The Trial Of Emefiele And Sirika Has Commenced By The EFCC

By: Nwakaji Peace Martins

The Economic and Financial Crimes Commission (EFCC) commenced the criminal trial of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and former Aviation Minister, Hadi Abubakar Sirika, yesterday.
Emefiele was arraigned before Justice Maryanne Anenih on May 15 on a four-count charge filed by the EFCC.
The prosecution, in the charge marked: CR/264/2024, accused Emefiele of authorizing the production of new Naira notes between October 2022 and March 2023 without adhering to the due process of the law.
Furthermore, the former CBN governor was charged with approving the withdrawal of N124,860,227,865.16 from the Consolidated Revenue Fund of the Federation in a manner not sanctioned by the National Assembly.
The alleged offenses were stated to be contrary to, and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

In a separate trial, Sirika and his brother, Ahmad Abubakar Sirika, an employee of the Federal Ministry of Water Resources, are facing a 10-count charge of contract fraud. They were arraigned on May 23 before Justice Suleiman Belgore alongside two companies, Enginos Nigeria Limited, and Samahah Integrated Investments Limited.
In the case marked: FCT/HC/CR/347/2024, the EFCC accused Sirika of awarding three contracts worth approximately N5,772,279,460.00 to a company, Enginos Nigeria Limited, which is owned by his brother, Ahmad.
During Emefiele’s trial, the prosecution presented its first witness, Ahmed Bello Umar, who mentioned that he retired in July last year as the Director of Currency Operations at the CBN.

Led in evidence by prosecuting counsel, Rotimi Oyedepo (SAN), Umar identified the defendant as the Governor of the CBN during his tenure as the Director, Currency Operations.
Oyedepo clarified that the CBN’s management consists of two key structures, the Committee of Governors (COG), and the Board of Directors (BOD).
Umar explained that the COG comprises five members, with the Governor serving as the Chairman, and the four Deputy Governors as members.

The COG oversees operational matters relating to the day-to-day operations of the bank, while the BOD, consisting of 12 members, including the Governor, Deputy Governors, Permanent Secretary of the Federal Ministry of Finance, and the Accountant General of the Federation, among others, is the highest decision-making body of the CBN.
Umar recalled that in August 2022, the CBN’s management instructed his department to prepare a memo on the redesign of the Naira notes. The memo was presented to the COG for review and approval, leading to subsequent consideration by the BOD.