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.
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