EFCC Arrests Former CBN Governor Emefiele After Release By DSS

Former CBN Governor Emefiele has been arrested by the EFCC after his release from DSS custody.

Newsone reports that the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, briefly regained his freedom on Thursday night, October 26, 2023, after he was released by the Department of State Services (DSS).

A report monitored on SaharaReporters by Newsone Nigeria says Emefiele who had been in DSS custody since June 9, was however picked up immediately by the anti-corruption agency Economic and Financial Crimes Commission (EFCC).

“Emefiele regained his freedom last night but he was immediately picked up by operatives of the Economic and Financial Crimes Commission,” a top security source told SaharaReporters on Thursday.

This online news platform understands that Emefiele who was arrested in June by the DSS, on the same day President Bola Tinubu, suspended him from office with immediate effect, was picked up by the EFCC on Thursday after the Presidency directed the anti-graft agency to take over the case.

Newsone Nigeria had reported that former CBN Governor Emefiele was suspended “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

A release by Willie Bassey, the Director of Information, for the Secretary to the Government of the Federation, George Akume, has also said, “Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.”

In February, the DSS attempted to arrest Emefiele when Muhammadu Buhari was Nigeria’s president, but the then-Chief of Defence Staff, Gen Lucky Irabor, shielded him by providing soldiers to guard his residence and office.

The DSS had said it intensified its investigations in order to arrest and prosecute Emefiele, on allegations of terrorism financing and fraud. He was set to be released from detention by the DSS after entering into plea bargaining with President Bola Tinubu’s administration.

Reports have it that the non-prosecution plea bargain for Emefiele was premised upon the former governor’s willingness to return N50 billion which he had corruptly amassed. Emefiele and his associates were set for arraignment on N6.9 billion procurement fraud at the Federal Capital Territory High Court in August but the arraignment was stalled.

According to sources, Emefiele’s arraignment was stalled because the Attorney General of the Federation, Lateef Fagbemi (SAN) was awaiting Tinubu’s approval for it after signing the non-prosecution plea bargain. President Tinubu was out of the country at the time.

Emefiele faced 20 counts of conspiracy and procurement fraud levelled against him by the Nigerian government.

“The exclusive deal has been finalised awaiting Tinubu’s order. Tinubu is expected back in Nigeria this weekend after a medical visit to France. The DSS traced N72 billion to a series of accounts which Emefiele had planned to use for his presidential run. Also, $70 million he hid with a couple who specialised in helping him to do round-tripping was discovered,” a top source had revealed to SaharaReporters.

However, the spokesperson for the Ministry of Justice, Modupe Ogundoro, denied the existence of any non-prosecution plea bargain involving Emefiele.

The spokesperson for the Ministry of Justice said though the legal team representing Emefiele had expressed its intention in court at the last hearing to initiate a plea bargain arrangement, no such agreement existed between the office of the AGF and the former CBN governor.