This morning we woke up to outstanding news of the removal of the CBN governor.
OFFICE OF THE SECRETARY TO THE GOVERNMENT OF THE FEDERATION
PRESS RELEASE
PRESIDENT TINUBU SUSPENDS EMEFIELE FROM OFFICE AS CENTRAL BANK GOVERNOR
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.
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.
Willie Bassey
Director, Information
For: Secretary to the Government of the Federation9th June, 2023.
Credible sources around the presidency and the intelligence community said Emefiele was suspended because of many reasons, among them his recent role in naira swap and cashless policy that mopped up the entire money in circulation in the country, which nearly truncated the conduct of the 2023 general elections.
Tinubu had, at the height of electioneering, said the naira policy was targeted at him, insisting that he would certainly win the election despite sabotage from official quarters.
💃best news I have heard in many years May this end in praise for Nigeria. This man sent Nigeria back to 1991 hoping the new governor will put us back on track and remove these evil western based draconian policies.
Will his removal stand?
According to the CBN Act, The government is prohibited from firing the governor or members of its Board but has the right to appoint them with approval from both houses of the National Assembly.
The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.
“The governor, deputy governor or director shall cease to hold office in the bank if he becomes of unsound mind o, owing to ill health, is incapable of carrying out his duties, is convicted of any criminal offence by a court of competent jurisdiction, except for traffic offences or contempt proceedings arising in connection with the execution, or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act.” The CBN act states.
The governor can also be removed if he “is guilty of a serious misconduct in relation to his duties under this act, disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; becomes bankrupt.”
The CBN act also gives the presidency power to terminate the appointment of the CBN governor, but it is dependent on lawmakers’ backing.
“The CBN governor can be removed by the president provided the removal shall be supported by two-third majority of the Senate,” the Act added.
Suspension long overdue- Prof. Uwaleke
Professor Uche Uwaleke of the Nasarawa State University, in his reaction, said the suspension of Emefiele was long foretold.
“The president cannot sack the CBN governor, but he can suspend him, which is what he has done.
“Recall that Mr Sanusi Lamido Sanusi was equally suspended from office by the Jonathan administration.
This suspension will mark an end to a turbulent era.
His greatest mis-step was his attempt to join the list of presidential candidates. All said, I think he deserves some rest now,”
Who is the new acting CBN Governor?
The new helmsman at CBN Governor, Shonubi
Mr. Folashodun Adebisi 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 further obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University. From 1988-1989 he shifted grounds to Finance and obtained a Masters’ in Business Administration specializing in Finance.
He began his working experience as a Consultant Engineer at Mek-ind Associates and worked from 1984 to 1989. From 1989 to 1990, he was a Marketing Executive at Inlaks Computers Limited.
He moved to Citibank Nigeria Limited as Head, Treasury Operations from 1990 to 1993. He joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996 from where he moved to MBC International Limited as Deputy General Manager, Banking Operations & Information Technology from 1999. In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations & Information Technology and was there till 2002.
In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations & Information Technology and in 2007 he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, September 2009 to April 2012.
He became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. October 2018 to date, Mr. Folashodun is the Deputy Governor, Operations of the Central Bank of Nigeria (CBN) representing the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019. He is married with children.
On June 9, 2023, he became the Acting Governor of the Central Bank of Nigeria (CBN)
Western companies providing services to Nigerians are already rejoicing- since Emefiele Nigerians have been denied the luxury of paying for foreign goods of services because the ability to use their Naira cards for foreign transaction was limited. The aftermath is already evident with starlinks now accepting Naira from its users.
May this end in praise for Nigeria. This man sent Nigeria back to 1991 hoping the new governor will put us back on track and remove these evil western based draconian policies
Former Governor of Eco State called it before anyone else
