Nigeria Brings New Allegations Against Former Central Bank Chief

The former chief of Nigeria’s Central Bank, Godwin Emefiele, is slated to appear in a Lagos courtroom on Monday due to newly filed corruption and office misuse charges by the anti-corruption body last Friday. Emefiele, who is already battling procurement fraud allegations in Abuja’s court, has refuted these claims. Recent reports reveal the Economic and Financial Crimes Commission (EFCC) has pressed new charges against the ex-central bank head. These include accusations of fraudulently allocating $2 billion in foreign exchange without the requisite bidding documentation. The alleged infractions were committed between 2022 and 2023, according to the commission.

Following his suspension by Nigeria’s President Bola Tinubu in June of the previous year, Emefiele was detained. His suspension and subsequent legal troubles come amidst broader economic reforms under President Tinubu, which include the reversal of Emefiele-initiated foreign exchange controls and a devaluation of the Nigerian currency. These steps mark a significant shift in Nigeria’s economic policy direction and underscore the new administration’s commitment to tackling corruption and reforming the country’s financial management practices. The case against Emefiele not only highlights the ongoing struggle against corruption in Nigeria but also signals a pivotal moment in the country’s approach to economic governance and regulatory oversight.

About Geraldine Boechat 2711 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia