President Tinubu Suspends CBN Governor, Godwin Emefiele

President Bola Ahmed Tinubu has suspended the Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele from office with immediate effect.

According to a terse statement by Willie Bassey Director, Information Office of the Secretary to the Government of the Federation on Friday night, it is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

It was reported that 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.

According to the announcement, the president’s decision follows an ongoing investigation of Emefiele’s office and planned reforms in the financial sector.

Reatinv to this, analysts believe the the suspension did not come as a surprise.

According to Analyst, Kole Shittu the president’s decision was driven by politics, although he praised the president for keeping to his words. He said: “I see it as more of a political vendetta.” Shittu added: “The president promised to hit the ground running, and he is truly keeping to his words.

The next line of action is for him (Emefiele) to be arrested and prosecuted for what he made Nigerians go through with his scam Naira redesign policy.” For Ibadan, Oyo state-based Sadiq Yusuf; the sanction was “long overdue”. He said it was long overdue.” I was expecting it since former president Muhammadu Buhari’s first term. Of course, not for any major crime, but just for staying too long in office while the economy didn’t get better.”