In an astound turn of events, President Bola Tinubu’s decision to suspend Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, sent shockwaves across the internet on Friday night. The suspension was prompted by an ongoing investigation into Emefiele’s office and the planned financial sector reforms.
An official statement, signed by Director of Information, Willie Bassey, on behalf of the Secretary to the Government of the Federation, confirmed Emefiele’s immediate suspension from office. He was instructed to hand over his responsibilities to the Deputy Governor (Operations Directorate) ,Mr Folashodun Shonubi who will assume the role of acting Central Bank Governor during the investigation and reform process.
Mr. Godwin Emefiele, the Apex bank Governor, was arrested at his home in Lagos and subsequently flown to Abuja under tight security by the Department of State Services (DSS). He was then taken to the DSS headquarters in the Asokoro District of the capital for questioning.
The situation caused confusion among the public, with speculations swirling about Emefiele’s whereabouts. Initially, the DSS denied having him in custody through a tweet, but later their spokesperson, Peter Afunanya, confirmed in a press statement that Emefiele was indeed being held by the DSS. He stated that Emefiele is now in its custody for “investigative reasons”.
The statement reads, “The Department of State Services hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, is now in its custody for some investigative reasons.
“The public, particularly the Media, is enjoined to apply utmost caution in the reportage and narratives concerning this.”
Investigations from Eventville Magazine indicates that prior to recent developments, the Department of State Services (DSS) had been diligently tracking the suspended CBN governor. The DSS had earlier taken the initiative to approach a high court in the Federal Capital Territory with the intention of securing an arrest warrant for Emefiele.
It is worth noting that on December 7, 2022, the Department of State Services (DSS) filed an ex parte application (with reference no: FHC/ABJ/CS/2255/2022) seeking a court order to arrest the CBN governor on allegations related to terrorism financing, fraudulent activities, and economic crimes of national security significance.
However, the application made by the DSS was denied by the Chief Judge of the Federal High Court, Justice John Tsoho.
Emefiele potentially faces a range of charges that encompass terrorism financing, fraudulent activities, and participation in economic crimes of national security significance. These charges involve allegations of mishandling the CBN subsidiary, NISRAL, as well as the central bank’s Anchor Borrowers Programme. Additionally, the DSS has accused Emefiele of engaging in fraud, money laundering, round-tripping, and bestowing financial benefits upon himself and others.
The suspension and subsequent arrest of Emefiele have stirred a diverse range of reactions from the public. While some have expressed support for the actions taken against the Central Bank of Nigeria (CBN) Governor, others have voiced concerns and skepticism.
There is a faction of the population that believes the charges brought against Emefiele, such as terrorism financing, fraudulent activities, and involvement in economic crimes, are substantial and warrant his suspension and arrest. They argue that these allegations highlight the need for accountability and transparency within the financial sector.
On the other hand, there are those who question the timing and motives behind Emefiele’s suspension and arrest. Skeptics argue that the charges may be politically motivated or a means to undermine his influence within the CBN. They call for a thorough and unbiased investigation before passing judgment on Emefiele’s guilt or innocence.
For instance, the Labour Party (LP) has strongly criticized the suspension of Emefiele. In a statement released by the party’s Acting National Publicity Secretary, Obiora Ifoh, in Abuja, describes the process as ‘vindictive’ and “unconstitutional”.They expressed their deep concern over President Tinubu’s decision to suspend the CBN governor without seeking the permission of the National Assembly. The LP firmly believes that the action was not in good taste and appears to be punitive in nature, which they find unacceptable.
A former presidential candidate, Omoyele Sowore said, “DSS reportedly picks up and detains former CBN Governor Godwin Emefiele. In an ideal society, his main accomplice in the military, Chief of Defence Staff (CDS), General Lucky Irabor should be arrested and tried with Emefiele. Of course, not leaving out former President Muhammed Buhari as well.”
On the other hand, Human Rights Activist Slams Emefiele’s Administration and Questions Unilateral Suspension. Sesugh Akume has raised concerns about the practices of the Central Bank of Nigeria (CBN) under Emefiele’s leadership. Akume highlights that the bank failed to adhere to the principles of “ways and means” loans, resulting in a drastic increase in loans from N789.6 billion in May 2015 to N22.7 trillion in May 2023.
However, Akume criticizes President Bola Tinubu’s unilateral decision to suspend Emefiele without involving the Nigerian Senate, as outlined in the CBN Act 2007. The activist emphasizes the need to strengthen the act to safeguard the CBN institution from both internal and external abuses.
Is there a Valid Basis for Emefiele’s Arrest?
Amidst the jubilation expressed by many Nigerians over the suspension and arrest of the Central Bank of Nigeria (CBN) governor, given the hardships caused by his cash crunch policy, concerns have been raised about the legality and justification of his detention.
One prominent voice highlighting the potential unlawfulness of the arrest is Reno Omokri, who vehemently argues that Emefiele should be given an opportunity to defend himself. In his impassioned words, Omokri asserts, “The manner in which the arrest of the Central Bank of Nigeria governor was carried out reeks of vindictiveness. We witnessed the video footage, with handcuffs dangling from the hands of the Department of State Services (DSS) agent, targeting a frail-looking banker who posed no resistance to the arrest. I will do everything within my power to fight for his rights.”
Reno Omokri also draws attention to an existing court order that restrains the DSS from arresting Emefiele.
He further adds, “It is in his own enlightened self-interest and for the betterment of Nigeria that President Tinubu sets aside any lingering bitterness he may have regarding the Naira redesign policy. He should refrain from allowing revenge to tarnish what has otherwise been a remarkable start to his presidency. If my memory serves me correctly, there is a valid court order that prohibits the DSS from arresting Emefiele. Does Tinubu wants to commence his presidency in such a contentious manner?
By highlighting the alleged unlawfulness of the arrest and emphasizing the importance of upholding the court order, Reno Omokri seeks to shed light on the potential injustice of detaining Emefiele without affording him an opportunity to defend himself. He urges a fair and lawful approach that avoids staining the beginning of the new presidency with revenge and bitterness, ultimately advocating for the protection of Emefiele’s rights and the integrity of Nigeria’s legal system.
Overall, the suspension and arrest of Emefiele have sparked a contentious debate among the public, with opinions varying widely. As the situation unfolds, it remains to be seen how these mixed reactions will shape the public discourse surrounding the case.