Nigeria: Former Central Bank Governor Faces New Charges in High-Profile Corruption Case

Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), is now confronting 14 additional criminal charges as part of a high-profile corruption case, marking a significant development in President Bola Ahmed Tinubu’s tenure. The charges stem from a report by a presidential team investigating alleged irregularities at Nigeria’s apex bank.

The Central Bank probe’s special investigator discovered that Emefiele and others embezzled $1.3 million and engaged in various financial offences. Emefiele, who presided over the central bank for nine years, resigned last year following his arrest.

The new charges, including forgery, conspiracy, felony, procurement fraud, and criminal breach of trust, were presented to a judge in Abuja by state prosecutors. The Economic and Financial Crimes Commission (EFCC) revealed that Emefiele is expected to enter a plea on Friday.

Emefiele, who was granted bail in December after five months in detention, had movement restrictions within Abuja. Recently, these restrictions were amended to allow travel both within and outside the country.

This latest legal development follows the initial charges filed by the EFCC in November, consisting of six counts of fraud involving 1.2 billion naira ($1.3 million). The 62-year-old former bank chief, once a prominent figure under President Muhammadu Buhari, had a controversial tenure marked by a presidential run and the implementation of a criticized currency exchange rate system.

Emefiele’s currency redesign plan faced scrutiny, with allegations of disrupting the economy and hindering political funding during the general elections. Despite former President Buhari citing anti-counterfeiting measures and addressing inflation as reasons for the policy, analysts argue that the outcome was economic disruption and chaos, affecting urban and rural dwellers struggling with the transition from old to new currency notes.

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