Nigeria’s President, Bola Tinubu, on Friday night, ordered the suspension of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The suspension was with immediate effect.
This was made known in a statement issued on Friday night by the Director of Information, Office of the Government of the Federation, Willie Bassy.
According to Bassy, the suspension of the CBN Governor was based on an ongoing investigation as well as a planned reform in the financial sector.
The Federal High Court in Abuja, had on Tuesday, summoned a Emefiele over a $53 million judgment debt arising from the Paris Club refunds.
The Presiding Judge, Inyang Ekwo, mandated that the court will not hear Emefiele’s motion for stay until he appears before it.
It would be recalled that Emefiele, was at first, invited to appear before it on January 18, 2023, to explain why he did not obey a valid for payment of a $70 million debt..
Emefiele allegedly only released $17 million, leaving $53 million in unpaid debt.
Bassy said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi, pending the conclusion of the investigation and reforms.
The statement read in part: “President Bola Tinubu has suspended the Central Bank Governor, Godwin Emefiele, 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.
“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 the investigation and reforms.”