INNOCENT OWEH; BAMIDELE OGUNWUSI
ABUJA / LAGOS – The suspension of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) has been described as expected considering the position of President Bola Ahmed Tinubu about his policies, especially the naira redesigned policy.
In a statement from the office of the Director of Information at the office of the Secretary to the Government of the Federation, it was revealed that President Bola Tinubu approved his suspension.
The suspension is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, the statement said.
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 investigation and the reforms.
Speaking to Saturday INDEPENDENT last night, Cyril Ampka, a financial analyst, said most Nigerians have predicted his removal immediately after the presidential election.
His words, “I think his removal is expected but I am not sure it is appropriate to remove him because his tenure has not lapsed. What I can say is that the removal is more political”
In his reaction, Stephen Iloba, a Lagos-based economist, said the suspension is ill-advised.
“The suspension of Godwin Emefiele is ill-advised. It may derail the new government’s plan to remove a central bank governor less than two weeks of coming in to power.”
According to reports, Emefiele has been governor of the Central Bank of Nigeria since 2014. During his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian Naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to mask pressure on the Naira and avoid a series of devaluations.
In 2019, Nigeria’s Senate approved a second five-year term for Emefiele. This is the first time that anyone will serve for a second term since Nigeria’s return to democracy in 1999.
In an unprecedented move by any chief of the Nigerian apex bank, Godwin Emefiele ventured into partisan politics against the dictates of the Central Bank Act which provides that the occupant of the governor’s position must remain apolitical and independent at all times to preserve the nonpartisan posture of the bank.
However, in May 2022, Emefiele drew public outrage when it emerged that he was seeking to replace President Muhammadu Buhari in the 2023 presidential election. What started as a rumor when campaign posters of the bank chief flooded the capital city of Abuja soon gained breath when a group of alleged rice farmers purchased the presidential form of the All Progressive Congress for the CBN Governor.
In a series of tweets via his verified account, Emefiele rejected the presidential form and declared he has no intention to contest.
But in a quick twist, Emefiele filed a lawsuit at the Federal High Court in Abuja seeking an order from the court directing the electoral body and the office of the attorney general not to stop him from contesting the presidential position.
The court stepped down the request but invited the duo to make a formal presentation on why Emefiele’s request should not be granted.
Recently, some Nigerians and members of the Civil Society Organisations filed multiple cases in court demanding the removal of the CBN Governor and accusing him of violating multiple provisions of the Central Bank Act.
