The scheduled arraignment of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and his associate Sa’adatu Yaro encountered a delay on Wednesday.....KINDLY READ THE FULL STORY HERE▶

As previously reported, the legal proceedings against them initiated by the Federal Government faced a setback due to the absence of both Emefiele and Yaro….CONTINUE READING

Reports suggest that Emefiele has been exploring the possibility of entering into a plea bargain in response to the charges filed against him by the federal government.

Emefiele, the suspended CBN governor, is currently facing a 20-count charge related to allegations of conspiracy in relation to procurement fraud, among other accusations.

Insiders informed Thecable that Emefiele is proposing a plea bargain arrangement, and the federal government is open to considering this option.

According to the sources, if an agreement is reached, Emefiele would subsequently resign from his position as the CBN governor and potentially relinquish certain assets.

By legal provisions, the president cannot unilaterally remove Emefiele from his role as the central bank governor. Section 11 of the Central Bank Act 2007 outlines the circumstances under which the removal of a CBN governor can take place.

Section 11(2)(f) empowers the president to terminate the appointment of a CBN governor. However, such “removal of the governor shall be supported by a two-thirds majority of the senate praying that he be so removed”.

Should the president fail to secure a two-thirds majority in the senate for Emefiele’s removal, an alternative avenue could involve waiting until the governor is convicted of a criminal offense by a competent court as per section 11(2)(b).

Nonetheless, section 11(3) of the CBN Act allows the CBN governor to resign by giving at least three months’ written notice to the president.