Current:Home > InvestFormer Nigerian central bank chief arraigned and remanded in prison for alleged fraud-LoTradeCoin
Former Nigerian central bank chief arraigned and remanded in prison for alleged fraud
View Date:2024-12-24 00:17:40
ABUJA, Nigeria (AP) — The former governor of the Central Bank of Nigeria, who was removed from office in June, was on Friday charged with procurement fraud at a local court, which remanded him in prison pending his bail ruling.
In amended charges, the Nigerian goverment said Godwin Emefiele illegally awarded contracts for dozens of vehicles during his time as the governor of the apex bank in Africa’s largest economy, according to court documents.
The charge sheet alleged that Emefiele used his position as the bank’s governor to “confer a corrupt advantage” on another member of staff by awarding the contracts to a company with links to that staff member, thereby breaching Nigeria’s procurement laws.
Appearing in court in Abuja, Nigeria’s capital, Emefiele pleaded not guilty to the charges, which could land him in jail for at least five years if convicted. He has been in custody for most of the time since he was removed from office.
Regarded as one of the most powerful government officials in Nigeria when he led the bank, Emefiele’s nine years of overseeing Nigeria’s monetary policy affairs was ended by Nigeria’s new president, Bola Tinubu, shortly after he took office in May.
The Nigerian presidency had said his suspension was to enable an investigation into the central bank’s affairs as part of new reforms in the financial sector, though it did not surprise many because of some of the bank’s policies had been seen as controversial such as Nigeria’s failed currency swap program.
Some of his monetary policies also appeared different from the agenda of Tinubu while he was running for president — which matters in a country where the presidency has a huge influence on how the central bank operates.
His prolonged detention and investigation had complicated his case, leading him to sue Nigeria’s secret police for allegedly breaching his fundamental rights by detaining him longer that the period provided by the law. He was later released on court orders.
The court is expected to rule on his bail application next week.
veryGood! (7473)
Related
- Wisconsin’s high court to hear oral arguments on whether an 1849 abortion ban remains valid
- How fast can the auto industry go electric? Debate rages as the U.S. sets new rules
- Every Bombshell From Secrets of Miss America
- Who Were the Worst Climate Polluters in the US in 2021?
- Burt Bacharach, composer of classic songs, will have papers donated to Library of Congress
- Who Were the Worst Climate Polluters in the US in 2021?
- Save Up to $250 on Dyson Hair Tools, Vacuums, and Air Purifiers During Amazon Prime Day 2023
- Meta's Threads wants to become a 'friendly' place by downgrading news and politics
- Man waives jury trial in killing of Georgia nursing student
- Planet Money Live: Two Truths and a Lie
Ranking
- Why Suits' Gabriel Macht Needed Time Away From Harvey Specter After Finale
- The black market endangered this frog. Can the free market save it?
- Damian Lillard talks Famous Daves and a rap battle with Shaq
- Q&A: Robert Bullard Led a ‘Huge’ Delegation from Texas to COP27 Climate Talks in Egypt
- Nevada Democrats keep legislative control but fall short of veto-proof supermajority
- Corpus Christi Sold Its Water to Exxon, Gambling on Desalination. So Far, It’s Losing the Bet
- RHONY's Kelly Bensimon Is Engaged to Scott Litner: See Her Ring
- Why Taylor Russell Supporting Harry Styles Has Social Media in a Frenzy
Recommendation
-
RHOBH's Erika Jayne Reveals Which Team She's on Amid Kyle Richards, Dorit Kemsley Feud
-
Western tribes' last-ditch effort to stall a large lithium mine in Nevada
-
Ocean Protection Around Hawaiian Islands Boosts Far-Flung ‘Ahi Populations
-
Why Filming This Barbie Scene Was the Worst Day of Issa Rae’s Life
-
Guns smuggled from the US are blamed for a surge in killings on more Caribbean islands
-
The FTC is targeting fake customer reviews in a bid to help real-world shoppers
-
How a UPS strike could disrupt deliveries and roil the package delivery business
-
What to know about Prime, the Logan Paul drink that Sen. Schumer wants investigated