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Emefiele Reportedly Willing To Refund Over N1.6 Billion To Secure Plea Bargain

According to reports, Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), will reimburse more than N 1.6 billion in order to obtain a plea deal.

Remember that Emefiele was charged with six counts of alleged procurement fraud last week by the Economic and Financial Crimes Commission (EFCC).

The initial 20 counts totaling N6.5 billion were lowered to six counts totaling N1.6 billion. The sole defendant in the new accusation, the former governor of CBN, has been placed under detention at Kuje Correctional Centre.

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Nevertheless, ThisNigeria claims that Emefiele is prepared to return a few billion dollars in order to get a plea agreement with the federal government.


The publication was informed by a trustworthy source that the former head of the top bank just wanted a small portion of what he allegedly looted.

The source said: “He is willing to refund some money to secure a plea bargain, but I can’t give you a figure. Even what he wants to return is a scratch from what we believe he owns.”

Another source stated that the N1.6 billion that Emefiele is being charged with is only the beginning of the matter, and that the current investigations could unearth a large N3 trillion fraud by the former governor of the CBN.

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“The N1.6bn that Emefiele is being charged for is the tip of the iceberg which the EFCC has arraigned him for. It is a slap on the wrist as what the Special Investigator may have uncovered is up to the tune of N3trn,” he said.

Emefiele is accused of embezzling money, primarily from the COVID-19 funding and the Anchor Borrowers scheme, according to a top CBN source.

He said: “There were others, including foreign exchange manipulation, abuse of extant rules of the CBN, among other shady and shadowy deals.”


The source also stated that the previous governor of the Central Bank of Nigeria was purportedly using proxies and family members to manage more than 300 accounts without Bank Verification Numbers (BVN).

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“Some of the names were those of close family members,” he added.


The source went on to say that the apex bank’s “Ways and Means” served as the primary subhead via which the previous governor of the CBN carried out the scam.


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