Emefiele is accused of providing a corrupt advantage to a CBN employee, Sa'adatu Yaro, who is the director of April1616 Investment Limited.
If proven guilty, Emefiele could potentially face severe consequences under section 19 of the Corrupt Practices and Other Related Offences Act 2000, which carries a five-year prison term without the possibility of a fine.
The suspended CBN governor's legal troubles have escalated as the federal government, through the State Security Service (SSS), is set to arraign him and his associates on August 17. The arraignment and mention of the case will take place at the Federal Capital Territory High Court in the Maitama area of Abuja.
Accompanying Emefiele in court will be Sa'adatu Yaro and her company, April1616 Investment Limited, who are facing a total of 20 counts related to procurement fraud, conspiracy, and conferring corrupt advantages on associates.
Emefiele's predicament began when he was placed in the custody of the SSS following his suspension by President Bola Tinubu on June 9. The suspension came in the wake of allegations that Emefiele had granted corrupt advantages to Yaro and her company.
The alleged offense committed by Emefiele is in violation of section 19 of the Corrupt Practices and Other Related Offences Act 2000. If proven guilty in court, the suspended CBN governor could face a sentence of five years in prison, with no option for a fine.
The relevant section of the Act states, "Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall, on conviction, be liable to imprisonment for five years without an option of a fine."