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Report Of How Emefiele Stepped Down As CBN Governor Emerges



Godwin Emefiele, who was suspended as Governor of Central Bank Governor (CBN) by President Bola Tinubu in June and later detained by the Department of State Services (DSS), resigned last month.

Quoting government sources, Reuters said Emefiele tendered his resignation letter to Tinubu.

This effectively cleared the way for Olayemi Cardoso, who was nominated on Friday by the President to replace the former CBN governor.

According to report, the president cannot remove a CBN governor unilaterally, by the provisions of the law.

Section 11 of the Central Bank Act 2007 specifies the conditions upon which a CBN governor can be removed from office.

Section 11 (2)(f) empowers the president to terminate the appointment of a CBN governor but the “removal of the governor shall be supported by two-thirds majority of the senate”.


Report Of How Emefiele Stepped Down As CBN Governor Emerges


If the president cannot get a two-thirds majority of the senate, another option would be to wait until the CBN governor is convicted of a criminal offence by a court of competent jurisdiction, per section 11(2)(b).

However, section 11(3) of the CBN Act allows the CBN governor to resign by giving at least three months’ notice in writing to the president.

On June 9, Tinubu suspended Emefiele and asked him to transfer his responsibilities to Folashodun Adebisi Shonubi, deputy governor, operations directorate.

The day after, the DSS announced that Emefiele was in its custody for “some investigative reasons”.

In July, the President appointed a Special Investigator to probe the CBN and Related Entities.

In a letter sighted, the president named Jim Osayande Obazee, ex-Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), as the investigator.

The President asked the Special Investigator to investigate CBN and key Government Business Entities (GBEs).

He also said Obazee would report directly to his office.

Recall that the president also sacked all the deputies who served under Emefiele.

Under Emefiele, the bank had four deputy governors namely, Folashodun Adebisi Shonubi, who became acting governor after his suspension; Aishah N, Ahmad, who was Deputy Governor, Financial System Stability Directorate; Edward L. Adamu, Deputy Governor, Corporate Services Directorate; and Kingsley Obiora, Deputy Governor, Economic Policy Directorate.

Meanwhile, presidential spokesman, Chief Ajuri Ngelale, announced the appointments of the new CBN deputy governors in a statement on Friday.

Ngelale said President Tinubu had approved the nomination of four new Deputy Governors of the CBN, for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate.

The nominees are:

Muhammad Sani Abdullahi Dattijo

Mrs. Emem Nnana Usoro

Mr. Philip Ikeazor

Dr. Bala M. Bello.


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