Following a previous order to prosecute him or release him, the Department of State Security (DSS) said on Thursday that it has filed charges in court against Central Bank governor Godwin Emefiele, who is currently jailed and on leave.
Emefiele may be sentenced to lengthy prison sentences if found guilty of misappropriating cash, according to documents submitted by government attorneys. Emefiele was detained by the DSS on June 10 after being suspended by the new president, Bola Tinubu, on June 9.
“Sequel to an Abuja High Court Order of today, 13th July, 2023, the Department of State Services hereby confirms that Mr Godwin Emefiele has been charged to Court in compliance with the order,” the DSS said in a statement. Court papers will be served to Emefiele’s lawyers and the court then will set a day for his arraignment, at which time he will be asked to enter a plea.
On Thursday, no one could be reached to speak with his attorney. The suspension was imposed by President Tinubu less than two weeks after taking office. Shortly after, Emefiele’s announced trading limitations in foreign currencies were removed by the central bank.
Investors were ecstatic about the limitations being removed as part of the new president’s drive to modernize the central bank. According to Nigeria’s constitution, accused individuals cannot be held without charge for more than 48 hours.
According to government attorneys, a lower magistrate court decision to keep Emefiele in custody longer while investigations are ongoing.
Emefiele was scheduled to step down in 2019 after being chosen by former President Muhammadu Buhari for a second five-year tenure. Buhari has advocated for a strong currency because he saw it as a matter of national pride.
