Tinubu suspends Emefiele, orders probe

President Bola Ahmed Tinubu has suspended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect. Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation, announced this in a statement on Friday night. “This is sequel to the ongoing investigation of his […]

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

Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation, announced this in a statement on Friday night.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr 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.”

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Tinunu had hinted during the presidential campaign that the CBN naira redesign policy which led to the widespread cash crunch was an attempt to frustrate the general elections.

He, however, boasted that he would win the poll against all odds.

Following Tinubu’s emergence as President, there have been insinuations from several quarters that Emefiele might eventually lose his position under the current administration.