CBN Reacts to the Rumoured Sack of Godwin Emeifele as Pressure Mounts Over State of the Economy

CBN Reacts to the Rumoured Sack of Godwin Emeifele as Pressure Mounts Over State of the Economy

  • The Central Bank of Nigeria has reacted to the rumours that Godwin Emefiele has been sacked as Governor
  • The last time a CBN Governor was removed was when Emefiele’s predecessor, Sanusi Lamido Sanusi was suspended by President Goodluck Jonathan
  • In the last few months, the CBN governor has been under pressure over the state of the economy and also his rumoured presidential ambition

The Central Bank of Nigeria has reacted to the ongoing rumoured sack its governor, Godwin Emefiele, by consequently stating that it is not true.

On Wednesday morning, the sack of Emefiele was one the trending topic on Twitter and at the time of writing this report, it has generated over 17,000 tweets.

However, when contacted, by the head of corporate communications of the Central Bank, Osita Nwanisiobi described the purported sack of Emefiele as not true.

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CBN, Godwin Emeifele, Sack
Godwin Emefiele is said to be at Davos Credit: Chris J. Ratcliffe/Bloomberg
Source: Getty Images

He said,

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“He is not aware of any sack of the CBN Governor."

Pressure on Emefiele

Since his rumoured bid to run for the seat of the president of the Federal Republic of Nigeria, the CBN governor has been under intense pressure.

Although he is yet to openly declare or deny his intention, some group of farmers already purchased his 100 million forms, while he just recently withdrew a case in court challenging his legality to run for a political office while still a CBN governor.

Emefiele Ambition ruffles feather

Emefiele had approached the court seeking a restrain of the Board of the Central Bank of Nigeria, the Attorney General of the Federation and the Independent National Electoral Commission (INEC) from hindering him from running for the office of the president.

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The judge granted the order following an ex-parte motion filed by one Nkwo Augustine Eddiego against the Board of the Central Bank of Nigeria and INEC seeking an order to restrain the defendants.

However, sources indicate the Presidency was unhappy with the moves chiding him for taking INEC to court for a matter that was not in contention.

Emefiele has since withdrawn the suit against INEC and Attorney General restraining him from contesting for President, Premium Times reports.

What the law says on CBN governor cessation of appointment

  • There are seven provisions governing the termination of Emefiele's appointment, according to the CBN act 2007, amid growing calls for him to resign.
  • A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is a member of any Federal or State legislative house; or a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.
  • The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he becomes of unsound mind or, 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;
  • is guilty of serious misconduct in relation to his duties under this Act;
  • is disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally;
  • becomes bankrupt;
  • is removed by the President: Provided that the removal of the Governor shall be supported by a two-thirds majority of the Senate praying that he be so removed.
  • The Governor may resign his office by giving at least three months' notice in writing to the President of his intention to do so and any Director may similarly resign by giving at least one month's notice in writing to the President of his intention to do so.

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2023: PDP demands immediate arrest, prosecution of CBN Gov Emefiele

Meanwhile, the PDP had reacted to reports that Godwin Emefiele purchased the APC presidential nomination form.

The party's spokesman, Debo Ologunagba, said Emefiele is insulting the sensibilities of Nigerians by seeking the office of the president while still serving as governor of the apex bank.

The opposition accused the CBN governor of abuse of office and called on security agencies to arrest and prosecute him.


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