The Economic and Financial Crimes Commission (EFCC) has voiced its discontent over a ruling by the Federal Capital Territory (FCT) High Court. The court awarded a hefty sum of N100 million in damages to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).
The ruling, delivered by Justice O.A. Adeniyi on January 8, 2024, declared that the EFCC’s detention of Emefiele during its investigation infringed upon his right to liberty.
The EFCC, however, begs to differ. It argues that Emefiele’s detention was backed by a legitimate court order, a fact that, in its opinion, the court failed to acknowledge. Consequently, the commission is gearing up to challenge the ruling at the Court of Appeal.
Emefiele’s arrest by the EFCC was rooted in a series of allegations. He was accused of sanctioning contracts worth billions of naira without public notice, allegedly in violation of CBN guidelines.
His decision to implement the Naira redesign, which led to a scarcity of the new Naira notes and triggered inflation, was also under the scanner.
Furthermore, the EFCC was probing into the controversial Anchor Borrower’s Programme (ABS), where out of the N1.1 trillion invested, only over N574 billion has been recovered.
The EFCC’s decision to appeal the ruling underscores the ongoing legal tussle surrounding Emefiele’s tenure as CBN governor. The outcome of this case could set a precedent for the handling of similar cases in the future, making it a matter of significant interest.
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