NIGERIA’S Department of State Security (DSS) announced on Thursday that it has filed charges against Godwin Emefiele, the suspended governor of the country’s central bank. The move comes after an earlier court order that instructed authorities to either charge Emefiele or release him from custody. According to papers filed by government lawyers, Emefiele is facing criminal charges, including misappropriation of funds, which could result in substantial prison sentences if he is convicted.
The DSS did not provide specific details regarding the charges, and Emefiele has not yet made an appearance in court. However, the agency confirmed that it has complied with the court order by filing charges against him. Court papers will be served to Emefiele’s legal representatives, and a date for his arraignment will be set, during which he will be required to enter a plea.
President Bola Tinubu suspended Emefiele on June 9, just days after assuming office. The central bank governor was subsequently arrested by the DSS on the following day. The specific reasons behind his suspension and subsequent arrest have not been disclosed.
The lifting of restrictions on foreign currency trading, which had been implemented by Emefiele during his tenure, was among the initial actions taken by President Tinubu after assuming office. This move, aimed at reforming the central bank, was met with approval from investors.
Under Nigeria’s constitution, individuals cannot be held in detention for more than 48 hours without being presented before a court. Government lawyers have obtained an order from a lower magistrate court to extend Emefiele’s detention while investigations continue.
Emefiele, who was appointed by former President Muhammadu Buhari for a second five-year term in 2019, was scheduled to retire next year. Buhari had advocated for a strong national currency, considering it a matter of national pride.
Emefiele’s defence lawyer was unavailable for comment at the time of reporting.