On Friday, President Bola Tinubu suspended the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and directed him to hand over the affairs of his office to the Deputy Governor (Operations Directorate).
Not done, the president also ordered a comprehensive probe of Emefiele’s activities as the CBN governor.
ALSO READ: Meet the acting CBN governor, Adebisi Shonubi
According to a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, the suspension was “is sequel to the ongoing investigation of his (Emefiele’s) office and the planned reforms in the financial sector of the economy.”
ALSO READ: BREAKING: Tinubu suspends Emefiele as CBN governor
It added that “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 investigation and the reforms.”
What are the perceived reasons for Emefiele’s suspension?
ALSO READ: VIEWPOINT: Emefiele; the Embarrassing End of Ego
Contrary to the CBN Act, Emefiele purchased a nomination form to contest for the presidential ticket of the ruling All Progressives Congress (APC). He withdrew from the race at the last minute.
The introduction of new naira notes shortly before the last general election was the last straw for Emefiele.
ALSO READ: DSS confirms arrest of suspended CBN governor, Emefiele
For several weeks, Nigerians suffered the pains of cash scarcity as the CBN withdrew old notes from circulation without making new ones available.
He was appointed as CBN governor by former President Goodluck Jonathan on June 4, 2014. At the expiration of his first term in 2019, he was reappointed by former President Muhammadu Buhari.
