Tinubu suspends Emefiele as CBN governor

Bola Tinubu, Nigeria’s president has suspended Godwin Emefiele, governor of Central Bank of Nigeria (CBN) 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,” said Willie Bassey, director, Information at the office of Secretary to the Government of the Federation.

Read also: Emefiele says CBN focused on fixing inflation, stabilising banking system

He added, “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.”

Folashodun Adebisi Shonubi is Deputy Governor (Operations Directorate).

Read also: Legal issues on the suspension of the CBN Governor

Can the president suspend a CBN governor?

The power to appoint and suspend a CBN Governor is shared between the President and the Senate. Section 11 of the Interpretation Act Cap I23, LFN 2004 states unequivocally that where a statute confers upon a body the powers to appoint a person to an office, those powers also include the powers to remove or suspend him. As such, where the Act conferred both the President and the Senate powers to appoint the CBN Governor, any act which is targeted to determine his appointment – whether by way of suspension or removal is within the exclusive preserve of the appointing authorities. It is submitted therefore that contrary to popular opinion, the Senate still had to approve the suspension of the CBN Governor.