EFCC: Former CBN Governor Godwin Emefiele to Face Charges in Lagos Court over allocation of $3 billion

The Economic and Financial Crimes Commission (EFCC) has announced that former Central Bank of Nigeria (CBN) Governor Godwin Emefiele will be charged in Lagos’ Ikeja State High Court on Monday, April 8, 2024.

Emefiele and his co-defendant, Henry Isioma Omole, are charged with 26 counts of suspected abuse of office in connection with the allocation of billions of dollars in the United States.

Mr. Rotimi Oyedepo (SAN) filed the accusations, which bear the case number ID/23787c/2024, accusing Emefiele of abusing his authority in Lagos between 2022 and 2023. The EFCC contends that Emefiele directed the allocation of foreign exchange totaling $2,136,391,737.33 without appropriate bidding, which is considered harmful to Nigerians’ rights.

Furthermore, Emefiele is accused of similar acts between 2020 and 2021, totaling $291,945,785.59, and in 2021, involving a special allocation of foreign exchange amounting to $1,769,254,793.16. His co-defendant, Omole, allegedly accepted $110,000 as gifts from Raja Punjab through Monday Osazuwa, purportedly as a reward for Emefiele’s actions.

The charges specify violations of Section 73 of the Criminal Law of Lagos State, 2011, and are part of a broader investigation into alleged financial misconduct during Emefiele’s tenure as CBN Governor.

The arraignment before Justice Rahman Oshodi marks a significant development in the ongoing legal proceedings. It highlights the EFCC’s determination to hold individuals accountable for alleged financial irregularities. Emefiele’s legal team is expected to contest the charges as the case unfolds in court vigorously.