Nigerian central bank governor Godwin Emefiele, currently suspended and detained, faces a 20-count indictment, including the charge of “conferring unlawful advantages,” as revealed by government prosecutors on Tuesday.
President Bola Tinubu, a driver of substantial reforms within Africa’s largest economy in over a decade, has initiated an investigation into the central bank under Emefiele’s leadership. This move follows Tinubu’s criticism of the bank’s policies, particularly its efforts to bolster the naira currency, which he voiced during his May inauguration.
The specific details of the new charges remain unclear at present. However, legal documents presented by the Attorney General’s Office in the preceding month outlined charges against Emefiele that encompass criminal breach of trust and criminal misappropriation of funds. These charges carry significant prison sentences.
Emefiele, taken into custody on June 10, a day after his suspension by Tinubu, entered a plea of not guilty to a firearm possession charge. While he was granted bail on July 25 following his plea, he was immediately rearrested.
“We have filed a matter with comprehensive charges,” disclosed a government lawyer to Reuters, adding that “we are withdrawing the (firearm) case at the Federal High Court in Lagos.”
Emefiele is contesting his detention and has submitted a bail application. His response to these developments could not be immediately obtained.
Notably, Emefiele introduced a multiple exchange rate policy aimed at artificially bolstering the currency, an approach that was held in high regard by former President Muhammadu Buhari as a matter of national significance.
Buhari extended Emefiele’s tenure for a second five-year term in 2019, and Emefiele was expected to retire next year.
