Sunday, August 3, 2025

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One Hour After Freedom From DSS Gulag, EFCC Arrests Ex-CBN Gov Emefiele

The New Diplomat
Writer

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By Ayo Yusuf

Barely one hour after he was freed by the Department of State Services, DSS, Thursday night, the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has been arrested and detained in the custody of the Economic and Financial Crimes Commission, EFCC.

Mr. Emefiele, currently being interrogated at the National Headquarters of the anti-graft agency, Jabi, Abuja, was reportedly picked up by EFCC operatives Thursday night, less than an hour after he regained his freedom from the dungeon of the DSS.

Highly placed sources revealed that the EFCC is probing Mr. Emefiele over alleged improprieties committed during his term as the head of the apex bank.

“Yes, Emefiele is currently in our (EFCC) custody; he was arrested last night less than an hour after the DSS freed him. He’s currently being interrogated at the Headquarters, as he’s being investigated for alleged misappropriation of funds amongst other things during his term as CBN governor,” the source noted.

Our correspondent further gathered that fresh charges may be filed against Mr. Emefiele by the EFCC.

However, the spokesperson for the EFCC, Dele Oyewale, could not be reached for official confirmation when contacted on Friday.

It would be recalled that Mr. Emefiele had been in the custody of the Department of State Services since June after President Bola Tinubu suspended him from office.

He was thereafter asked to transfer his responsibilities to Folashodun Adebisi Shonubi, then deputy governor, operations, directorate at the apex bank.

A day after, the DSS announced that Mr. Emefiele was in its custody for ‘some investigative reasons’.

On July 25, he was arraigned on a two-count charge bordering on “illegal possession” of firearms at a federal high court in Lagos and was granted bail in the sum of N20 million.

The two-count charge was later struck out on August 17 after the federal government withdrew the same.

However, a fresh 20-count charge was instituted against him over an alleged conspiracy to carry out procurement fraud, among others.

The arraignment has been stalled twice, and Mr. Emefiele was reported to have proposed a plea bargain agreement with the federal government.

The proposed agreement required Mr. Emefiele to resign as CBN governor and return some ill-gotten assets. The government has since denied that any such deal was struck with the former central bank governor.

However, on September 22, the CBN officially confirmed Mr. Emefiele’s resignation after Olayemi Cardoso was appointed as substantive governor of the apex bank.

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