Terrorism Financing: Real reasons DSS wants to arrest CBN Governor Godwin Emefiele

On Tuesday, December 20, 2022, reports were rife that the Department of State Security Services (DSS) was after the Governor of the Central Bank of Nigeria, Godwin Emefiele.

The DSS had filed a case in an Abuja High Court to permit it to arrest the CBN boss on charges the DSS said are of paramount importance to national security.

In the suit with reference number FHC/Abj/CS/2255/2022, the DSS alleged that the CBN helmsperson is involved in terrorism financing, fraudulent activities and economic crimes of national importance.

The court stuck out the case for lacking substantial evidence against the CBN boss.

According to the court presided over by Justice J.T. Tsoho, the DSS did not provide enough evidence to show that Emefiele was involved in terrorism finance, economic crimes and fraudulent activities.

Reports say Justice Tsoho refused the DSS request and said the DSS could go ahead with the arrest of Emefiele without a court order if it has sufficient evidence.

The court said that the agency should notify the respondent if it wants to go ahead with the arrest.

The court said the arrest of Emefiele would have a national consequence of great importance.

The court also allegedly frowned on the DSS application without presidential approval considering the sensitive nature of the issue to the Nigerian economy.

There have been speculations that the travails of Emefiele are politically motivated, considering his recent moves at strengthening the economy.

The CBN under Emefiele has introduced several economic policies to strengthen the local currency. The CBN had embarked on redesigning some naira notes and introduced cash withdrawal limits to curtail excess cash in circulation said to be eroding the value of the naira.

The Presidential Campaign Organisation of Atiku Abubakar has said Emefiele’s troubles are caused by politicians who see the current moves of the CBN as against their interests and their plans to buy votes during the 2023 elections.

The House of Representatives told the CBN boss to stay in act.