Some concern Nigerians have reacted to the suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria on Friday.
Emefiele’s suspension was ordered by Nigerian President, Bola Ahmed Tinubu, according to the statement from the Office of the Secretary to the Government of the Federation which came amid ongoing probe of his office and the planned reforms in the financial sector of the economy.
He was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi who will act as the Central Bank Governor pending conclusion of investigation and the reforms.
It was reported that Emefiele as CBN Governor ran multiple exchange rates that allowed arbitrage, at a margin never experienced in Nigeria before. Late last year, he introduced new currencies and mopped up about N3.3 trillion from the economy.
The report further said that Emefiele made available about N800 billion, leading to shortage of currency and a contraction of the economy in the first quarter of 2023.
Reacting to this development, the former Aviation Minister, Femi Fani-Kayode said on tweets that he is happy for Nigeria and for Central Bank that Emefiele has gone.
According to him, “The beast called Godwin “The Greed” Emefiele has finally been suspended. He is the living manifestation of everything evil and never has a single individual destroyed Nigeria as much as him.
“His atrocities are legion. I am happy for Nigeria and for Central Bank that he has gone. Now he must face the full wrath of the law for his crimes against humanity, his treasonable acts, his funding of terrorism, his massive and monumental thievery.
“And his corruption, his wicked and barbaric ways, his conspiracy to thwart the will of the Nigerian people and his attempt to subvert & scuttle our democracy. He must and will be brought to justice”, Fani-Kayode said.
The aide to former President Goodluck Ebele, Reno Omokri in his own view said the suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria, by President Bola Tinubu is not in good taste.
Omokri said further that it appears to be a vindictive act, to punish Emefiele for the patriotic Naira redesign policy, which was meant, among other things, to reduce the impact of money on the 2023 elections.
He said President Tinubu started well. “Indeed, I have had cause to praise him. But he should not mar the progress he has made by this act of seeming vengeance.
“The country needs unity and stability after a fractious election. Now is the time for appeasement, not punishment. It is hoped that the President will reconsider his actions for the nation’s greater good”, Omokri added.
Human Rights Lawyer, Inebihe Effiong said, “Godwin 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. However, Mr 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 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 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”, the lawyer said.
Meanwhile, Folashodun Adebisi Shonubi who is the CBN acting Governor, has been since October 2018, the Deputy Governor, Operations Directorate.
Shonubi was born on the 7th of March, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering. He also represents the CBN on the board of FIRS.