The social media was agog on Friday evening, June 9, when the news of the suspension of the Central Bank Governor, Godwin Emefiele, was announced by the office of the secretary to the government of the federation.
According to a statement by Willie Bassey, director of information, SGF office, President Bola Tinubu suspended Emefiele with immediate effect so as to carry out investigation of his office and the planned reforms in the financial sector of the economy.
“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,” the statement read.
It was also reported that he has been arrested for questioning by Nigeria’s secret police known as State Security Service (SSS).
Appointed as governor of the Central Bank of Nigeria since June 4, 2014, Emefiele in an unprecedented move by any chief of the Nigerian apex bank, joined partisan politics despite the fact that the CBN Acts 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.
He was criticised by many Nigerians in 2022 when the news of his plan to replace ex-president Muhammadu Buhari in the 2023 presidential election surfaced. Though started as a rumour, his campaign posters flooded the capital city of Abuja and a group bought the presidential form of the All Progressive Congress (APC) for the CBN governor.
Emefiele later 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 but he failed.
Many Nigerians and the Civil Society Organisations have repeatedly instituted multiple cases in court demanding his removal as the apex bank governor over violation of multiple provisions of the Central Bank Act.
Also, months before the last general elections, violent protests were recorded in different parts of the country and the media was awash with lamentations of suffering Nigerians, who are not able to access their funds for transactions, especially in the cash-dominated informal economy due to cash crunch.
Nigerians commend Emefiele removal
Many Nigerians have taken to social media to applaud Tinubu’s decision to suspend Emefiele.
Reacting to the development, former Rivers State Governor, Nyesome Wike who was one of the critics of Emefiele’s policies, especially the Naira redesign, described the President’s decision as bold and timely.
A twitter user, Ikpe Nyong said: “one decision Mr President has made so far and all Nigerians are happy and excited about it. Kudos Mr President on this. That guy acted on impunity and made poor financial decisions that ruined Nigeria’s economy and further deepened our inflation level. He should be arrested too.”
Another user said: “Although I didn’t support BAT during the election, it seems we are beginning to see what we have been lacking in the governance of the country for the past 8 years. Someone is clearly in charge and aware of happenings in the country. I hope the tempo is sustained.”
“Emefiele must give account details of his job, the naira swap brouhaha printing of phantom new currencies and the cashless policy that failed to see light of the day. He must clear himself or go straight to jail. As a deterrent to others. Nigeria is not a banana republic, we need sanity,” Jasper Ume wrote.
Can Tinubu outrightly remove Emefiele?
The disqualification and termination of appointment of CBN governor was clarified in Section 11 of the CBN Act, 2007.
According to Section 11(2)(f) of the CBN Act, the president shall remove the CBN governor from office provided that the governor’s removal is supported by a two-thirds majority of the Senate praying that he be removed.
While the law gives the president power to terminate the appointment of the CBN governor, it is dependent on lawmakers’ backing.
“The CBN governor can be removed by the president, provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he should be removed.”
In his reaction, Inibehe Effiong, a lawyer and rights activist said though Emefiele corrupted the CBN and made “nonsense of our exchange rates and forex market. The fiscal and monetary policies of the CBN under him did not help the country, Tinubu cannot remove him by virtue of Section 11 of the CBN Act without recourse to the Senate.”
“I’m aware of a subsisting judgment of the Federal High Court in Lamido Sanusi’s case, where it was held that while the president cannot remove the CBN governor unilaterally, he can exercise disciplinary control over him, which includes suspension. That judgment is the law on the issue.
“My view is that since the CBN Act does not envisage the suspension of the CBN governor by the president, and given the need for institutional independence of the CBN which cannot be guaranteed without security of tenure of the governor, the President shouldn’t be able to suspend.
“This is, however, my personal view and is subject to the subsisting judgment of the Federal High Court. As a citizen, I do not see Emefiele as a fit and proper person to lead the CBN. He should render account of his stewardship and be thoroughly held accountable for his misdeeds,” he said.
