Breaking: DSS arrests Godwin Emefiele

Breaking: DSS arrests Godwin Emefiele

The Department of State Services (DSS) has reportedly arrested Godwin Emefiele, the Governor of Central Bank of Nigeria, who had just been suspended by President Bola Tinubu.

Emefiele’s arrest is coming shortly after President Tinubu ordered his suspension and directed that he immediately hands over the affairs of his office to the Deputy Governor in charge of Operations Directorate, who will act as the CBN Governor pending the conclusion of an investigation and the reforms.

Earlier, BUSINESS METRICS reported on how the secret police had done everything within its power to effect arrest of Emefiele unsuccessfully.

The DSS had files it’s case (ex-parte motion) against Emefiele on December 7, 2022, seeking permission to arrest, probe and detain him. However, on December 9, a federal high Court sitting in Abuja, declined the application filed by the DSS.

In declining the motion ex-parte filed the secret police, Justice J T. Tsoho, the chief judge, said that the DSS did not provide any concrete evidence to sustain its claims that Emefiele was involved in terrorism financing and economic crimes.

The court said that such an application should have been accompanied with the presidential approval because of the grave implications for the economy if the CBN governor was arrested and detained.

Insinuations were rife then that former President Muhammadu Buhari was shielding Emefiele with lack of show of interest in following through with the allegations DSS leveled against Emefiele.

Emefiele was accused by the DSS of financing terrorism, aiding and abetting terrorism, and committing other economic crimes.

The DSS alleged that Emefiele funded the Indigenous People of Biafra (IPOB) with both the resources he raised for his failed presidential bid on the platform of the All Progressive Congress (APC) last year and funds diverted from government coffers.

The secret police also accused Emefiele of fraud, money laundering, round tripping and conferment of financial benefits to self and others. It said that he mismanaged public funds under his control.