Tinubu Suspends Emefiele, Orders Probe
Tinubu Suspends Emefiele, Orders Probe
President Bola Ahmed Tinubu, on Friday night, announced the immediate suspension of the Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele. The suspension is with immediate effect and Emefiele has been ordered to hand over to Deputy Governor, Operations, Mr Folashodun Shonubi.
These were contained in a statement signed by Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation.
According to the statement, Emefiele’s suspension is to smoothen the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms”, the statement noted.
For industry watchers, the action was long predicted as President Tinubu, during the presidential campaigns, saw the currency redesign policy as a flawed initiative that hurt Nigerians in no small measure and a calculated attempt to derail the elections.
Emefiele, who was appointed the apex bank’s governor on June 4, 2014, was also at the centre of a storm in January 2023 when security operatives attempted to arrest him over allegations of terrorism financing and economic crime.
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Section 11 of the CBN Act, 2007 gives the President power to terminate the appointment of the apex bank governor, but such must have the backing of lawmakers.
“The CBN governor can be removed by the President provided that the removal of the governor shall be supported by two-thirds majority of the Senate praying that he be removed,” the section stated.
The Act also states that the governor, deputy governor, or director of the CBN can be removed if they are serving as a lawmaker or a director of a bank.
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“A person shall not remain a governor, deputy governor or director of the Bank if he is a member of any federal or state legislative house; or if he is a director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.”
The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.