Timeline of Emefiele's suspension and arrest

The suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, appeared before a Federal High Court in Lagos on Tuesday and entered a plea of not guilty to the charges of illegal possession of firearms filed against him by the Ministry of Justice.
As previously reported by Vanguard, Emefiele arrived at the Federal High Court in Lagos to face trial over the alleged possession of firearms charges.

The embattled head of the apex bank was present in court before the lawyers arrived, ready to defend himself against the two-count charge of possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without a license.

He faced arraignment on two counts related to the unlicensed possession of firearms.

Arriving ahead of the lawyers, he faces a two-count charge for possessing a single-barrel shotgun (JOJEFF MAGNUM 8371) without the appropriate license.

Emefiele, Governor since 2014, is the first to serve two terms as the head of Nigeria’s apex bank in nearly 20 years. Then-President Goodluck Jonathan first appointed him in June 2014, after Sarah Alade served out the term of the Sanusi Lamido Sanusi.

Presidential ambition and campaign controversy:

In April 2022, the Emefiele Support Group (ESG) claimed responsibility for procuring campaign materials, including branded buses, for Godwin Emefiele’s potential presidential bid. The appearance of these campaign buses sparked reactions, with some calling for his resignation. Emefiele neither confirmed nor denied the rumours until March 28, 2022, when he stated that he had not decided on his presidential aspiration.

Dismissal of Emefiele’s presidential ambition:

In May 2022, a Nigerian court in Abuja dismissed Emefiele’s request to prevent his disqualification from pursuing the presidential ticket. The court summoned the Independent National Electoral Commission (INEC) and the attorney general to present their sides in the case.

Also Read:Emefiele pleads ‘not guilty’ to firearm charges

Emefiele’s disappearance and controversies:

Godwin Emefiele returned to Nigeria from the United States, where he had attended a summit with President Buhari. He kept a low profile amid reports of a plot by the Department of State Services (DSS) to interrogate him. The DSS had accused him of terrorism financing, but a Federal High Court declined the agency’s request for his arrest.

Emefiele with the DSS:

In January, there were reports in the local media that the DSS had applied with reference number FHC/Abj/CS/2255/2022 and sought permission from the Federal High Court in Abuja to arrest and detain Emefiele.

The secret police said its preliminary investigation revealed various acts of terrorism financing and fraudulent activities by Emefiele. It also accused him of being involved in economic crimes of national security dimension.

But a Federal High Court in Maitama, Abuja, recently issued an order restraining the DSS from arresting, detaining, or questioning Emefiele.

The DSS accused Emefiele of fraud, money laundering, round tripping and conferment of financial benefits to self and others. Other corruption issues, such as the “ways and means, ” still hang around the suspended Governor’s head.

According to human rights activist Sesugh Akume, under the administration of Emefiele, the bank never followed the principles of “ways and means” loans and moved from N789.6 billion in May 2015 to N22.7 trillion in May 2023.

Suspension:

By June 9 2023, Bola Tinubu, Nigeria’s president, suspended Godwin Emefiele, Governor of the Central Bank of Nigeria, from office immediately.

“This is the sequel to the ongoing investigation of his office and the planned reforms in the economy’s financial sector,” said Willie Bassey, director, Information at the office of Secretary to the Government of the Federation.