President Bola Ahmed Tinubu has immediately suspended Central Bank Governor (CBN) Godwin Emefiele.
According to a statement issued today, June 9, by the office of the Secretary to the Government of the Federation (SGF), Emefiele has been suspended in light of the continuing investigation into his office and the proposed reforms in the financial sector of the economy.
The statement, signed by Willie Bassey, the Director of Information in the SGF office, stated that 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 until the investigation and reforms are completed.
“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as Central Bank Governor pending the conclusion of the investigation and reforms.”
“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect,” said Willie Bassey, Director of Information at the Office of the Secretary to the Government of the Federation, in a statement on Friday.
“This is a follow-up to the ongoing investigation of his office and the planned reforms in the economy’s financial sector.”
“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as Central Bank Governor pending the conclusion of the investigation and reforms.”
The news comes less than two weeks after President Tinubu took office and months after the CBN’s widely panned naira swap.
Former President Muhammadu Buhari’s administration issued new bank notes late last year, claiming that they will assist combat vote-buying, insecurity, and inflation, among other things.
However, the country was beset with a cash constraint just weeks before the elections when the CBN revoked the old notes. The development received condemnation from prominent figures.
Some state governors even went to court, with Tinubu criticizing the policy’s implementation.
Tinubu, the governing All Progressives Congress (APC) presidential candidate at the time, asked the CBN to allow old and new notes to coexist.
Tinubu stated that he was “only concerned about its disruptive implementation and the hardship it has brought on the majority of our people who are currently unable to access their hard-earned money to meet obligations, as well as the attendant consequences on the informal sector, where the majority of our people work.”