What are the charges against Nigeria's former Central Bank Governor?

What are the charges against Nigeria's former Central Bank Governor?

Godwin Emefiele, who was suspended from his post as governor of Nigeria's Central Bank on Friday and arrested on Saturday, is facing a series of allegations ranging from corruption to terrorism financing. He has denied any wrongdoing and challenged his suspension and arrest in court.

Emefiele, who served as governor of the bank for nine years, was suspended by President Bola Tinubu, who came to power in late May after a disputed election. Tinubu said Emefiele's suspension was part of an "ongoing investigation of his office and the planned reforms in the financial sector."

The Department of State Services (DSS), Nigeria's secret police, announced that Emefiele was detained on Saturday for "some investigative reasons." The DSS had previously attempted to arrest Emefiele in December under suspicion of terrorism funding and other economic crimes, but a court blocked it from doing so for lack of proof. It is unclear whether Emefiele's arrest was the result of new findings.

According to various reports, some of the charges against Emefiele include:

- Funding unknown gunmen, Eastern Security Network (ESN) and Indigenous People of Biafra (IPOB) with money he raised for his failed presidential bid last year and funds diverted from government coffers.

- Mismanagement of Nigeria's social investment program (NISRAL and the Anchor Borrowers Scheme).

- Illegal economic crimes of national security dimension.

- Money laundering.

- Unwholesome activities through proxies.

- Conferment of financial benefits to self and others.

- Threat to national security.

- Criminal conspiracy to divert government resources.

- Terrorism financing.

- Sabotaging President Buhari's administration.

Emefiele has challenged his suspension and arrest in court, saying they are unwarranted and vindictive. He has also defended his policies at the central bank, including the redesigning of Nigeria's currency and introduction of limits for cash withdrawals. He said these measures were aimed at combating crime, promoting more cashless payments and reducing excess cash in circulation.

Emefiele was immediately replaced by Folashodun Adebisi Shonubi, a deputy governor.

Emefiele was a powerful figure in his post at the top of the Central Bank and also a contender for the presidency in the last election. He withdrew from the race after President Muhammadu Buhari ordered public officials with political interests to resign from office.

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