Tinubu set to release Emefiele from detention

The government of President Bola Tinubu has reportedly agreed to release the embattled Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

According to Sahara Reporters Emefiele will soon be freed from the custody of the Department of State Services (DSS) following the conclusion of a plea bargain with President Tinubu’s administration.

This plea bargain is founded on Emefiele’s commitment to return a substantial sum of N50 billion, which he is alleged to have amassed through corrupt means.

The Minister of Justice and Attorney-General of the Federation (AGF), Lateef Fagbemi, has reportedly signed the non-prosecution plea bargain agreement, pending President Tinubu’s approval.

Emefiele had been facing a total of 20 counts of conspiracy and procurement fraud charges brought against him by the Nigerian government, and he was brought to court on August 17, 2023, under tight security.

According to a top source,

The exclusive deal has been finalized, awaiting Tinubu’s order. Tinubu is expected back in Nigeria this weekend after a medical visit to France. The DSS traced N72 billion to a series of accounts which Emefiele had planned to use for his Presidential run. Also, $70 million he hid with a couple who specialized in helping him do round tripping was discovered.

Further investigations revealed that ownership of Polaris Bank was traced to Emefiele, along with several other banks that he had allegedly used intermediaries to establish.

The arrest of Aminu Yaro and his wife, Saadatu Yaro, in connection with investigations into Emefiele’s infractions had drawn significant attention.

Aminu Yaro, known as the Sarkin Hausawa of Lagos and Chairman of the Council of Chiefs, was arrested at their home in Abuja on July 12, 2023, in connection with a case involving Emefiele related to forex differential fraud.

It should be noted that the fundamental rights enforcement suit filed against the DSS and the AGF at the High Court of the Federal Capital Territory (FCT) by two brothers of Emefiele had been withdrawn.

This withdrawal came after the court’s vacation judge, Justice Emmanuel Okpe, struck out the suit at the request of the applicants, who informed the court of their decision to discontinue the case.

The trial of Emefiele at the High Court of Federal Capital Territory (FCT) had also been stalled due to his intention to enter into plea bargaining to seek a soft landing.

Lawyers involved in the case revealed that Emefiele had opted for plea bargaining to resolve the matter.