos Reporter
