Former CBN Governor Godwin Emefiele to Be Released as EFCC Takes Over Case

Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele may soon be released from the custody of the Department of State Services (DSS), as the Economic and Financial Crimes Commission (EFCC) has been instructed by President Bola Tinubu to take over his case.

Sources within the Ministry of Justice have revealed that the presidency directed the EFCC to assume responsibility for Emefiele’s case and oversee the prosecution.

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To provide context, on June 9, President Bola Tinubu suspended Emefiele and instructed him to transfer his duties to the Deputy Governor of the Operations Directorate at the time, Folashodun Adebisi Shonubi. The following day, the DSS disclosed that Emefiele was in their custody for investigative purposes.

On July 25, he was brought before a federal high court in Lagos on a two-count charge related to the “illegal possession” of firearms and was granted bail of N20 million. However, on August 17, the federal government withdrew these charges. Subsequently, a fresh 20-count charge was filed against him, alleging involvement in procurement fraud and other offences.

The arraignment on these new charges has been postponed twice, and there were reports that Emefiele was considering a plea bargain that would require his resignation as CBN governor and the forfeiture of certain assets. On September 22, the CBN officially confirmed Emefiele’s resignation, with Olayemi Cardoso appointed as the new substantive governor of the central bank.

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