Godwin Emefiele’s arrest: How Central Bank of Nigeria (CBN) boss ended up in court

Nigeria’s formerly influential central bank chief faces charges of unlawful possession of a shotgun and numerous cartridges, signaling a dramatic downfall for a man who once held a prominent position in the country’s politics and finances.

Godwin Emefiele appeared in court on Tuesday after being arrested six weeks prior by the feared secret police, also known as the Department of State Services (DSS).

Currently suspended as the governor of the Central Bank of Nigeria (CBN), Mr. Emefiele denied the charges and was granted bail, although no economic crimes were leveled against him.

Outside the courtroom, a confrontation between secret police officers and prison officials ensued, leading to his temporary detention until bail arrangements were settled.

This turn of events marked a sharp contrast to Mr. Emefiele’s previous standing as a figure in control of Nigeria’s finances – the largest economy in Africa.

The arrest followed his suspension, which came shortly after criticism from Bola Tinubu during his presidential inauguration, targeting a significant policy spearheaded by Mr. Emefiele – the redesign of the national currency, the naira.

The charges against him for owning a single-barrel gun and cartridges surprised many, as such firearms are often illegally possessed by citizens, local vigilantes, and hunters in Nigeria, with rare arrests.

Despite having loyal supporters, Mr. Emefiele also faced criticism for his involvement in the government of former President Muhammadu Buhari, which oversaw eight years of economic turmoil, including two recessions, high inflation, currency devaluation, soaring unemployment, and escalating debts.

His attempt to seek nomination as the ruling party’s presidential candidate stirred controversy, leading to legal battles and subsequent withdrawal of the case.

Born in Lagos and educated at the University of Nigeria, Mr. Emefiele had a career in banking, including serving as CEO of Nigeria’s Zenith Bank, before becoming central bank governor in 2014.

Under his tenure, he implemented unconventional measures to stabilize the naira, such as chopping down trees in Abuja to deter black-market currency traders.

While Mr. Buhari found an ally in Mr. Emefiele for some of his economic policies, the most contentious was the currency redesign, which was seen by some as an effort to combat “moneybag politics” and vote-buying.

As a new government led by Bola Tinubu took office, the case against Mr. Emefiele could serve as a distraction amid economic challenges and controversial decisions.

However, history suggests that the case might drag on with plenty of drama and ultimately fizzle out without significant resolution.