Emefiele ‘corrupted the CBN, made nonsense of our exchange rates’, but Tinubu lacks power to suspend him unilaterally –

human rights lawyer and social crusader, Inibehe Effiong, has said that the President, Bola Ahmed Tinubu lacks the power to suspend the Governor of the Central Bank of Nigeria, Godwin Emefiele though the later “corrupted the CBN and made nonsense of our exchange rates and forex market. The fiscal and monetary policies of the CBN under him did not help the country.”

“President Bola Ahmed Tinubu suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect,” the Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey said in a Friday statement.

But the Human rights lawyer said “Mr Tinubu cannot remove him by virtue of Section 11 of the CBN Act without recourse to the Senate.”

In a series of tweets shortly after the announcement, Inibehe said a subsisting judgement of the Federal High Court in Sanusi’s case supports his position.

“I’m aware of a subsisting judgment of the Federal High Court in Sanusi’s case, where it was held that while the President cannot remove the CBN Governor unilaterally, he can exercise disciplinary control over him, which includes suspension. That judgment is the law on the issue.

“My view is that since the CBN Act does not envisage the suspension of the Governor by the President, and given the need for institutional independence of the CBN which cannot be guaranteed without security of tenure of the governor, the President shouldn’t be able to suspend.

“This is however my personal view and is subject to the subsisting judgment of the Federal High Court.”

As a citizen, I do not see Emefiele as a fit and proper person to lead the CBN. He should render account of his stewardship and be thoroughly held accountable for his misdeeds. (J101)