In the wake of a damning report from a presidential team investigating alleged misconduct at Nigeria's central bank, new charges have surfaced. Media outlets reveal that the special investigator examining the Central Bank has accused the former CBN Governor, Mr. Godwin Emefiele, and others of embezzling $1.3 million and engaging in various financial offenses.
Having helmed the central bank for nine years, Mr. Emefiele resigned last year after his arrest. State prosecutors informed a judge in Abuja that the updated charges against him include "forgery, conspiracy to commit forgery and felony, procurement fraud, and criminal breach of trust." The Economic and Financial Crimes Commission (EFCC) lawyer, Rotimi Oyedepo, stated that Emefiele is expected to be indicted on Friday and enter a plea.
Despite five months in detention, Emefiele, who has remained silent on his prosecution, secured bail in December. Initially confined to Abuja, the bail conditions were modified to allow travel within the country.
These new charges complement those filed in November, where the EFCC accused Emefiele of six counts of fraud involving 1.2 billion naira ($1.3 million). The 62-year-old, once a powerful figure in Nigeria under President Muhammadu Buhari, faced criticism for his presidency bid and controversial currency policies, including the redesign of the Naira. This move, executed just weeks before general elections, drew ire from millions, who believed it hindered politicians' access to campaign funds.
Former President Buhari defended the currency redesign as a measure to combat counterfeiting, excess cash, and inflation. However, analysts argue that the policy led to economic disruption, causing chaos for both urban and rural dwellers struggling to exchange old notes for new ones. The episode raised doubts about Emefiele's intentions and his relationship with Buhari, particularly concerning the presidential aspirations of Bola Tinubu.