Suspended CBN Governor, Godwin Emefiele Opt For Out Of Court Settlement

The embattled suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is seeking a plea bargain in the criminal suit filed against him by the federal government, according to report.

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 an employee of the CBN, Sa’adatu Yaro, and a firm April1616 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.

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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 two-thirds majority of the senate praying that he be so removed”.

If the president cannot get two-thirds majority of the senate to remove the CBN governor, another option would be to wait until he is convicted of a criminal offence by a court of competent jurisdiction per section 11(2)(b).

However, section 11(3) of the CBN Act allows the CBN governor to resign his office by giving at least three months’ notice in writing to the president.