By Eric Elezuo

After the long drawn brouhaha of arrest, detention and dragging to court, the suspended and later sacked Governor of the Central Bank of Nigeria, Godwin Emefiele, was on July 25, 2023, granted bail in the sum of N20 million with one surety in like sum by the Federal High Court in Lagos State.

He was granted bail after pleading not guilty to the two counts bordering on the alleged illegal possession of firearms and ammunition. It was believed that the search for justice was coming to an end, but that was not to be.

Emefiele was facing two counts of illegal possession of firearms and ammunition preferred against him by the Federal Ministry of Justice before the vacation judge, Justice Nicholas Oweibo.

The Ministry of Justice was prosecuting him on charges of possessing a single-barrelled shotgun (JOJEFF MAGNUM 8371) without a licence. He was also accused of illegally possessing 23 rounds of live ammunition (cartridges) without a licence, offences committed the offences on June 15, 2023, at No. 3b Iru Close, Ikoyi area of Lagos.

But rather than releasing the embattled former governor, the Department of State Services (DSS) physically fought the Correction Centre officials to retain him as their prisoner.

A few days latter, the Federal Government applied to withdraw the ‘illegal possession of firearms’ case it filed against Emefiele, at the Federal High Court sitting in Lagos.

The Director of Public Prosecutions (DPP) at the Federal Ministry of Justice, Mohammed Abubakar told Justice Nicholas Oweibo that the application followed the result of further investigations made by the government.

Justice Oweibo adjourned till Thursday, August 17, 2023 to rule on the application. The DPP told Nigerians after the proceedings that a fresh 20 counts has been filed at the Federal Capital Territory (FCT) High Court against the then suspended CBN governor.

He said one of the charges proffered against Emefiele is that of “conferring unlawful advantages” making Nigerians wonder if there are no underground currents to denied the embattled Emefiele of justice even as four months has come and gone since he was removed from office and incarcerated.

Matters took a different turn as since the adjournment of the case, it has not been heard. On August 17, the case was stalled, and moved to August 23. Again, it was stalled.

Frustrated by the back and forth attitude of the DSS towards his release, Emefiele had sued the secret Police at the Federal Capital Territory High Court in Abuja, challenging his detention.

In his originating motion on notice, Emefiele prayed for the court to enforce his right to liberty and freedom of movement, as there is no basis for his continuous detention.

However, the Attorney General of the Federation as well as the DSS have insisted that the detention of the suspended CBN Governor is lawful.

In a preliminary objection filed against the fundamental rights enforcement suit instituted by Emefiele, the Attorney General of the Federation (AGF) and the DSS told the Federal Capital Territory High Court that the detention was backed by the order of a magistrates’ court and prayed for the court to dismiss the motion with cost.

They noted that the arrest of the former CBN governor was an administrative decision of the DSS.

The AGF is also challenging the jurisdiction of the court to entertain the suit, as the originating motion filed by Mr. Emefiele ought to have sought that the court set aside the order for his detention rather than seek enforcement of rights.

An appointee of former President Goodluck Jonathan after Alhaji Sanusi Lamido Sanusi’s tenure was cut short in 2015, Emefiele, was retained by Buhari, and began his second term in office in May 2019 after his reappointment, and confirmation by the Senate. He was thereafter sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs Alice Karau, according to a statement by the Director Corporate Communications, Mr Isaac Okoroafor.

On resumption of office for his second term, Emefiele expressed high hopes, dsiclosing that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after consultations with critical stakeholder groups, and reiterated the bank’s focus to play an active role in supporting job and wealth creation in Nigeria.

In his words: “We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that will contribute to the growth of our economy while preserving price stability”.

Emefiele went ahead to unveil his economic blueprint for the country, promising to recapitalise banks within the next five years to make them contribute significantly to economic growth, promising that during his next five years, which will elapse in 2024, he would pursue an economic agenda that would make the economy grow by double digits through targeted programmes that would boost output, and work with Deposit Money Banks to boost credit to the real sector as well as the creative and education sector. In addition, he said the apex bank will increase its support to farmers in order to bring down the rate of inflation.

However, events began to take a dramatic turn as the matters of the naira showed the traces of a currency given inadequate attention with plummeting agenda against other currencies of the world, coupled with the advent of the electioneering season, which categorically sort of distracted the CBN governor with his overtly ambitions trend to become president, even without resigning his appointment as a public servant.

Earlier, the CBN governor was laced in a scandal following a leaked tape, where he and other senior bank officials were heard discussing discrepancies in the bank’s accounts, addressing a stolen money from the bank’s coffers. Though the tape was audible enough declaring the anxiety in the bank at the time, the authorities promptly denied the development, saying the tape was misquoted out of context, and distorted

Again, the Director, Corporate Communications, Mr Isaac Okoroafor, was on hand to veil the authenticity of the allegation saying said that no money was missing or stolen from the bank’s coffers as reported in some section of the media. He said that the audio was distorted in a manner which creates a different impression of the matter being discussed, which was to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.