Tinubu suspends CBN governor, Godwin Emefiele, orders probe

CBN Governor Godwin Emefiele

• Arrested by DSS

By Marvellous Ngang

President Bola Tinubu has suspended the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect.

This was made known by Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation, who announced this in a statement on Friday night.

In the Friday, June 9, 2023 statement, Bassey said, “This is sequel to 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 the investigation and the reforms.”

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Recalled Tinubu had said during the presidential campaign that the CBN naira redesign policy which led to the nationwide cash crunch was an attempt to frustrate the general elections, especially a ploy against his victory.

Still, Tinubu, boasted that he would win the election against all odds.

So, analysts have said that with Tinubu’s emergence as President, Emefiele might lose his position under the current administration.

Meanwhile, the embattled suspended CBN Governor Emefiele has been arrested by DSS.

His arrest was reported shortly after President Bola Tinubu suspended Emefiele.

Recalled before his suspension, the DSS, on December 7, 2022, in an exparte application with reference no: FHC/ABJ/CS/2255/2022, had sought an order to arrest the CBN Governor under the former President Muhammadu Buhari administration.

Then, Emefiele was accused of financing terrorism, fraudulent activities and economic crimes of national security dimension.

However, the Chief Judge of the Federal High Court, Justice J.T Tsoho, refused to grant the application of the DSS.

The court said such an application should have been accompanied by presidential approval because of the grave implications for the Nigerian economy should the CBN governor be arrested and detained.