News - North Central - FCT Updated: November 17, 2023

N1.6bn fraud: FG arraigns Emefiele on six counts of unlawful procurement

By Rasheed Olajide Awoniyi
November 17, 2023

The Federal Government has charged Godwin Emefiele, the immediate former Governor of the Central Bank of Nigeria, with six counts of unlawful procurement.

The initial accusation of 20 counts for N6.5 billion has been lowered to six charges for N1.6 billion. The new accusation simply names Emefiele as a defendant.

On Friday, the former CBN governor appeared in court for a bail application and pleaded not guilty to the six-count indictment after it was read to him.

Emefiele arrived barely in time for the day's proceedings to begin. The accusations still border on procurement fraud, according to the updated charge sheet.

The Federal Government said in the new charge sheet that Emefiele fraudulently purchased 43 automobiles worth N1.2 billion between 2018 and 2020.


He is accused of granting a contract of N854 million for the acquisition of 37 Toyota Hilux vehicles.

Count one reads, “That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2018 within the jurisdiction of this Honourable Court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 37 Toyota Hilux Vehicles at the cost of N854,700,000 only to April1616 Investment Ltd, a company in which the said Sa’adatu Ramallan Yaro is a director and thereby committed an offence.”

Emefiele is charged in the second count with abusing his position to give Yaro, "a staff member of the Central Bank of Nigeria, an unfair advantage by awarding a contract for the supply of one Toyota Avalon at the cost of N99,900,000 only to April1616 Investment Ltd, a company in which the said Sa'adatu Ramallan Yaro Director is employed and consequently committed an offence."

In addition, he is charged with giving corrupt benefits in violation of Section 19 of the Corrupt Practices and Other Related Offenses Act 2000 when he granted N73 million for the delivery of a single Toyota Landcruiser V8 April1616 Investment Ltd. in 2019.

The fourth count concerned a Toyota Landcruiser V8 that April 1616 Investment Ltd. was wrongfully given for N73,800,000.


The Federal Government also charged the previous governor of the CBN with giving Yaro a contract for N44,200,000 in 2020 for the delivery of two Toyota Hilux Shell Specification Vehicles.

Justice Hamza Muazu of the Federal Capital Territory High Court deferred the case until November 22 to rule on Emefiele's bail application and November 28 to begin the trial.

Meanwhile, he ordered Emefiele to be held at the Kuje Correctional Centre.    

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Rasheed Olajide Awoniyi

Rasheed is a Prolific Content Writer who also has a niche in all Genres of Literature, Academic Pape...

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