President Bola Tinubu yesterday ordered the immediate suspension of the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, from office
The directive was contained in a late night release by the director of information in the office of the secretary to the government of the federation, Mr. Willie Bassey.
The statement said the CBN governor’s suspension was sequel to the ongoing investigation of his office and the planned reforms in the economy’s financial sector.
Bassey further said Emefiele was directed to immediately hand over to the deputy governor (operations directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.
The deputy director, operations directorate is Mr. Folashodun Shonubi.
Since his appointment in 2014 after succeeding Lamido Sanusi, who was equally suspended from office under controversial circumstances by President Goodluck Jonathan few months before the expiration of his tenure, Emefiele has courted controversies due to his management of the economy, management of the nation’s inflation rate, which stood at 22.2 per cent in May, according to the nation’s statistics bureau, his politics, and the CBN’s controversial policies.
In 2022, the Department of State Services (DSS) alleged that Emefiele had been financing terrorism, among other allegations.
The SSS secretly requested a court order in December to arrest him on allegations of terrorism financing, fraudulent activities, and economic crimes of national security dimension.
In the last quarter of 2022, the CBN also introduced a naira redesign policy that was widely criticised for the uncertainty and widespread chaos it triggered across Nigeria.
The policy caused widespread chaos nationwide as frustrated Nigerians staged protests amid poor banking operations.
In the heat of the electioneering, Tinubu, then candidate of the APC, claimed that the policies implemented by the CBN, such as the restriction on cash withdrawals to N20, 000 per day and N100, 000 per week, were deliberately designed to hinder his chances of winning the presidential election.
Meanwhile, unconfirmed reports said the suspended CBN chief had been arrested by the DSS.
Reacting to the suspension, a senior lawyer, Mr. Mike Ozekhome, said Tinubu had the right to suspend Emefiele, adding that the term suspension was just a euphemism for dismissal.
“The President has all the right to suspend the CBN governor despite the independence of the apex bank. He can do so under the CBN Act. He is the overall boss and President of Nigeria.
“This is what we call the transient nature of power. Before Emefiele, there was Sanusi. The position is not hereditary. He who has the power to appoint can suspend. It is Tinubu’s right and prerogative to suspend the CBN governor for any infraction. He acted in line with the law. It is not illegal.
“Someone must have been appointed to act in his place so there is no illegality there.”
Also reacting, the former governor of Rivers State, Mr. Nyesom Wike, who was one of the critics of Emefiele’s policies, especially the naira redesign, described the president’s decision as bold and timely.
The former Rivers State Governor also commanded President Tinubu for approving uniformity in the retirement age and pension of judicial officers in the country, according to a statement by his media team.
