SAT, JUNE 10 2023-theGBJournal |President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.
”This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” according to a statement late Friday issued by Willie Bassey, Director, Information for Secretary to the Government of the Federation (SGF).
Bassey says Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.
No further insight is offered for Emefiele’s suspension by the Presidency but the CBN Act gives the President power to fire the Governor, with the backing of the lawmakers however.
Shonubi, a seasoned banker was former Vice-President First City Monument Bank (FCMB) and served as Executive Director in Ecobank Nigeria Limited before joining the Central Bank.
Central Bank watchers theGBJournal spoke to say they saw it coming.
”I wouldn’t say it is a vendetta but his (Emefiele) handling of the Naira redesign and swap policy earned him so many enemies,” says one prominent banker in Lagos.
”Of course you will recall the trident criticism of the policy by the President during his campaign for the office.
Sources say Emefiele has also been taken into custody by the Department of State Service (DSS).
Twitter-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
