N6.69b Fraud: Emefiele opts for plea bargain

Suspended Governor of Central Bank of Nigeria, Godwin Emefiele

Report indicates that the suspended Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has opted for plea bargain in the alleged N6.69 billion fraud case.

Emefiele is standing trial for alleged violation of the procurement law to the tune of N6.9 billion.

According to report, Emefiele is likely to forfeit any suspicious cash and assets traced to him by law enforcement and anti-graft agencies.

As part of his out-of-court settlement terms he will also step aside as the CBN Governor to enable government to appoint a substantive CBN Governor.

It was gathered that Emefiele and his family opted for a plea bargain due to the fact that the court case may drag on for years.

On Wednesday, August 23, an Abuja Court struck out a suit filed by the embattled CBN governor challenging his detention. His siblings – George and Okanta, withdrew the two suits they filed against the Department of State Service (DSS) and the Attorney-General of the Federation (AGF).

A source said the Federal Government's legal team and Emefiele’s lawyers were perfecting the terms of settlement.

“Emefiele has considered all options and chose out- of-court settlement which may lead to his freedom if the terms are agreeable to both parties. He felt he may face multiple trials and he doesn’t want to go the whole hog of being in and out of court. For instance, since the time he was arrested, it has been difficult to verify his assets. So, he has a Code of Conduct case pending. But the plea bargain appeared the smartest option for him, according to our source. He is expected to forfeit any suspicious cash and assets traced to him by law enforcement and anti-graft agencies.

“Emefiele will step aside as the CBN governor. He may either resign or be sent on compulsory retirement. This will enable the government to appoint a substantive CBN governor. The settlement will allow the government to avoid a repeat of the legal challenges associated with the removal of a former CBN governor, Mal. Sanusi Lamido Sanusi by the administration of ex-President Goodluck Jonathan.”

A report said that some highly-placed Nigerians were said to have interceded for Emefiele to make government accept the plea bargain offer.