Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), has reportedly chosen to pursue a plea bargain in his ongoing case related to an alleged fraud amounting to ₦6.69 billion.
According to sources, Emefiele has decided to reach an out-of-court settlement, which involves surrendering any suspicious funds and questionable assets that might be linked to him. However, it remains uncertain whether any such funds have actually been connected to him.
Reports indicate that as part of this settlement, Emefiele will also step down from his position as the CBN governor. This move is intended to pave the way for the government to appoint a new, permanent successor. Furthermore, it has been revealed that Emefiele and his family members will withdraw all legal actions currently in progress.
In a recent development, on August 23rd, an Abuja Court dismissed a lawsuit filed by Emefiele contesting his detention. Additionally, his siblings, George and Okanta, have withdrawn their separate lawsuits against the Department of State Service (DSS) and the Attorney-General of the Federation (AGF).
Reportedly, influential figures within Nigeria have mediated on Emefiele’s behalf, convincing the government to consider the plea bargain proposal. This change in the trajectory of his trial is believed to have both legal and political implications, with an aim to prevent any negative repercussions for the economic agenda of President Bola Ahmed Tinubu’s administration.
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Emefiele is currently facing charges of allegedly violating procurement laws involving ₦6.9 billion. A source close to the matter revealed that Emefiele and his family members were concerned about the potential lengthy duration of the trial. After careful consideration, they opted for a plea bargain as a means to resolve the case swiftly. Negotiations are underway between the legal team representing the Federal Government and Emefiele’s own legal representatives to finalize the terms of the settlement.
The source explained, “Emefiele has evaluated all possible options and has chosen the route of out-of-court settlement, which could lead to his release if both parties agree on the terms. He anticipates the possibility of enduring protracted legal proceedings and aims to avoid the ordeal of frequent court appearances. For example, since his arrest, verifying his assets has proven to be challenging. In addition, there is an ongoing Code of Conduct case against him. Given these circumstances, the plea bargain approach seemed to be the most strategic choice for him.” The source also mentioned that as part of the agreement, Emefiele will relinquish any suspicious funds or assets identified by law enforcement and anti-graft agencies.
Furthermore, the source disclosed, “As part of the settlement, Emefiele will step down from his role as the CBN governor. This departure could take the form of resignation or compulsory retirement. Such a move would enable the government to appoint a new, substantive CBN governor without encountering the legal hurdles faced during the removal of the former CBN governor, Mal. Sanusi Lamido Sanusi, under the previous administration led by ex-President Goodluck Jonathan.”
