Fraud Allegation: Sources Reveal What Will Happen To Emefiele Over Move To Settle Out Of Court

The arraignment of the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and his ally, Sa’adatu Yaro was stalled on Wednesday.

Naija News had earlier reported that the criminal suit filed against them by the Federal Government was stalled due to the absence of Emefiele and Yaro.

There were claims that Emefiele was seeking a plea bargain in the suit filed against him by the federal government.

The suspended CBN governor is facing a 20-count charge over an alleged conspiracy to carry out procurement fraud, among others.

According to sources who spoke with Thecable, Emefiele is proposing a plea bargain agreement and the federal government is disposed to the arrangement.

The sources revealed that 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 single-handedly 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 a two-thirds majority of the senate praying that he be so removed”.

If the president cannot get a 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.