FRAUD ALLEGATION: Suspended CBN Governor, Godwin Emefiele,May Opt For Out Of Court Settlement 

By Divine Chisom Emmanuel

Speculations are rife in the public domain that the suspended Governor of the Central Bank Of Nigeria, CBN, Godwin Emefiele ,May have opted for out of court settlement in his on going fraud allegation case.

The speculations became rift following the report of his absence in court and discovery that his case was not listed is the court list for the day.

Sources said Emefiele is in negotiation with the federal government over the fraud allegations .

Emefiele is said to have proposed a plea bargain agreement with the federal government .

The sources revealed that Emefiele is making a move for out of court settlement that will allow him to resign as CBN governor .

Emefiele, has reportedly made a fresh move to settle with the federal government over an alleged conspiracy to carry out procurement fraud, among others.

According to TheCable, Emefiele is seeking a plea bargain agreement with the federal government.

The sources disclosed that the federal government is disposed to Emefiele’s plea bargain arrangement.

 It is gathered that if Emefiele’s agreement is reached, he will have to resign as CBN governor and “disgorge” some assets. 

The federal government might be considering Emefiele’s bargain because the law does not allow the president to remove Emefiele as central bank governor. 

According to Section 11(2)(f) of the Central Bank Act 2007, the President can only terminate the appointment of a CBN governor if he is supported by a two-thirds majority of the Senate. 

“Removal of the governor shall be supported by a two-thirds majority of the senate praying that he be so removed”. 

Another option to terminate the CBN governor’s appointment is if he is convicted of a criminal offence by a court of competent jurisdiction per section 11(2)(b).

 However, section 11(3) of the CBN Act allows the CBN governor to resign his office by giving at least three months’ notice in writing to the president.

 A report had it that the scheduled arraignment of the suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been stalled once again. 

Emefiele is being charged with corruption and conspiracy along with Ms Sa’adatu Ramallan Yaro. 

Emefiele’s case was not listed on the court’s list on August 23, and the suspended CBN governor and Yaro were not in court