BREAKING NEWS! CBN Governor Godwin Emiefele Suspended and Arrested
President Bola Ahmed Tinubu has suspended embattled Central Bank of Nigeria (CBN) governor Godwin Emefiele.
According to reports, State Security Service (SSS) agents have also arrested him.
According to credible sources within the presidency and intelligence community, Emefiele was suspended for a variety of reasons, including his recent role in the naira swap and cashless policy, which nearly halted the conduct of the 2023 general elections, as reported by Daily Trust.
Tinubu had, during the height of electioneering, asserted that the naira policy was aimed at him and that he would win the election regardless of official sabotage.
Neither the suspended CBN governor nor Isa Abdulmumin, the official spokesman of the central bank, could be reached for comment.
Recall that Emefiele had denied wrongdoing on multiple occasions, insisting that he was fulfilling his legal responsibilities.
According to some of our sources, Emefiele should have been suspended well before former President Muhammadu Buhari’s departure, but he was not.
The sources stated that they were appalled by Buhari’s ‘I-don’t-care’ attitude towards the facts, figures, and irrefutable indicting documents presented to him by various agencies regarding the financial misdeeds of the suspended CBN governor.
It was learned that the SSS, the Economic and Financial Crimes Commission (EFCC), and numerous domestic and international financial regulatory agencies have grievances with the embattled Emefiele.
Friday night, Willie Bassey, the Director of Information, issued a statement on behalf of Senator George Akume, the Secretary to the Government of the Federation, announcing his suspension.
This was a result of the ongoing investigation into his office and the planned reforms to the financial sector, according to the statement.
“Mr. Emefiele has been ordered to immediately turn over his office to the deputy governor (Operations Directorate), who will serve as CBN governor until the conclusion of the investigation and the reforms,” reads the order.
Attempts to reach the SSS spokesman, Peter Afunanya, via his mobile phone were unsuccessful last night, as multiple phone calls were rejected.
He had not responded to various text and WhatsApp messages sent to him as of the time this report was filed last night. However, multiple sources within the secret police confirmed to this publication that the embattled central bank governor is currently being interrogated in their custody.
When asked for clarification, one of the sources responded, “Yes, he is currently being interrogated here,” before hanging up.
Last night, another source confirmed Emefiele’s presence at the facility of the secret police.
Way to go before suspension
According to one of our sources, several agencies investigated Emefiele and submitted their findings to the previous administration, but no action was taken.
The last gift given to Emefiele by the previous administration was a national honor, he said.
What is generally known
This newspaper reported in February that the SSS had intensified its investigations in an effort to arrest and prosecute Emefiele on charges of terrorism financing and fraud.
Premium Times, an online publication, recently published some of the exclusive details it obtained from court documents regarding the controversy surrounding Emefiele’s trial, including funding for “unknown gunmen” and members of the outlawed IPOB.
In the online publication’s report, Emefiele was also accused of undermining Nigeria’s national security by sabotaging President Buhari’s administration, financing terrorism, assisting terrorists, and committing other economic crimes.
In addition, it accused the CBN governor of mismanaging NIRSAL and the bank’s Anchor Borrowers Programme.
The SSS alleged that Emefiele financed the IPOB/Eastern Security Network (ESN) with both the funds he raised for his unsuccessful presidential campaign last year and funds stolen from government coffers.
Recall that on December 7, 2022, a team of four attorneys from the legal department of the secret security agency filed a case (ex parte motion) against Emefiele, requesting permission to detain him for 60 days in order to complete an investigation into his alleged atrocities.
A Federal High Court in Abuja denied the SSS’s request to arrest and detain the CBN governor on December 9 of last year.
Justice J. T. Tsoho, the chief judge, denied the ex parte motion filed by the secret police, stating that the agency did not provide any concrete evidence to support its claims that Emefiele was involved in terrorism financing and economic crimes.
Due to the grave implications for the Nigerian economy if the CBN governor were arrested and detained, the court stated that such an application should have been accompanied by the president’s approval.
Approximately two weeks after Justice Tsoho issued his order, the Federal Capital Territory High Court granted a request by a civil society organization to prevent Emefiele’s arrest, granting him a second reprieve.
Justice Muslim Hassan of the FCT court ruled that based on Tsoho’s earlier ruling, “Any continuous harassment, intimidation, threats, restriction of movement, abuse of right of office, surreptitious moves to arrest and humiliation” of Emefiele over “False allegations of terrorism financing and fraudulent practices” was unlawful and unconstitutional.
The judge also enjoined the SSS “from initiating the arrest or arresting, interrogating, or detaining” Emefiele in connection with any matter or policy decision involving the Nigerian economy “or for any purposes related thereto” unless a superior court issued an order to do so.
CBN Act
According to the CBN Act, the government may not dismiss the governor or members of the Board, but it may appoint them with the consent of both houses of the National Assembly.
The CBN Act further stipulates that a CBN governor’s appointment can be terminated for criminal offenses or mental health conditions.
“The governor, deputy governor, or director shall cease to hold office in the bank if he becomes of unsound mind or, due to ill health, is incapable of carrying out his duties, or is convicted of any criminal offence by a court of competent jurisdiction, except for traffic offenses or contempt proceedings arising in connection with the execution, or intended execution, of any power or duty conferred by this Act or the Banks and Other Financial Institutions Act.” The CBN Act specifies.
The governor may also be removed if he is “guilty of serious misconduct in relation to his duties under this act, disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made with regard to him personally, or becomes bankrupt.”
The CBN Act also grants the president the authority to revoke the CBN governor’s appointment, pending the approval of the legislature.
“The CBN governor may be removed by the president if the removal is supported by a two-thirds Senate majority,” the law states.
This suspension will mark the end of a period of turmoil.
“Godwin Emefiele will be remembered for implementing big ideas, such as the Anchor Borrower Programme, the RT200, the eNaira, and a slew of interventions that helped to stimulate the economy during recessionary periods.
According to prudential ratios, Emefiele was largely successful in ensuring the stability of the financial sector. His foreign exchange demand management policies, in particular the exclusion of 41 items, promoted import substitution, conserved foreign reserves, and maintained relative stability in exchange rates. It would be unfair to blame him for the current high inflation rate, as the majority of contributing factors are outside of the CBN’s control.
“On the other hand, he will also be remembered for the currency redesign exercise, which was unpopular with Nigerians, and the CBN Ways and Means, which grew exponentially during his tenure.
“His attempt to join the list of presidential candidates was his greatest error. “I believe he deserves some rest at this point,” he said.
Great goods from you, man. I’ve bear in mind your stuff prior to and you’re simply too wonderful. I really like what you’ve acquired here, really like what you’re stating and the way through which you are saying it. You make it entertaining and you still take care of to stay it smart. I can not wait to read far more from you. This is actually a terrific website.
Asking questions are actually nice thing if you are not understanding anything completely, but this article provides pleasant understanding even.
What’s Taking place i’m new to this, I stumbled upon this I have found It positively helpful and it has helped me out loads. I hope to give a contribution & assist other users like its helped me. Good job.
My brother suggested I might like this website. He was totally right. This post actually made my day. You cann’t imagine just how much time I had spent for this information! Thanks!
I constantly emailed this webpage post page to all my associates, as if like to read it after that my links will too.
I don’t even know how I ended up here, but I thought this post was good. I don’t know who you are but definitely you are going to a famous blogger if you are not already 😉 Cheers!
I got this website from my friend who informed me about this web site and now this time I am visiting this website and reading very informative articles at this place.
We are a group of volunteers and starting a new scheme in our community. Your web site provided us with useful information to work on. You have performed an impressive process and our whole group will be grateful to you.
This article is really a nice one it helps new internet people, who are wishing for blogging.
You can definitely see your enthusiasm in the article you write. The arena hopes for more passionate writers like you who aren’t afraid to mention how they believe. Always go after your heart.
Link exchange is nothing else but it is only placing the other person’s weblog link on your page at appropriate place and other person will also do same for you.
Why users still use to read news papers when in this technological world all is existing on net?
Hi there, I found your website via Google at the same time as searching for a similar topic, your web site got here up, it seems good. I have bookmarked it in my google bookmarks.
I know this if off topic but I’m looking into starting my own blog and was wondering what all is required to get set up? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet savvy so I’m not 100% positive. Any recommendations or advice would be greatly appreciated. Cheers
Great article! This is the type of information that are meant to be shared around the internet. Disgrace on the seek engines for now not positioning this post upper! Come on over and talk over with my site . Thank you =)
Wonderful goods from you, man. I’ve have in mind your stuff prior to and you’re simply too fantastic. I really like what you’ve obtained here, really like what you’re stating and the best way in which you assert it. You are making it entertaining and you still take care of to stay it smart. I can not wait to read far more from you. This is actually a terrific website.
I don’t even know how I ended up here, but I thought this post was good. I don’t know who you are but definitely you are going to a famous blogger if you are not already 😉 Cheers!
Does your website have a contact page? I’m having a tough time locating it but, I’d like to send you an e-mail. I’ve got some suggestions for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it expand over time.
Hi mates, good piece of writing and nice arguments commented here, I am actually enjoying by these.
Very rapidly this web site will be famous among all blogging and site-building people, due to it’s nice posts
Pretty section of content. I just stumbled upon your blog and in accession capital to assert that I acquire in fact enjoyed account your blog posts. Any way I’ll be subscribing to your augment and even I achievement you access consistently fast.
Greetings! Very helpful advice within this article! It is the little changes which will make the greatest changes. Thanks a lot for sharing!
Hi, this weekend is nice for me, as this time i am reading this enormous informative article here at my house.
Yes! Finally something about %keyword1%.
Asking questions are truly pleasant thing if you are not understanding anything completely, but this article gives pleasant understanding even.
you’ve got a great weblog right here! would you wish to make some invite posts on my blog?
Heya just wanted to give you a quick heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results.
It is not my first time to go to see this site, i am visiting this website dailly and take nice information from here daily.
Представительский частный эротический массаж Москва с массажистками на выбор
I am really loving the theme/design of your site. Do you ever run into any internet browser compatibility problems? A number of my blog audience have complained about my website not operating correctly in Explorer but looks great in Chrome. Do you have any solutions to help fix this issue?
Heya! I’m at work browsing your blog from my new iphone 4! Just wanted to say I love reading your blog and look forward to all your posts! Keep up the excellent work!
Good article. I definitely love this website. Keep writing!
Remarkable! Its in fact awesome piece of writing, I have got much clear idea about from this post.
Fine way of describing, and pleasant piece of writing to take data regarding my presentation subject matter, which i am going to deliver in university.
Hi my loved one! I want to say that this article is awesome, great written and come with almost all important infos. I’d like to peer more posts like this .
Excellent post. I am dealing with a few of these issues as well..
Hello there, simply was aware of your blog through Google, and found that it is really informative. I’m gonna watch out for brussels. I will appreciate if you continue this in future. Many folks can be benefited from your writing. Cheers!
Spot on with this write-up, I absolutely feel this site needs a lot more attention. I’ll probably be back again to read more, thanks for the information!
I want to to thank you for this good read!! I certainly enjoyed every little bit of it. I have you book marked to check out new stuff you post
I wanted to thank you for this wonderful read!! I definitely enjoyed every little bit of it. I’ve got you book marked to check out new stuff you post
Usually I do not read article on blogs, however I wish to say that this write-up very forced me to try and do so! Your writing taste has been amazed me. Thank you, quite great article.
Does your site have a contact page? I’m having a tough time locating it but, I’d like to send you an e-mail. I’ve got some recommendations for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it improve over time.
Right now it sounds like BlogEngine is the top blogging platform out there right now. (from what I’ve read) Is that what you’re using on your blog?
Great post.
Hi! I’ve been following your weblog for a while now and finally got the bravery to go ahead and give you a shout out from Houston Tx! Just wanted to mention keep up the excellent job!
Greetings from Ohio! I’m bored to death at work so I decided to check out your site on my iphone during lunch break. I really like the knowledge you present here and can’t wait to take a look when I get home. I’m amazed at how quick your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyhow, awesome site!
Wonderful site you have here but I was wanting to know if you knew of any user discussion forums that cover the same topics talked about in this article? I’d really love to be a part of online community where I can get responses from other knowledgeable individuals that share the same interest. If you have any recommendations, please let me know. Appreciate it!
Have you ever considered about including a little bit more than just your articles? I mean, what you say is valuable and all. Nevertheless think of if you added some great photos or video clips to give your posts more, “pop”! Your content is excellent but with images and video clips, this site could certainly be one of the most beneficial in its niche. Amazing blog!
Can you tell us more about this? I’d like to find out more details.
You can definitely see your enthusiasm in the article you write. The world hopes for more passionate writers like you who aren’t afraid to mention how they believe. All the time go after your heart.
Incredible quest there. What occurred after? Good luck!
When someone writes an post he/she maintains the plan of a user in his/her mind that how a user can understand it. So that’s why this article is amazing. Thanks!
I will right away grasp your rss as I can not find your email subscription link or newsletter service. Do you have any? Please permit me recognise so that I may just subscribe. Thanks.
Heya i’m for the first time here. I came across this board and I find It truly useful & it helped me out a lot. I hope to give something back and help others like you helped me.
hey there and thank you for your information I’ve definitely picked up anything new from right here. I did however expertise some technical issues using this site, since I experienced to reload the site many times previous to I could get it to load properly. I had been wondering if your hosting is OK? Not that I am complaining, but sluggish loading instances times will very frequently affect your placement in google and can damage your quality score if advertising and marketing with Adwords. Anyway I’m adding this RSS to my e-mail and can look out for a lot more of your respective fascinating content. Make sure you update this again soon.
Hello there, simply turned into aware of your blog thru Google, and found that it is really informative. I’m gonna watch out for brussels. I will appreciate if you continue this in future. Many folks will probably be benefited from your writing. Cheers!
You ought to take part in a contest for one of the finest sites on the web. I most certainly will recommend this website!
Today, I went to the beach with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!
Howdy just wanted to give you a quick heads up. The text in your content seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with web browser compatibility but I thought I’d post to let you know. The style and design look great though! Hope you get the problem solved soon. Kudos
Heya i’m for the primary time here. I came across this board and I find It truly useful & it helped me out a lot. I am hoping to give something back and help others like you helped me.
Appreciate the recommendation. Will try it out.
Hi there, all is going well here and ofcourse every one is sharing information, that’s really good, keep up writing.
Thanks to my father who shared with me about this blog, this weblog is really remarkable.
Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
What’s up it’s me, I am also visiting this website regularly, this website is truly pleasant and the users are really sharing good thoughts.
hey there and thank you for your information I’ve definitely picked up anything new from right here. I did however expertise a few technical issues using this web site, since I experienced to reload the web site a lot of times previous to I could get it to load properly. I had been wondering if your web hosting is OK? Not that I am complaining, but sluggish loading instances times will often affect your placement in google and can damage your quality score if advertising and marketing with Adwords. Anyway I’m adding this RSS to my e-mail and can look out for a lot more of your respective fascinating content. Make sure you update this again soon.
Incredible quest there. What occurred after? Thanks!
Добро пожаловать на сайт онлайн казино, мы предлагаем уникальный опыт для любителей азартных игр.
wonderful issues altogether, you just gained a logo new reader. What could you suggest in regards to your post that you made a few days ago? Any positive?
If you are going for most excellent contents like me, simply visit this site everyday as it provides quality contents, thanks
Это лучшее онлайн-казино, где вы можете насладиться широким выбором игр и получить максимум удовольствия от игрового процесса.
Hey! I’m at work browsing your blog from my new iphone 3gs! Just wanted to say I love reading your blog and look forward to all your posts! Keep up the fantastic work!
Hello, just wanted to say, I enjoyed this article. It was funny. Keep on posting!