Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), has been released from custody and promptly taken into the custody of the Economic and Financial Crimes Commission (EFCC). He had been held by the Department of State Services (DSS) since June following his suspension by President Bola Tinubu.
Emefiele was initially suspended and directed to transfer his responsibilities to Folashodun Adebisi Shonubi, the then deputy governor in the operations directorate at the CBN. The DSS subsequently announced that Emefiele was in their custody for "investigative reasons."
On July 25, he was arraigned on a two-count charge related to the "illegal possession" of firearms in a federal high court in Lagos. He was granted bail in the sum of N20 million, but the charges were withdrawn by the federal government on August 17.
However, he faced a new 20-count charge involving an alleged conspiracy to commit procurement fraud and other offenses. The arraignment was postponed twice, and it was reported that Emefiele had been considering a plea bargain agreement that required his resignation as CBN governor and the forfeiture of some assets.
On September 22, Emefiele officially resigned as CBN governor, and Olayemi Cardoso was appointed as his successor. His release from custody indicates ongoing legal developments and potential fresh charges against him by the EFCC.
