The former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was briefly arrested by the Economic and Financial Crimes Commission (EFCC) after his release from the Department of State Services (DSS) custody on Thursday night.
Emefiele had previously been in DSS custody since June 2023, when he was suspended from office by President Bola Ahmed Tinubu. His suspension was linked to ongoing investigations into his office and planned reforms in the financial sector.
The DSS had arrested Emefiele and suspended him from his position as CBN governor with immediate effect. A statement from the Secretary to the Government of the Federation had directed Emefiele to hand over his responsibilities to the Deputy Governor (Operations Directorate) while investigations and reforms were ongoing.
It was reported that Emefiele was set to be released from DSS detention after entering into a plea bargain with the federal government. The plea bargain involved his willingness to return a sum of N50 billion, which he was alleged to have misappropriated.
However, reports suggest that the Attorney General of the Federation, Lateef Fagbemi (SAN), was waiting for President Tinubu’s approval to proceed with Emefiele’s arraignment following the plea bargain. Tinubu was said to be out of the country at the time.
Reports also claimed that the DSS had discovered significant sums of money linked to Emefiele, which were intended for his presidential campaign, as well as funds hidden with individuals involved in round-tripping.
It’s worth noting that there were conflicting statements regarding the existence of the non-prosecution plea bargain involving Emefiele, with the Ministry of Justice denying its existence.
It’s also relevant to mention that the former chairman of the EFCC, Abdulrasheed Bawa, who had been detained by the DSS for 134 days without trial, was released the night before. His detention had been linked to allegations of abuse of office after his suspension by President Tinubu.