Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has been arrested by the Department of State Services (DSS).
This follows President Bola Tinubu’s decision to suspend Emefiele from his position on Friday evening, according to reports.
Following his suspension, Emefiele was directed to delegate his duties to the Deputy Governor (Operations Directorate), who will act as Central Bank Governor until the investigation and necessary reforms are completed. However, Emefiele’s arrest by the DSS has added a new layer of complication to the situation.
On December 7, 2022, the DSS filed its case (ex-parte motion) against Emefiele, requesting permission to arrest, investigate, and detain him. However, on December 9, a federal high court in Abuja dismissed the DSS’s application.
The DSS has charged Emefiele with the following:
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1. Funding Unknown gunmen, ESN, and IPOB with funds raised for his failed presidential bid last year as well as funds diverted from government coffers.
2. Inadequate management of Nigeria’s social investment programmes (NISRAL and the Anchor Borrowers Scheme).
3. National security-related illegal economic crimes
4. Laundering of funds
5. Unwholesome activities through intermediaries
Sixth, round tripping
7. Providing financial benefits to oneself and others
8. National Security Risk
9. Illegal conspiracy to divert government funds