The Department of State Services (DSS) has arrested Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, PM News Nigeria reports.
Emefiele’s arrest is coming same day the President, Bola Ahmed Tinubu, suspended him from office with immediate effect.
Emefiele was suspended “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy” according to a release by Willie Bassey, the Director, Information, for the Secretary to the Government of the Federation, George Akume.
“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,” the release further said.
The DSS attempted to arrest Emefiele, but the Chief of Defence Staff, Gen Lucky Irabor, shielded him by providing soldiers to guard his residence and office.
The DSS had said it intensified its investigations in order to arrest and prosecute Emefiele, on allegations of terrorism financing and fraud.
It was reported in January how Irabor meddled in the DSS investigation by providing cover for Emefiele, who returned to the country at that time from the United Kingdom and evaded arrest.
The CBN governor had headed to his office with massive security, specifically military protection, following his return to the country.
A senior DSS operative had recounted how the soldiers provided by the CDS countermanded the DSS officials who went to arrest Emefiele at the Nnamdi Azikiwe International Airport, Abuja.
“Had we not stood down our officers, there could have been a shootout between our men and the soldiers who had cordoned off the area when the plane landed and escorted the CBN governor to his residence,” he had said.
Tinubu Suspends Godwin Emefiele As CBN Governor
Meanwhile, President Bola Tinubu on Friday ordered the immediate suspension of Godwin Emefiele from office as the governor of the Central Bank of Nigeria.
The president, in a statement issued from the cabinet secretary’s office and signed by spokesman William Bassey, also said Mr Emefiele’s stewardship should be probed, and a new reform exercise be set in motion.
“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” the president’s statement said on Friday night.
Adebisi Sonubi, the deputy governor in charge of operations, was asked to take over the affairs of the nation’s top banking institution. No elaborate details were added to the statement.
Mr Emefiele’s dismissal was expected from Mr Tinubu, from whom the dismissed CBN chief tried to wrestle the ruling All Progressives Congress’ presidential ticket in June 2022. Mr Emefiele later backed down from obtaining the ticket, but not before his partisan political posturing had fueled rancour across the country’s political and economic corners.
Mr Tinubu was widely expected to target Mr Emefiele upon assumption of office, notwithstanding the potential implication of a political influence over the central bank from local and international market players.
Mr Emefiele, 61, assumed office on June 4, 2014, following the controversial dismissal of his predecessor Lamido Sanusi by former President Goodluck Jonathan. Mr Sanusi’s ouster raised public controversy because of ambiguities over whether or not the president had the power to sack the CBN governor. Mr Tinubu was among those who criticised Mr Lamido’s removal as unconstitutional.
Mr Emefiele was confirmed for a second term of five years by President Muhammadu Buhari in June 2019, which will expire by June 2024.
Mr Emefiele was in Lagos when he received news of his sack Friday night, although his associates were unclear as to his next course of action. He may flee the country to avoid harassment from law enforcement agencies, which the president greenlighted with his announcement of a probe. Mr Emefiele did not immediately answer The Gazette’s attempts to obtain his comments.
Mr Emefiele’s tenure saw an unprecedented depletion of Nigeria’s vast foreign reserves, as well as excruciating inflation via currency devaluation.
He repeatedly defended his action as necessary to mitigate the country’s challenges, which became intense after fuel prices fell at the international markets and Nigeria’s production output reduced following incessant hostilities in the oil-rich Niger-Delta and a coordinated exodus of foreign oil majors.
