Prominent Nigerian lawyer, Femi Falana, revealed that the Central Bank of Nigeria (CBN) accumulated approximately 3.2 trillion Naira from various sources. However, when the CBN attempted to introduce new N200, N500, and N100 notes while phasing out the old ones, it had only printed 402 billion Naira.
Speaking on the Monday edition of Channels Television’s “Sunrise Daily,” Falana criticized former central bank governor Godwin Emefiele for the currency redesign earlier in the year, which resulted in a shortage of the naira currency.
In response to the aftermath of the naira redesign policy, Falana took legal action by utilizing the Freedom of Information Act. He submitted a formal request to the Central Bank, seeking disclosure of the precise amount of money that had been printed.
“I had to write to the central bank under the Freedom of Information Act to know how much was printed.
“To my utter dismay the central bank collected about 3.2 trillion from customers and others the bank only printed 402 billion naira,” he said.
The human rights lawyer emphasized the urgency of utilizing the law to combat corruption and gather essential information to protect the interests of the people.
“We must take advantage of the law and use the law to enforce corruption and get information to defend our people,” he said.
During his appearance on the program, Falana emphasized that it goes against the federal character principle for both chairmen of Nigeria’s anti-graft federal agencies, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to originate from the same geopolitical zone.
The senior lawyer argued that if the EFCC chairman hails from the northern region, it is only fair for the chairman of the ICPC to be chosen from the southern region, ensuring a balanced representation in line with the federal character principle.
“If you are going to have the EFCC and the ICPC, the heads cannot come from the same zone,” he said.