Funding & Finance

Court orders Nigerian govt to pay compensation to embattled former central bank chief

In Abuja, the capital of Nigeria, a court has ruled in favor of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), granting him a compensation of $100,000 (equivalent to N100,000,000) due to his wrongful detention. Judge Olukayode Adeniyi of the High Court of the Federal Capital Territory (FCT) determined that the

Court orders Nigerian govt to pay compensation to embattled former central bank chief

Court orders Nigerian govt to pay compensation to embattled former central bank chief

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In Abuja, the capital of Nigeria, a court has ruled in favor of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), granting him a compensation of $100,000 (equivalent to N100,000,000) due to his wrongful detention.

Judge Olukayode Adeniyi of the High Court of the Federal Capital Territory (FCT) determined that the actions of the Department of State Service (DSS) and the Economic and Financial Crimes Commission (EFCC) in detaining Emefiele during their investigation breached his fundamental right to freedom.

The court’s decision was made on Monday in response to a lawsuit filed by Emefiele against his extended detention by the EFCC. The ruling also prohibits the federal government and its agencies from arresting Emefiele again without obtaining prior authorization from a competent court.

Judge Adeniyi highlighted that Emefiele’s detention lasted almost five months, from June 13 to November 8, 2023, before the court mandated his release to his legal representatives.

Representing Emefiele, his lawyer, Mr. Mathew Burkaa, informed the court that his client had been held for 151 days, significantly surpassing the 48-hour legal limit for detention. Consequently, he urged the court to award damages in Emefiele’s favor.

Under the administration of Bola Tinubu, an investigator commissioned by the Nigerian government alleged that Emefiele and other CBN officials illicitly siphoned off billions of naira from the bank’s accounts. Presently, the EFCC is pursuing procurement fraud charges against Emefiele based on these accusations.

Emefiele has consistently refuted these allegations, maintaining his innocence throughout the legal proceedings.

Funding & FinanceAfrican startups
Greg Stewart

Reporting for Business Tech Africa on the funding, tools and strategy shaping the continent's founders and SMEs.

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