Nigeria’s Suspended Central Bank Governor to Face Fraud Charges on Thursday


Abuja, August 16 – In a development that continues to reverberate through Nigeria’s financial landscape, the suspended central bank governor, Godwin Emefiele, is scheduled to appear in an Abuja high court on Thursday. This highly anticipated court appearance will likely see Emefiele enter a plea in response to a 20-count indictment lodged against him, as conveyed by a government attorney on Wednesday.

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The legal saga surrounding Emefiele intensified on Tuesday when government lawyers revealed the filing of additional graft charges against the governor. Among the charges laid are accusations of “conferring unlawful advantages” and “unlawful procurement.” These allegations are part of a broader case involving Emefiele, a central bank employee, and a private firm. The trio is implicated in the alleged improper acquisition of 98 luxury vehicles and armored buses, as detailed in legal documents presented by the public prosecutor.

While local reports have indicated that the central bank employee was a director within the implicated private company, neither the unnamed employee nor Emefiele, who is currently detained, has immediately issued any comments.

Emefiele, who was suspended by President Bola Tinubu in June, had previously entered a plea of not guilty in relation to charges of illegal possession of a firearm. However, those firearm charges were subsequently retracted by government lawyers, citing “emerging facts pending further investigations.”

Following his initial plea on July 25, Emefiele was granted bail by a judge in Lagos. However, his release was short-lived as he was promptly re-arrested.

Tinubu, a leader initiating transformative reforms in Nigeria’s largest economy, has embarked on an investigation into the central bank under Emefiele’s leadership. This inquiry was instigated after Tinubu, during his May inauguration, criticized the bank’s policies, particularly its efforts to bolster the national currency, the naira.

Godwin Okafor
Godwin Okafor
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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