LaMonte Burton Armstrong was convicted of first-degree murder by a Guilford County jury in 1995 for the 1988 slaying of North Carolina A&T professor Ernestine Compton at her Greensboro home.
The governor's office said the chief witness against Armstrong was an acquaintance who later recanted - saying he lied to collect a Crime Stoppers reward and to avoid prison time himself.
Armstrong was released in 2012.
He is eligible to file a claim under a North Carolina law that allows compensation of up to $750,000 to persons wrongly convicted of felonies.
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