Emefiele Faces Fresh 26-Count Charge, to be Arraigned in Lagos on Monday

The Economic and Financial Crimes Commission (EFCC) has filed a new 26-count charge against Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

The charges, which include accepting gratification, corruption, and receipt of property fraudulently obtained, will be brought before an Ikeja high court in Lagos on Monday, April 8.

Emefiele is accused of engaging in corrupt practices between 2022 and 2023 in Lagos, including the allocation of foreign exchange without bids, which is deemed prejudicial to the rights of Nigerians.

The total sum of foreign exchange allegedly allocated without bids amounts to $2,136,391,737.33 for the period between 2020 and 2021, and $291,945,785.59 for the year 2021.

In addition, Emefiele is alleged to have received $110,000 as a reward for allocating foreign exchange by the CBN in favor of Raja Punjab in November 2020.

The charges filed against him are said to contravene Section 73 of the Criminal Law of Lagos State, 2011.

This latest development follows a 20-count amended charge filed against Emefiele earlier, which includes allegations of criminal breach of trust, forgery, conspiracy to commit forgery, procurement fraud, and conspiracy to commit a felony.

In July 2023, President Bola Tinubu appointed Jim Obazee, former CEO of the Financial Reporting Council of Nigeria (FRCN), as a special investigator to probe the activities of the CBN and related entities.

The investigation led to the submission of a report on December 22, 2023, revealing alleged fraudulent activities and malfeasance in Nigeria’s apex bank.

The report accused Emefiele of consenting to the “unlawful removal” of $6.23 million from the vault of the CBN’s Abuja office.

As Emefiele faces these new charges, the public and the financial community will be closely watching the outcome of his arraignment on Monday.

The case will undoubtedly have significant implications for the reputation of the CBN and the broader fight against corruption in Nigeria.