BREAKING: Emefiele, FG Set To Settle Out Of Court Over Fraud Allegations

Godwin Emefiele, suspended governor of the Central Bank of Nigeria (CBN), is seeking a plea bargain in the criminal suit filed against him by the federal government, As Our Source Disclosed

The suspended CBN governor is facing a 20-count charge over an alleged conspiracy to carry out procurement fraud, among others.

He was charged alongside one Sa’adatu Yaro, an employee of the CBN, and a firm known as April 16 Investment Ltd.

The arraignment, which was initially scheduled for August 17, was stalled due to the absence of Sa’adatu Yaro, Emefiele’s co-accused.

The case was then adjourned to August 23.

However, at the court session on Wednesday, neither Emefiele nor Yaro was present. The case was also not listed on the court’s cause list.

According to sources, Emefiele is proposing a plea bargain agreement, and the federal government is disposed to the arrangement.

If an agreement is reached, Emefiele will, subsequently, resign as CBN governor and “disgorge” some assets.

By the provisions of the law, the president cannot remove Emefiele as central bank governor.

Section 11 of the Central Bank Act 2007 specifies the conditions upon which a CBN governor can be removed from office.

Section 11(2)(f) empowers the president to terminate the appointment of a CBN governor. But, the “removal of the governor shall be supported by a two-thirds majority of the senate praying that he be so removed”.

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