Mixed reactions have trailed the suspension of Central Bank of Nigeria governor, Godwin Emefiele, by President Bola Tinubu on Friday.
The PUNCH reports the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, disclosed in a statement Friday night that the suspension of the CBN governor was based on an ongoing investigation as well as planned reforms in the financial sector.
Folashodun Adebisi Shonubi, Deputy Governor (Operations Directorate) will serve as acting governor in the meantime.
Netizens on Twitter had different views on the suspension. While some applauded the development, others called for caution.
A tweep, Inibehe Effiong said since the president does not have the constitutional backing to remove the CBN governor and the CBN Act doesn’t also envisage a situation like this one, then Emefiele shouldn’t have been suspended.
“Godwin Emefiele 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.
However, Mr Tinubu cannot remove him by virtue of Section 11 of the CBN Act without recourse to the Senate.
I’m aware of a subsisting judgement 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”, he said
Effiong’s view was also re-echoed by another tweep, Chidi Okereke who said the President should have followed the constitution in suspending Emefiele.
“I detest Emefiele, but if he has to be removed, it should be done constitutionally. 2/3rds Senate ratifying the decision. And this shouldn’t even be hard to get, because everybody hates the guy. So why suspend? Unconstitutionally too? Anyways, lessons”, Okereke said
In a different view, another tweet, @Towchukwu praised Emefiele’s suspension saying his sins were too many.
He said, “No story! Emefiele is gone for good. Also, his sins were too many.
1. Under his watch his primary KPI (Price Stability) crumbled. Inflation went from 9% to 22%.
2. Naira went from N190 to N750 to the dollar.
3. He broke the law by printing N22 Trillion illegally”
Recall that before his suspension, a Federal High Court in Abuja, on Tuesday, summoned Emefiele, over a $53 million judgement debt arising from the Paris Club refunds.
The presiding judge, Inyang Ekwo, mandated that the court will not hear Emefiele’s motion for stay until he appears before it.
Emefiele was initially invited to appear before it on January 18, 2023, to explain his refusal to obey a valid order for payment of a $70m debt.
The CBN governor allegedly only released $17 million, leaving $53 million in unpaid debt.