Nigeria's Central Bank Governor Charged with Illegal Firearm Possession

In a shocking turn of events, Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), is facing charges of illegal firearm possession and possession of ammunition. Emefiele, who is currently suspended from his position, appeared in court on Tuesday, six weeks after being arrested by the feared State Security Service (DSS).

Emefiele vehemently denies the allegations and has been granted bail. He has not been charged with any financial crimes at this time.

Outside the courtroom, a dramatic scene unfolded as DSS officers clashed with prison officials who were preparing to detain the prominent banker until his bail was finalized.

The DSS managed to take the 61-year-old bank boss, who was re-detained.

Emefiele's suspension came shortly after Bola Tinubu used his inauguration speech in May to criticize major policies spearheaded by Emefiele, including a failed attempt to redesign the currency, the naira.

This was seen as a clear effort to prevent vote-buying during the hotly contested February presidential election, which was won by Tinubu, the candidate of the ruling party and a Lagos billionaire.

Emefiele appeared to be a shadow of the man who controlled Nigeria's finances, the largest economy in Africa, as he arrived at the court in Lagos.

He was seen holding a large red Bible in one hand and being escorted into the courtroom by a court clerk.

Inside the courtroom, he was placed in a cramped space between a crowd of lawyers and shelves stacked with thousands of dusty court files.

Even before his arrest - in the months between the election victory and Tinubu's inauguration - it was clear that the central bank governor was in trouble.

He frantically defended his case whenever he was seen in the presidential villa during the transition period.

However, the allegations of possessing a single assault rifle and 123 rounds of ammunition illegally were shocking.

Many citizens, local guards, and illegal hunters possess such firearms in Nigeria and are rarely arrested.

Nevertheless, Emefiele likely has few sympathizers during his legal battle. Many see him as a key figure in the administration of former President Muhammadu Buhari, which witnessed economic turmoil during his eight years in power marked by two recessions, skyrocketing inflation, sharp currency devaluation, soaring unemployment, and ballooning debt.

Although he has loyal supporters, some of whom pooled 100 million naira last year for him to enter the competition to be nominated as a presidential candidate from the ruling party, Emefiele declined the nomination but later went to court seeking an interpretation of the central bank's rules banning the governor and his deputy from involvement in "calls" - widely understood to include politics.

"It was a very naive thing to do," a senior manager at the central bank told the BBC.

Emefiele later withdrew the case.

Emefiele was born in Lagos where he completed his primary and secondary education before moving to the University of Nigeria in Enugu to study banking and finance. His family roots are in Agbor in the southern state of Delta.

After graduating, he held two teaching positions in finance and insurance at the University of Nigeria and the University of Port Harcourt, before embarking on a career of over 18 years in banking - including as the CEO of Zenith Bank Nigeria.

He was appointed as the Governor of the Central Bank in 2014 by then-President Goodluck Jonathan, with Buhari reappointing him in 2019, despite the economy floundering under his tenure.

Twice, as the naira faltered under his watch, Emefiele found unconventional methods to stem the slide.

In 2015, upon his orders, trees in the center of the capital, Abuja, were felled to prevent black-market currency traders from operating under their cover, and in 2021 he forced popular websites to stop posting foreign exchange rates.

However, on Emefiele's shoulders, Buhari seemed to have found an ally to oversee some of the much-criticized economic policies.

The most controversial was the currency redesign ahead of the tightest presidential election since the return of democracy in 1999.

The central bank argued that it is best practice for banknotes to be changed every five to eight years to deter counterfeiters, and with the last redesign done in 2014, the time had come for a revamp.

But others saw it as a move by Buhari and the governor to end what Nigerians called "stomach politics" - where politicians can spend years hoarding cash mostly used to sway voters on election day.

The redesign failed as some banks were alleged to have colluded with politicians by sending them new banknotes, causing nationwide scarcity that led to widespread chaos as people slept outside banks and ATMs to access their money.

With Tinubu stirring up criticism with his election win, Emefiele's future at the central bank became uncertain.

Many feel that the case against the bank boss provides a convenient distraction for the new government, which has lit a fire under the economy.

Tinubu has made several highly controversial decisions, including the devaluation of the naira and the end of fuel subsidies that have been in place for decades, causing prices to soar and worsening the cost of living crisis.

And if the past is anything to go by, this case is likely to be a protracted affair with plenty of drama that ultimately fails to achieve much resolution.

Source of content: OOO News 2023-07-26 News

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