BREAKING: Emefiele To Be Remanded in EFCC Custody

REVEALED: Emefiele To Resign As CBN Gov, Opted For Plea Bargain

by Victor Ndubuisi

More information has been made available regarding what prompted suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele to choose a plea deal in the alleged N6.69 billion fraud case brought against him.

Remember that previously revealed that Emefiele allegedly chose a plea agreement with the federal government in the allegations brought against him.

According to sources aware of the process, Saadat Yaro and Emefiele have decided to settle with the government through a plea agreement.

UPDATE: Again, Emefiele’s Arraignment Over Alleged Procurement Fraud Stalled

According to, the federal government charged the suspects with 20 counts totaling N6.9 billion for allegedly breaking procurement regulations and contract inflation.


The High Court of the Federal Capital Territory’s Wednesday arraignment, however, was not listed on the court’s cause list.

Emefiele and his co-defendant Yaro were also absent from court, and there was no special security presence seen in the area of the courthouse.

In addition, none of the parties’ solicitors attended the hearing.

According to sources who claim to be in the know, the jailed CBN Governor requested that the arraignment be postponed so that all parties could reach an agreement on the plea bargain.

JUST IN: Court Strikes Out Firearm Charge Against Emefiele

It was discovered that Emefiele would surrender any illegal funds and dubious assets that may be linked to him as part of the conditions of the out-of-court settlement agreement. However, it was impossible to ascertain whether any illicit funds had been linked to him.

He will also resign from his position as CBN governor to allow the government to name a legitimate successor.


Additionally, it was learned that Emefiele and his family would drop all legal arguments.

The Nation claims that certain influential Nigerians intervened on Emefiele’s behalf to convince the government to accept the plea deal offer.

The way his trial proceeded was reportedly done so with “legal and political overtones to avoid anything which may have negative impacts on the economic agenda of the administration of President Bola Ahmed Tinubu.”


UPDATED: Drama As Emefiele Dodges Camera In Court

According to a reliable source, Emefiele believed that his trial would likely stretch on for years. The suspended CBN chairman and his family members considered all of their alternatives before deciding on a plea deal.

The source said: “Emefiele has considered all options and chose out-of-court settlement, which may lead to his freedom if the terms are agreeable to both parties.


“He felt he may face multiple trials, and he doesn’t want to go the whole hog of being in and out of court. For instance, since the time he was arrested, it has been difficult to verify his assets. So, he has a Code of Conduct case pending.

“But the plea bargain appeared the smartest option for him.

“He is expected to forfeit any suspicious cash and assets traced to him by law enforcement and anti-graft agencies.”

UPDATE: FG Files Fresh Charges Against Godwin Emefiele

The source added: “Emefiele will step aside as the CBN governor. He may either resign or be sent on compulsory retirement.


“This will enable the government to appoint a substantive CBN governor.

“The settlement will allow the government to avoid a repeat of the legal challenges associated with the removal of a former CBN governor, Mal. Sanusi Lamido Sanusi by the administration of ex-President Goodluck Jonathan.”


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