• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Emefiele faces trial for alleged $2.14bn forex abuse in Lagos on Monday

1 year ago
in Banking & Finance, Business, Editor's pick, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
255
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

Emefiele faces trial for alleged $2.14bn forex abuse in Lagos on Monday

The Economic and Financial Crimes Commission (EFCC) is set to arraign former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Monday, April 8th, 2024, at the Ikeja State High Court in Lagos.

Emefiele faces a 26-count charge of abuse of office bordering on the alleged irregular allocation of billions of US dollars in foreign exchange.

Emefiele will be arraigned before Justice Rahman Oshodi. The outcome of the arraignment will determine the next steps in the legal proceedings.

The charges, filed by Mr. Rotimi Oyedepo (SAN), allege that Emefiele, alongside co-defendant Henry Isioma Omole, committed the offenses between 2020 and 2023. The EFCC claims Emefiele, while Governor of the CBN, bypassed established procedures for foreign exchange allocation, causing prejudice to Nigerians.

The specific allegations include:

Directing the allocation of foreign exchange in the total sum of $2,136,391,737.33 without bids.
Allocating foreign exchange in the total sum of $291,945,785.59 and $1,769,254,793.16 without bids between 2020 and 2021.
Approving a special allocation of foreign exchange for an unspecified sum in 2021.

Emefiele’s co-defendant, Omole, is accused of receiving a $110,000 bribe on Emefiele’s behalf in exchange for favorable foreign exchange allocation.

The EFCC alleges these actions contravene Section 73 of the Criminal Law of Lagos State, 2011.

In March, an investigator with the Independent, Corrupt Practices and other related offences Commission (ICPC), Michael Agboro, on Monday told the Federal Capital Territory (FCT) High Court in Abuja that Godwin Emefieleok, former Governor of the Central Bank of Nigeria, awarded contracts to April 1616 and Architekon Nigeria Limited belonging to his wife and Sa’adatu Yaro, a CBN staff member respectively.

The two companies were awarded multiple contracts for the renovation of the CBN governor’s lodge in Lagos as well as the supply of power lines and vehicles for the bank.

The Economic and Financial Crimes Commission had accused Emefiele of using his position to approve the payment of the total sum of N97.9m in favour of Architekon Nigeria Ltd, and N99.8 million for renovation of the CBN Governor’s residence in Lagos.

Agboro, told the court that Emefiele, who is standing trial on 20 counts amended charges bordering on forgery, conspiracy to obtain by false pretence and obtaining money to the tune of $6.23 million, did not confer any unfair, corrupt advantage on himself in the award of contracts to some companies during his tenure.

Source: businessdayng
Via: norvanreports
Tags: $2.14bn forex abuseCentral Bank of Nigeria (CBN)Economic and Financial Crimes Commission (EFCC)EmefieleEmefiele faces trial for alleged $2.14bn forex abuse in Lagos on Monday
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.