Godwin Emefiele is a Nigerian politician, banker, and economist. The Lagos-born economic guru was also a former governor of the Central Bank of Nigeria from June 4, 2014, to June 9, 2023.
Following his suspension as governor of the country’s central bank, Emefiele was apprehended by Department of State Services operatives.
He has been a subject of litigation over allegations of financing terrorism, economic crimes, and others since his arrest. He was remanded in prison for days and still locked up in DSS detention for weeks.
The Special Offences Division of the Lagos High Court in Ikeja on October 9, 2025, admitted more documents tendered as exhibits by the prosecution in the trial of the former Central Bank Governor, Godwin Emefiele.
An operative of the EFCC, Alvan Gurumnaan, testified about the forensic analysis of mobile phones and digital records recovered during investigations.
According to him, one of the significant findings was a WhatsApp conversation containing the acronym “PCS,” which, he said, investigators later decoded to mean that “one piece” represented N1,000.
HOW IT STARTED?
The Department of State Services (DSS) charged Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), with financing terrorism, fraudulent operations, and national security-related economic crimes.
The security service said that Emefiele’s conduct were a threat to national security, necessitating his detention.
COURT DECLINED?
On December 19, 2022, a Federal High Court in Abuja declined the request of the Department of State Services (DSS) to arrest Godwin Emefiele.
A civil society body identified as the Incorporated Trustees of the Forum for Accountability and Good Leadership had filed a suit asking the court to restrain security operatives from arresting Emefiele.
The court ruled that the DSS did not provide sufficient evidence to support claims of financing terrorism and economic crimes.
The presiding judge, John Tsoho, stated that the application should have been accompanied by presidential approval, considering the potential impact on the nation’s economy if the CBN governor was arrested and detained.
According to Tosho, Emefiele was not accurately identified in the application as the Governor of the Central Bank of Nigeria.
HIS ARREST?
On June 9, 2023, the Department of State Services (DSS) arrested Godwin Emefiele, just 48 hours after President Bola Tinubu suspended him as Governor of the Central Bank.
Despite the fact that he got backing from a coalition of civil society organizations (CSOs) – Mass Interest Project, which claimed his life was in danger, and appeals from southern and middle belt leaders for Buhari to fire the DSS boss, Emefiele was eventually arrested by the security agency.
151 DAYS IN CUSTODY?
The Department of State Services (DSS) finally bowed to pressure on July 13, 2023, after several legal tussles by Emefiele’s counsel challenging his prolonged detention by the agency.
In a sudden twist, the DSS brought Emefiele to court in a Hilux vehicle on Tuesday, July 25, 2023, before Justice Oweibo, where he pleaded “not guilty” to the two counts of illegal possession of a firearm and ammunition filed against him by the Federal Government.
According to reports, the DSS in August withdrew its charges against Emefiele, and freed the embattled ex-bank chief on October 26.The Economic and Financial Crime Commission (EFCC) picked him up barely hours after he was freed by the DSS and detained him the same day.
The anti-graft commission had, on several occasions, failed to produce Emefiele in court at the previous sitting on Monday. The agency later bowed to the order of the court and produced the former CBN chief in court two days later for the hearing of his bail application.
Emefiele was remanded on November 18 in the Kuje Correctional Centre until his release on Friday after spending 34 days. In total, he spent 151 days in the custody of security agencies from June 10 to November 8 and 34 days in remand.
THE N50m BAIL?
On the 12th of April, 2024, the Lagos State Special Offences Court in Ikeja granted bail to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele in the sum of N50 million.
The court had ordered the remand of Mr. Emefiele and his co-defendant following their arraignment on fresh charges relating to the activities of Mr. Emefiele as the then CBN governor.
The court issued the remand order after the defendants were arraigned on 26 counts, including abuse of office and fraud involving about $4.5 billion and N2.8 billion.
In his ruling on Friday, the judge, Rahman Oshodi, granted bail to Mr. Emefiele with two sureties in like sum.
Oshodi held that the sureties must be gainfully employed and have three years of tax payments with the Lagos State Government.
He also ordered that the sureties must show proper identification, and they must be registered in the Lagos State Bail Management System.
The judge also said that he was satisfied with the bail conditions of N1 million earlier given to Mr. Emefiele’s co-defendant, Henry Isioma-Omoil, who is standing trial before another Lagos State High Court judge in Yaba, Olufunke Sule-Hamzat.
Mr. Oshodi, however, said that the bail documents must be transferred to the special offenses court, and it must also be registered in the Lagos State Bail Management System.
THE DSS AND NCoS Drama?
On the 25th of July, 2023, DSS operatives and officials of the Nigerian Correctional Service (NCoS) engaged in a physical fight over the custody of Emefiele.
It happened at the Federal High Court, where Emefiele was due to be released on N20 million bail with one surety.
Emefiele had been detained by the DSS since his original arrest on June 10.
The DSS foiled the NCoS authorities’ attempt to carry out the court order, resulting in his release from custody.
The N2bn BAIL?
An Abuja High Court granted Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), bail of N2 billion on Monday.
It was gathered that Emefiele’s bail conditions require him to submit his travel documents and provide two sureties who own property worth N2 billion in either Aso Drive, Maitama, or Wuse 2 within the jurisdiction of the court.
Recall that the Economic and Financial Crimes Commission (EFCC) arraigned the former CBN governor in connection with a 753‑unit housing estate said to have been acquired in breach of public trust.
EFCC accused him of conspiring with Eric Ocheme, who is currently at large, to acquire the property located in Abuja. He was also accused of unlawful possession of billions of naira in proxy accounts in Zenith Bank.
PROPERTIES UNDER SEIZURE?
Several properties linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele have been seized.
The seized properties are as follows:
- Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1
- A four-bedroom duplex at 12 A, Probyn Road, Ikoyi
- A bungalow at No. 65A, Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi
- A full duplex with appurtenances on a plot of land at 2a Bank Road, Ikoyi
- 8 units of undetached apartments on a plot measuring 2457.60sqm at No. 8A, Adekunle Lawal Road, Ikoyi
- An undeveloped land measuring 1919.592sqm at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi
- A housing estate with 753 units in Lokogoma, Abuja, covering over 150,000 square meters
- An industrial complex under construction on 22 plots of land in Agbor, Delta State
- Additionally, $2.045 million and two share certificates of Queensdorf Global Fund Limited Trust linked to Emefiele were also seized
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