Cash Scarcity: Charges should be filed against Emefiele, other CBN chiefs for inciting violence, culpable homicide – Falana

 

Femi Falana, a human rights attorney and Senior Advocate of Nigeria (SAN), has accused the Central Bank of Nigeria and its suspended Governor, Godwin Emefiele, of misleading Nigerians about the availability of money while enforcing the naira redesign policy.

 

Falana requested that the Federal Government bring charges against Emefiele and the CBN management for inciting violence and culpable homicide after they deceived Nigerians into believing that enough money had been distributed to commercial banks when it was not the case.

This was revealed in a statement made by Falana on Sunday, in which he claimed that widespread rage over the cash crunch had led to people setting fire to banks and destroying ATMs in various states.

Falana further requests that the CBN provide compensation to the relatives of individuals slain as a result of public provocation and repair the bank buildings that were destroyed by enraged customers after the redesign policy caused a cash crisis.

“In January 2023, the Central Bank of Nigeria claimed that it had supplied the commercial banks in the country with enough cash in line with its currency design policy. The apex bank purportedly directed security agencies to arrest and prosecute bank officials who were accused of sabotaging the new currency policy. Based on the statement, Nigerians trooped to the banks to collect cash. As the cash was insufficient, customers became angry,” the statement released by Falana read.

“The mass anger over the cash crunch provoked customers who burnt bank buildings and destroyed Automated Teller Machines 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.

“Convinced that the suspended governor of the Central Bank, Mr. Emefiele had lied and deceived the Nigerian people, we requested information about the actual amount made available to each of the commercial banks. In its belated response to our request, the CBN has now confirmed that it issued redesigned currency notes of N402 billion to the banks.

“Having misled Nigerians to believe that sufficient cash was distributed to commercial banks to replace the sum of N3.5 trillion mopped up from customers, Mr. Godwin Emefiele and the entire management of the CBN ought to be prosecuted for incitement and culpable homicide. In addition, the CBN should rebuild the bank buildings that were destroyed and pay compensation to the families of those who were killed as a result of the incitement of members of the public.”