Re-designed naira notes - Falana seeks prosecution of Emefiele, others

Activist-Lawyer Femi Falana is seeking prosecution of the suspended Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, and the management of the apex bank for alleged incitement and culpable homicide.

The senior Advocate of Nigeria (SAN) also suggested that the apex bank should rebuild other banks’ buildings that were destroyed in the wake of the anger that was triggered by the scarcity of the new naira notes.

According to him, compensation must be paid to the families of those who were killed as a result of the alleged incitement of members of the public.

Falana made the call in a statement titled “CBN mopped up N3.5 trillion but disbursed N402 billion only.” He issued the statement yesterday in Lagos,

He said the CBN, under Emefiele’s watch, misled Nigerians to believe that sufficient cash was distributed to commercial banks to replace the sum of N3.5 trillion mopped up from customers.

The senior lawyer said because he was convinced that the suspended governor had lied and deceived Nigerians, they requested for information about the actual amount made available to each of the commercial banks.

He said in its response to their request, the CBN has now confirmed that it issued redesigned currency notes of N402 billion only to the banks.

Falana said that in January, the CBN claimed that it had supplied the commercial banks with enough cash in line with its currency design policy.

He said the apex bank purportedly directed security agencies to arrest and prosecute bank officials who were accused of sabotaging the new currency policy.

The statement reads: “Based on the statement, Nigerians trooped to the banks to collect cash. As the cash was insufficient, customers became angry.

“The mass anger over the cash crunch provoked customers who burnt bank buildings and destroyed Automated Teller Machines (ATMs) in some states.

“The violence, paralysed social and economic activities, and claimed not less than five lives while many others were injured.

“But for the Supreme Court, which extended the deadline for the withdrawal of the old naira notes up until December 31, 2023, the cash crunch would have made life more unbearable for the Nigerian people.”