Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), was released from custody and promptly taken into custody by operatives of the Economic and Financial Crimes Commission (EFCC).
Emefiele had been held in the custody of the Department of State Services (DSS) since June following his suspension by President Bola Tinubu. During this period, he was instructed to transfer his responsibilities to Folashodun Adebisi Shonubi, who was then the deputy governor of the operations directorate at the central bank.
Initially, Emefiele faced legal issues related to the “illegal possession” of firearms, leading to his arraignment on a two-count charge in a federal high court in Lagos. He was granted bail in the sum of N20 million, but these charges were later withdrawn by the federal government on August 17.
However, the situation took a new turn with the institution of a fresh 20-count charge against Emefiele. This new charge alleges his involvement in a conspiracy related to procurement fraud, among other accusations. The ongoing legal proceedings continue to be a subject of interest and scrutiny in Nigeria.
The arraignment has been stalled twice which Emefiele enter a plea bargain agreement.The agreement required Emefiele to resign as CBN governor and “disgorge” some assets.
On September 22, the CBN officially confirmed Emefiele’s resignation, after Olayemi Cardoso was appointed as substantive governor of the apex bank.