President Tinubu suspends Emefiele and orders an investigation into the CBN. Godwin Emefiele CFR (born 4 August 1961) is a Nigerian politician, economist, and banker who served as governor of the Central Bank of Nigeria from 4 June 2014 till date until his suspension on 9 June 2023 by President Bola Tinubu.
On Friday night, President Bola Ahmed Tinubu announced the immediate suspension of Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN). The suspension is effective immediately, and Emefiele has been directed to give over to Mr Folashodun Shonubi, Deputy Governor, Operations.
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According to a source, Willie Bassey, the Director of Information in the Office of the Secretary to the Government of the Federation, revealed in a statement Friday night that the CBN governor’s suspension was based on an investigation.
In the meanwhile, Folashodun Adebisi Shonubi, Deputy Governor (Operations Directorate), will function as acting governor. Twitter users had varying reactions to the suspension. While some praised the development, others advised caution.
According to some tweets, Emefiele should not have been suspended since the president lacks the constitutional authority to remove the CBN governor and the CBN Act does not foresee a circumstance like this.
“Godwin Emefiele tainted the CBN and ruined our exchange rates and forex market.” The CBN’s fiscal and monetary policies under his leadership did not benefit the country. However, under Section 11 of the Constitution, he cannot be removed without the need for a vote in the Senate.
I am aware of a current Federal High Court decision in Sanusi’s case, which concluded that while the President cannot unilaterally remove the CBN Governor, he can exert disciplinary authority over him, which includes suspension. That decision is the law on the subject.
“In my opinion, the President should not be able to suspend the Governor because the CBN Act does not provide for it, and given the need for institutional independence of the CBN, which cannot be guaranteed without the security of tenure of the governor,” he said.
“I despise Emefiele, but if he must be removed, he must be removed constitutionally.” The decision is ratified by two-thirds of the Senate. And it shouldn’t be difficult to obtain because everyone despises the person. So, what’s the point of suspending? Unconstitutionally as well? Anyway, lessons,” Okereke stated.
Furthermore, his misdeeds were numerous, such as his primary KPI (Price Stability) collapsed under his watch. Inflation increased from 9% to 22%. The naira rose from N190 to N750 per dollar. He broke the law by illegally printing N22 trillion.”
Remember that prior to his suspension, a Federal High A Federal High Court in Abuja summoned Emefiele on Tuesday on a $53 million judgment debt originating from Paris Club reimbursements.
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The sitting judge, Inyang Ekwo, has ordered that Emefiele’s application for stay be tabled until he appears before the court.
Emefiele was initially summoned to appear before it on January 18, 2023, to explain his reluctance to execute a legal order for payment of a $70 million debt.
Tinubu suspends Emefiele and orders an investigation into the CBN.
