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Emefiele’s Woes Continue, To Remain In Custody

Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), is to remain in custody as he continues to fight charges related to alleged breaches in procurement procedures.

Recently, he appeared in court where the Economic and Financial Crimes Commission (EFCC) outlined six counts against him regarding the procurement process involving April1616 Investment Limited.

Initially accused alongside Mrs. Sa’adatu Yaro and April1616 Investment Limited, the recent development saw Emefiele as the sole defendant after the charges were reduced from 20 to six. Emefiele pleaded not guilty to these charges.

Witness testimonies during the trial shed light on the incorporation of April1616 Investment Limited and its shareholders, revealing no direct connection between Emefiele and the company. The Corporate Affairs Commission (CAC) officer confirmed Emefiele’s absence from any involvement in the company’s operations, emphasizing that despite its incorporation, Emefiele had no ties to it.

Further evidence presented by a Compliance Officer from Zenith Bank detailed substantial sums transferred from the CBN to April1616 Investment Limited on various occasions. However, there was no indication of Emefiele’s association with these transactions, nor was he a signatory to the company’s bank account.

Another witness, a Deputy Director at CBN, clarified the role of the Major Contract Tendering Committee (MCTC) in overseeing procurement compliance but affirmed their lack of involvement in the specific bidding process leading to Emefiele’s prosecution.

The trial proceedings adjourned until January 18 and 19, 2023, following extensive testimonies and evidence presentation.

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