N6.9bn fraud: Godwin Emefiele, 2 others to be arraigned on Thursday


Former Central Bank Governor Faces Fresh Charges of Procurement Fraud and .

The former Central Bank Governor, Godwin Emefiele, who has been suspended, is scheduled to appear before the Federal High Court in Abuja on Thursday. The charges against him are linked to procurement fraud and involve a fresh set of 20 counts.

The allegations involve a sum of N6.9 billion in procurement fraud, conspiracy, and granting corrupt advantages to his associates. Joining him in the case are Sa’adatu Yaro, a female CBN employee, and her company, April 1616 Investment Limited.


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Interestingly, this new legal action comes only a day after the government decided to drop the “illegal possession of firearms” charges against Emefiele in the Federal High Court in Lagos, which were announced on Tuesday.

Emefiele is specifically accused of bestowing corrupt advantages upon Yaro, who holds a director position at April 1616 Investment Ltd. This action is in direct contravention of Section 19 of the Corrupt Practices and Other Related Offences Act 2000, which carries a five-year prison sentence without the possibility of a fine.


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The individuals under scrutiny are alleged to have acquired 98 luxury vehicles and armored buses worth N6.9 billion. These acquisitions encompassed 84 Toyota Hilux, three Toyota Land Cruisers, one Toyota Avalon, and 10 armored Mercedes Benz buses, all taking place between the years 2018 and 2020.


Ejes Gist Newspaper reports, that the suspended CBN governor has been in custody since his suspension by President Bola on June 9.

Prior to this, was previously brought to court on charges of illegal firearms possession, a case that unfolded before the Federal High Court in Lagos.

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