Suspended CBN Governor Faces Prison Sentence in N6.9 Billion Fraud Case

Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN), is likely to face a five-year prison sentence without a fine option.

President Bola Ahmed Tinubu’s government is set to sue him and his associates on charges of N6.9 billion procurement fraud.

Emefiele is to be arranged at the Federal Capital Territory (FCT) High Court in Maitama, Abuja.

Emefiele is set to face 20 charges of conspiracy, procurement fraud, and conferring corrupt advantages on his associates, which violates section 19 of the Corrupt Practices and Other Related Offences Act 2000.

Report says that Emefiele allegedly used his position as CBN governor grant illegal advantages upon Sa’ adatu Yaro, a CBN employee and her company, April1616 Investment Limited.

Included in the charges, is the procurement of fleet of exotic vehicles and buses worth N6.9 billion between 2018 and 2020.

Emefiele allegedly awarded contracts to Yaro and her company, which led to charges of corruption and conspiracy.

Included in the case are allegations against Yaro for fraudulent acquisition of property and private interest in contracts awarded to April1616 Investment Ltd. Witnesses, including CBN procurement officials, have been listed to testify against the defendants.

The federal government has requested the withdrawal of initial charges related to illegal possession of firearms and ammunition against Emefiele, citing further investigations.

The judge is scheduled to decide on this request on Thursday, despite opposition from Emefiele’s legal team.

Leave a Reply

Your email address will not be published. Required fields are marked *