Suspended CBN Governor Emefiele and Associates to Face Legal Action for ₦6.9 Billion Procurement Fraud

Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN), is set to face legal action alongside his associates for their alleged involvement in a massive ₦6.9 billion procurement fraud.

The arraignment is scheduled to unfold on Thursday at the Federal Capital Territory High Court in Maitama, Abuja.

The charges revolve around accusations of corrupt advantages granted to Emefiele’s associates, including CBN employee Sa’adatu Yaro and her company, April1616 Investment Limited. Since his suspension on June 9 by President Bola Tinubu, Emefiele’s detention has garnered widespread attention, casting a shadow over the financial sector.

Should Emefiele be found guilty of corrupt enrichment, a conviction could lead to a sentence of five years imprisonment without the possibility of a fine, as stipulated by Section 19 of the Corrupt Practices and Other Related Offences Act 2000.

The charges, brought forth by the Director of Public Prosecutions at the Federal Ministry of Justice, Mohammed Abubakar, and Deputy Director of Public Prosecution N Jones-Nebo, alongside eight other ministry officials, center around the procurement of a fleet of luxury vehicles and armored buses, valued at approximately ₦6.9 billion.

The purchases, spanning 2018 to 2020, encompass an array of 98 vehicles, including 84 Toyota Hilux vehicles, 10 armored Mercedes Benz buses, three Toyota Land Cruisers, and a Toyota Avalon car. Notably, the charges detail how Emefiele allegedly used his position to award contracts favoring Yaro and her company, facilitating the acquisition of vehicles worth hundreds of millions of Naira.

Among the specific charges, one reads, “That you, Godwin Ifeanyi Emefiele… did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage… and thereby committed an offence.”

The case highlights alleged collusion between Emefiele and Sa’adatu Rammala Yaro, involving multiple contracts for vehicle procurement. The accusations suggest a pattern of misuse of power, as Emefiele is said to have awarded contracts to Yaro’s company, April1616 Investment Limited, while she held a position within the CBN.