BREAKING: President Tinubu suspends Godwin Emefiele as Governor of CBN

President Bola Tinubu has immediately suspended the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, from his position.

The suspension follows an ongoing investigation into his office and planned reforms within the financial sector, as stated in a press release on Friday by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.

According to the press release, Emefiele has been instructed to hand over the responsibilities of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who will act as the interim CBN governor until the investigation and reforms are concluded.

Rumors of the arrest of the suspended CBN governor by the Department of State Services (DSS) surfaced late on Friday, but Peter Afunaya, the spokesperson for the DSS, declined to confirm the arrest.

A reliable security source, speaking anonymously, informed Saturday PUNCH that Emefiele would have faced arrest during the tenure of former President Muhammadu Buhari.

The source stated, “Yes, expect that (his arrest) to happen. He would have been arrested before but the administration of former President Buhari protected him. He has many questions to answer. As a result of this, he won’t be allowed to either travel out or sneak out of the country. So, we are looking for him.”

Emefiele, who assumed the position of the CBN governor on June 4, 2014, previously faced controversy in January 2023 when security operatives attempted to arrest him on allegations of terrorism financing and economic crimes.

According to Section 11 of the CBN Act, 2007, the President possesses the power to terminate the appointment of the CBN governor, but it requires the support of a two-thirds majority of the Senate for the removal to take effect.

The Act also specifies that the governor, deputy governor, or director of the CBN can be removed if they hold positions as lawmakers or directors of banks.

Additionally, the CBN Act allows for the termination of the governor’s appointment in cases of criminal offenses or mental health conditions.

The introduction of the naira redesign policy by the Emefiele-led CBN in October 2022 sparked controversy, as the then Minister of Finance, Budget, and National Planning, Zainab Ahmed, expressed her opposition to the policy shortly after its announcement.

Ahmed stated that her ministry was not consulted and she was unaware of the monetary policy.

The ensuing reaction generated tension and uncertainty until the Presidency confirmed that President Buhari had approved the policy, citing its aim to manage inflation, combat currency counterfeiting, and address ransom payments.

In early January 2023, the CBN initiated a cash swap program in various local government areas to reach citizens in rural communities who had faced difficulties accessing banks in their localities.

The initial deadline of January 31, 2023, set by the CBN for the old notes to cease being legal tender was extended to February 10 due to the country’s challenging circumstances, with both old and new naira notes becoming scarce.

The situation was further exacerbated by fuel scarcity across the country, leading Nigerians to criticize the government’s policies as ill-conceived.