“Emefiele’s Shocking Offer: N1.6 Billion Refund in Bid for Plea Bargain”

According to reports, Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), is expected to return over N1.6 billion as part of a plea bargain. This comes after he was charged by the Economic and Financial Crimes Commission (EFCC) with six counts of alleged procurement fraud.

Originally facing 20 counts involving N6.5 billion, the charges against Emefiele were reduced to six counts amounting to N1.6 billion. He is currently in custody at the Kuje Correctional Centre. However, it is now being reported that Emefiele is willing to refund a portion of the money in order to secure a plea bargain with the federal government.

Although the exact figure that Emefiele intends to return is unknown, sources suggest that it is merely a fraction of the total amount he is believed to have misappropriated. One source mentioned that the ongoing investigation has potentially uncovered massive fraud amounting to N3 trillion by the former CBN governor.

Furthermore, it is alleged that the N1.6 billion for which Emefiele is being charged is just the beginning, as investigators have discovered more extensive fraudulent activities. It has been claimed that Emefiele misappropriated funds primarily from the COVID-19 relief funds and the Anchor Borrowers scheme. Additionally, there are allegations of foreign exchange manipulation, abuse of CBN rules, and various shady dealings.

Another concerning revelation is that Emefiele allegedly operated over 300 bank accounts without Bank Verification Numbers (BVN), using the names of both family members and proxies. These accounts provided a means through which he executed the fraudulent activities.

In particular, investigators have highlighted the “Ways and Means” subhead of the apex bank as the primary avenue through which Emefiele conducted his fraudulent activities. This raises serious concerns about the abuse of power and the need for stringent measures to prevent such incidents in the future.