Why Tinubu suspended CBN governor, Godwin Emefiele

President Bola Tinubu on Friday took Nigerians by surprise when he ordered the immediate suspension of the Central Bank of Nigeria Governor, Godwin Emefiele, from office.

Explaining the reason behind Emefiele’s suspension, the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey disclosed that the suspension of the CBN governor was based on an ongoing investigation as well as planned reforms in Nigeria’s financial sector.

Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.

The statement partly read, “President Bola Tinubu has suspended the Central Bank Governor, Godwin Emefiele, 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.

“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 the investigation and the reforms.”

GistReel reports that the suspension may also not be unconnected with the report that a Federal High Court in Abuja 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 the court 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.