- To Know Fate Next Month
By Abiola Olawale
The Ikeja Special Offences Court in Lagos has dismissed an application by Godwin Emefiele, the immediate past Governor of the Central Bank of Nigeria (CBN), challenging the court’s jurisdiction over the $4.5 billion and N2.8 billion fraud charges leveled against him.
The presiding judge, Justice Rahman Oshodi ruled that the court has the authority to proceed with the trial, affirming the Economic and Financial Crimes Commission’s (EFCC) argument that the charges fall within the court’s territorial jurisdiction based on the provided evidence.
However, the court struck out counts one to four of the charge, which specifically dealt with allegations of abuse of office.
The judge held: “Allocation of foreign exchange without reason is not defined as an offence in any written law.
“The objection to counts one to four succeeds and is hereby struck out. The objection challenging the court’s territorial jurisdiction over counts eight to 26 fails and is hereby dismissed. The prosecution has established a sufficient territorial nexus in this case.”
The judge subsequently adjourned the trial to February 24, 2025, for continuation.
The New Diplomat reports that Emefiele is facing several corruption and fraud-related charges.
Emefiele is accused of fraudulently allocating foreign exchange amounting to $2 billion without supporting bids, which is alleged to have happened between 2022 and 2023. These charges were part of a broader accusation of abuse of office and corruption.
In one of the cases, Emefiele was charged with unlawfully printing N684 million in currency notes amounting to N18.96 billion without presidential approval.
There have been multiple instances where courts ordered the interim or permanent forfeiture of assets linked to Emefiele, including cash sums in dollars and properties in prime locations in Nigeria, suggesting these were acquired with proceeds from unlawful activities.
These cases span multiple courts in Nigeria, with Emefiele being accused of various financial improprieties during his tenure at the CBN.
