President Tinubu Suspends Godwin Emefiele As CBN Governor

President Bola Tinubu has suspended Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) and the acting as Mr. Folashodun Adebisi Shonubi, citing ongoing investigations into the CBN Governor’s office and the planned reforms in Nigeria’s financial sector. The suspension was announced through a statement issued by Willie Bassey, the Director of Information for the Secretary to the Government of the Federation. According to the statement, the action was taken in light of ongoing investigations into the CBN Governor’s office and the planned reforms in Nigeria’s financial sector.

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What the law says about the suspension of CBN Governor

According to the provided section of the CBN Act, the suspension or removal of the CBN Governor can occur under certain circumstances. These circumstances include:

– If the Governor, Deputy Governor, or Director of the Bank becomes a member of any Federal or State legislative house.
– If they become a Director, officer, or employee of any bank licensed under the Banks and Other Financial Institutions Act.

According to the section of the CBN Act provided, the act does not explicitly mention suspension as a means of removing the Central bank of Nigeria’s Governor. It primarily outlines circumstances under which the Governor, Deputy Governor, or Director of the Bank can be removed from office.

Implications of the suspension

The suspension of the CBN Governor has generated mixed reactions from Nigerians. Some have applauded the President’s decision, while others have criticized it. Nyesom Wike, a former Governor of Rivers State, applauded President Tinubu’s decision, describing it as bold and timely. However, some Nigerians have expressed concerns about the impact of the suspension on the country’s economy, given the CBN Governor’s role in managing the country’s monetary policy.

Acting CBN Governor

Following the suspension of the CBN Governor, President Tinubu has directed the Deputy Governor, Operations Directorate, Mr. Folashodun Adebisi Shonubi, to lead the country’s apex financial institution in an acting capacity.

Tinubu’s economic policies

President Tinubu has promised to expand Nigeria’s economy by at least six percent a year, lift barriers to investment, create jobs, unify the exchange rate, and tackle rampant insecurity. He has also promised to review the federal budgetary methodology, embark on a national infrastructure campaign, drive an agricultural revolution, and reform the security services with more personnel and improved training, equipment, and pay.

FAQs

What is the reason for Godwin Emefiele's suspension?

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), was suspended by President Bola Tinubu following ongoing investigations of his office and planned reforms in the financial sector.

 

Who will act as the CBN Governor in the meantime?

Folashodun Shonubi, the Deputy Governor (Operations Directorate), will act as the CBN Governor pending the conclusion of the investigation and the reforms.

Why was Godwin Emefiele detained?

Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), has been detained by the State Security Service (SSS) for investigative reasons.

What are Tinubu's plans for the country?

President Bola Tinubu has promised to review the federal budgetary methodology, embark on a national infrastructure campaign, drive an economic diversification program, and tackle the country's security challenges.

When did Tinubu release his policy document?

In October 2022, President Tinubu released an 80-page policy document titled “Renewed Hope 2023 – Action Plan for a Better Nigeria”.

Who is Folashodun Shonubi?

Folashodun Shonubi is the Deputy Governor (Operations Directorate) of the Central Bank of Nigeria (CBN) who will act as the CBN Governor pending the conclusion of the investigation and the reforms.