Emefiele to be arraigned in Court Monday

The formal governor of the Central Bank of Nigeria, Godwin Emefile to bee arraigned in court on Monday, April 8, 2024

Facing charges alongside his co-defendant, Henry Isioma Omole, before the Ikeja State High Court in Lagos. Accused by the Economic and Financial Crimes Commission (EFCC) of abusing his office, Emefiele allegedly oversaw the allocation of billions of United States dollars without adhering to proper procedures.

The EFCC alleges that Emefiele directed the allocation of $2,136,391,737.33 in foreign exchange between 2022 and 2023, alongside similar actions totaling $291,945,785.59 between 2020 and 2021, and $1,769,254,793.16 in 2021 alone, all without due process. These actions are said to have disadvantaged Nigerian citizens.

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Additionally, one of the counts implicates Emefiele’s co-defendant, Omole, who allegedly received $110,000 as a reward for Emefiele’s role in facilitating foreign exchange allocation. These accusations are stated to violate Section 73 of the Criminal Law of Lagos State, 2011.

The impending trial underscores the EFCC’s efforts to combat financial impropriety and uphold accountability within Nigeria’s financial sector.