Why Tinubu suspended Emefiele as CBN Gov - AfrobadooTV
Connect with us


Why Tinubu suspended Emefiele as CBN Gov




The suspension yesterday of Central Bank Governor Godwin Emefiele by President Bola Tinubu may have been triggered by the probe instituted against him last week by the House of Representatives, The Nation learned last night.

The Director of Information broke the news of the CBN governor’s suspension in the Office of the Secretary to the Government of the Federation OSGF (OSGF), Willie Bassey.

“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr. Godwin Emefiele, CFR, from office with immediate effect,” Bassey said in a statement.

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

“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 the investigation and the reforms,” he added.

The apex bank’s deputy governor in charge of Operations, Folashodun Adebisi Shonubi, was asked to take over in an acting capacity.

Sources in Abuja told The Nation that sequel to Emefiele’s suspension he has been barred from leaving the Federal Capital. They may be probed by the Department of State Services (DSS) for alleged terrorism financing.

It was gathered that the House of Representatives’ inquisition into the activities of the CBN under Emefiele has opened many cans of worms, such that the authorities felt compelled to send him home to allow for proper investigation.

“There is a lot of dossier on him (Emefiele), so it is only proper that he should step aside in order to allow for proper investigation into the allegations preferred against him,” the source said.

Another source familiar with the development said: “The CBN governor’s probe by the Reps is just a prelude to what may follow in a few days.”

An ad hoc committee of the House investigating the alleged missing 48 million barrels of Bonny Light crude had summoned Emefiele to provide details on the N32.5 billion said to have been paid to two companies — Messrs GSCL Consulting and Bizplus — without formal records.

The Green Chamber is also investigating an alleged payment of $200 million to the firms for “consultancy service.”

Speaking at the investigative hearing, Mark Gbillah, chairman of the ad hoc committee, said available records showed that the CBN paid N16.5 billion to each of the two companies on the same day.

Gbillah added that the amount was withdrawn by the companies within two months.

The lawmaker said it was important for Nigerians to know why the apex bank paid the said amount to the companies, especially when Abubakar Malami, Attorney General of the Federation and Minister of Justice, denied knowledge of the payments.

Embattled Emefiele barred from leaving Abuja

Mr. Emefiele, according to sources, has been restricted to Abuja for now and there were indications last night that the DSS might revisit its investigation of him for alleged terrorism financing.

It was also learnt that Emefiele may not return to his office and the Presidency technically removed the CBN Governor through suspension instead of outright sack because Tinubu was constrained by the law.

By the CBN Act, Emefiele can only be removed by two-thirds majority of the Senate, which will hold its 9th valedictory session today.

A source claimed that although Emefiele was advised by some forces to resign, he underrated the signal.

The source said Emefiele assumed he could earn the confidence of the new government.

Investigation by our correspondent revealed that Emefiele has many pending allegations against him but DSS probe was “crucial and interesting.”

A reliable source said: “Since it was a security matter, former President Muhammadu Buhari did not stop DSS from investigating Emefiele. But some members of the cabal in the Presidency frustrated the DSS.

“Now it is obvious the DSS may probe him because the encumbrances are no longer there. He had gone to the DSS headquarters for grilling before pressure came from some influential forces to halt the move.”

His suspension last night was soon followed by speculations that he had been arrested by the DSS.

But the spokesman for the DSS, Dr. Peter Afunanya, could not immediately confirm the arrest.

In a chat with our correspondent, he wrote: “Inundated. I may not be able to make any confirmations NOW, please.”

On the likely recall of Emefiele from suspension, a government source said “It is remote. He has been technically removed like the administration of ex-President Goodluck Jonathan did to a former CBN Governor, Sanusi Lamido Sanusi.

“By the provision of Section 11 of the CBN Act 2007, the President cannot unilaterally remove a CBN Governor, Deputy Governor, or a director.

The section says that a CBN Governor can be sacked “provided that the removal of the Governor shall be supported by a two-thirds majority of the Senate praying that he be so removed.”

“With the 9th Senate holding its valedictory session today, the legal advice available to President Bola Tinubu was suspension.

“But the curtain is already drawn on Emefiele’s tenure. Apart from the DSS factor, there are other issues he may need to clarify.”

The government source claimed that “the CBN Governor was prevailed upon by many sources but he underrated the advice. He assumed he could earn the confidence of this administration.”

A source said Emefiele “has not been arrested but I know he will not be allowed to venture out of Abuja.”

The source recalled how the DSS had, last December, sought to file charges of money laundering and terrorism financing against him.

The department said at the time that it was investigating Emefiele for “various acts of terrorism financing, fraudulent activities, and his involvement in economic crimes of national security dimension.”

It claimed he was involved in “fraud, mismanagement of interventionist funds, round tripping and conferment of financial benefit to self and others.”

The DSS had averred, in the suit: FHC/ABJ/CS/2255/2022 that its preliminary investigation showed various acts of terrorism financing, fraudulent activities perpetrated by Emefiele, and his involvement in economic crimes of national security dimension.

‘An end to a turbulent era’

Reacting to Emefiele’s suspension, Uche Uwaleke, a financial economist and Professor of Finance and Capital Market in the Department of Banking and Finance of Nasarawa State University Keffi, said: “The Suspension of Godwin Emefelie was long foretold. But this announcement caught not a few by surprise.

“The President cannot sack the CBN Governor, but he can suspend, which is what the President has done. Recall that Mr. Sanusi Lamido Sanusi was equally suspended from office by the Jonathan administration. This Suspension will mark an end to a turbulent era.”

He added: “Godwin Emefiele will be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the enaira, and a raft of interventions which helped to stimulate the economy during periods of economic recession.”

Uwaleke stated that “Emefelie, to a large extent, succeeded in ensuring financial sector stability going by the prudential ratios. His FOREX demand management policies, especially the 41 items not qualified for FOREX, promoted import substitution, conserved external reserves, and ensured relative stability in exchange rates.

“It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN.

“On the flip side, he will also be remembered for the currency redesign exercise which didn’t go down well with Nigerians, and the CBN Ways and Means, which grew astronomically during his tenure.

“His greatest misstep was his attempt to join the list of presidential candidates. All said I think he deserves some rest now.

He was said to have applied for overseas study leave in the twilight of the Buhari administration.

A Presidency source at the time informed The Nation that there was an application from Mr. Emefiele seeking such approval.

“I heard the CBN Governor applied to the President for study leave, but I don’t know if the President has granted the application,” the source said.

Emefiele was appointed to the office on June 4, 2014, by former President Goodluck Jonathan to replace Mallam Sanusi Lamido Sanusi.

Sanusi himself was suspended on February 2, 2014, for alleged “financial recklessness and misconduct,” after alleging that $20bn in oil revenue had gone missing.

The man Folashodun Adebisi Shonubi

Mr. Folashodun Adebisi Shonubi was born on the 7th of March, 1962.

He obtained a Bachelor of Science in Mechanical Engineering from the University of Lagos and a Master of Science in Mechanical Engineering with a bias in Production Engineering from the same University.

He switched to Finance and obtained a Master’ in Business Administration, specializing in Finance.

He began his working experience as a Consultant Engineer at Mek-ind Associates and worked from 1984 to 1989. From 1989 to 1990, he was a Marketing Executive at Inlaks Computers Limited.

He moved to Citibank Nigeria Limited as Head, of Treasury Operations from 1990 to 1993. He joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996 from where he moved to MBC International Limited as Deputy General Manager, Banking Operations & Information Technology in 1999.

In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations & Information Technology, and was there till 2002.

In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations & Information Technology and in 2007 he became the Director, Information Technology and Corporate Services, at Renaissance Securities Nigeria Limited.

He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology, and Services, from September 2009 to April 2012.

He became the Managing Director/CEO, of Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018.

October 2018 to date, Mr. Folashodun is the Deputy Governor, Operations of the Central Bank of Nigeria (CBN) representing the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019. He is married with children.



You may like

Click to comment

Leave a Reply

Your email address will not be published.





Governor Hope Uzodimma


The executive governor of Imo state, His excellency Governor Hope Uzodimma held a crucial meeting with the leadership of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Imo State Chapter and the discussion was centered around the availability of PMS and other products in the State at a friendly rate.

Governor Hope Uzodimma

The governor acknowledged the efforts invested so far by members of the union in ensuring the reduction of stress on ndi Imo. However, while giving a node to review their request for land allocation as they plan to build their corporate office, He beckoned on them to do more for ndi Imo.

Nigeria At 63: Imo State Governor, Hope Uzodima Calls For Peace & Unity

Governor Hope Uzodimma

The governor also affirmed that he recognizes the importance of their services and for the fact that it impacts greatly on the people, and also stated his willingness to render support in any way permissible by law.

Hope for Imolites

#UzodimmaAgain  #Imo4Hope

Kindly Subcribe To Our Youtube Channel

Continue Reading


NLC, TUC Suspend Planned Strike For 30 Days




NLC, TUC Suspend Planned Strike For 30 Days
… .FG To Pay Workers N35,000
.. Sign 15-point agreement with FG

Organised labour have suspended its planned nationwide indefinite strike action for the next month.

This was contained in a memorandum of understanding signed Monday by the NLC President, Joe Ajaero, and General Secretary, Emmanuel Ugboaja; as well as the TUC President, Festus Osifo, and Secretary General, Nuhu Toro.

The three-page document was also signed by the Minister of Labour and Employment, Simon Lalong; Minister of State for Labour and Employment, Dr Nkeiruka Onyejeocha; and Minister of Information and National Orientation, Mohammed Idris.

“The NLC and TUC accept to suspend for 30 days the planned Indefinite Nationwide strike scheduled to begin, Tuesday, the 3rd of October, 2023,” the MoU reads in part.

“The Federal Government grants a wage award of N35,000 (thirty-five thousand
Naira) only to all Federal Government workers beginning from the month of
September pending when a new national minimum wage is expected to have
been signed into law.”

The decisions come at the end of an hours-long meeting between the Federal Government, NLC, and the TUC on Monday.

See the full MoU below:


Arising from the withdrawal of subsidy on Premium Motor Spirit (PMS) by the Federal Government and the resultant increase in the price of the commodity, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) issued a strike notice which had elapsed and they were poised to embark on a strike billed to commence on Tuesday, the 3rd of October, 2023. Consequently, a meeting was called by the Federal Government to avert the strike and after much discussion, the following agreements were reached:

The Federal Government grants a wage award of N35,000 (thirty-five thousand Naira) only to all Federal Government workers beginning from the month of September pending when a new national minimum wage is expected to have been signed into law.
A minimum wage committee shall be inaugurated within one month from the date of this agreement.
Federal Government suspends collection of Value Added Tax (VAT) on Diesel for six months beginning from October, 2023.
Federal Government accepts to vote N100 billion for the provision of high capacity CNG buses for mass transit in Nigeria. Provisions are also being made for initial 55,000 CNG conversion kits to kick start an auto gas conversion programme, whilst work is ongoing on state-of-the-art CNG stations nationwide. The rollout aims to commence by November with pilots across 10 campuses nationwide.
The Federal Government plans to implement various tax incentive measures for private sector and the general public.
On the leadership crises rocking the NURTW and the purported proscription of RTEAN, the Federal Government commits to handling Labour matters in line with relevant ILO Conventions and Nigerian Labour Acts. A resolution of the ongoing impasse is expected by or before October 13.
The issue of outstanding Salaries and Wages of Tertiary Education workers in Federal-owned educational institutions is being referred to Ministry of Labour and Employment for further engagement.
The Federal Government commits to pay N25,000 per month for three months starting from October, 2023 to 15 million households, including vulnerable pensioners.
The Federal Government will increase its initiatives on subsidized distribution of fertilizers to farmers across the country.
The Federal Government should urge State Government through the National Economic Council and Governors Forum to implement wage award for their workers. Similar consideration should also be given to local government and private sector workers.
The Federal Government commits to the provision of funds as announced by the President on the 1st of August broadcast to the Nation for Micro and Small Scale Enterprises. The MSMEs beneficiaries should commit to the principle of decent jobs.
A joint visitation will be made to the refineries to ascertain their rehabilitation status.
All parties commit to henceforth abide by the dictates of Social dialogue in all our future engagements.
The NLC and TUC accept to suspend for 30 days the planned Indefinite Nationwide strike scheduled to begin, Tuesday, the 3rd of October, 2023.
This Memorandum shall be filed with the relevant Court of competent jurisdiction within one (1) week as consent judgment by the Federal Government.


Comrade Joe Ajaero
President NLC

Comrade Emmanuel Ugboaja, mni
General Secretary


Comrade (Engr) Festus Osifo

Comrade Nuhu A. Toro
Secretary General

Federal Government:

H.E. Simon Bako Lalong
Honourable Minister of Labour and Employment

Hon. Dr Nkeiruka Onyejeocha
Honourable Minister of State for Labour and Employment

Mallam Mohammed Idris
Honourable Minister of Information and National Orientation

Continue Reading


Nigeria At 63: Imo State Governor, Hope Uzodima Calls For Peace & Unity



Hope Uzodima

Hope Uzodima Calls For Peace & Unity

IMO state governor, Hope Uzodima has called for peace and unity among the people of Nigeria in a statement he made to commemorate Nigeria’s 63rd independence anniversary.

“Today, we commemorate not just a historic event, but the unyielding spirit, resilience, and unity of our people in the face of numerous challenges and triumphs. Therefore, it is both an honor and a privilege to address you on this auspicious occasion of our great nation’s 63rd Independence Day anniversary.

This day, 63 years ago, marked the beginning of our journey towards independence and since then, we have made significant strides in various aspects of our nation’s development. As a diverse and vibrant tapestry of cultures, traditions and aspirations, we have weathered storms and celebrated victories together as a nation, always standing tall in the face of adversity.

Mohbad’s Old Tweets Resurfaces After Naira Marley Claimed He Never Assualted Him (Photos)

I commend the indomitable spirit of our people who have shown resilience in the face of adversity and I want to assure you that my administration remains committed to addressing the pressing issues that affects the State, in collaboration with the Federal Government. We are working tirelessly to improve healthcare, education, infrastructure and security, among other vital sectors, to ensure a better quality of life for all.

As we raise our flags and sing our national anthem, let us do so with pride, knowing that our best days are yet to come. Let us use this Independence Day as an opportunity to renew our commitment to the ideals of unity, peace, and progress. Together, we can overcome any obstacle and realize the full potential of Nigeria.

Happy 63rd Independence Day, Nigeria! May our nation continue to flourish and may our State prosper.”

– Hope Uzodimma


Kindly Subscribe To Our Youtube Channel

Continue Reading


Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.

%d bloggers like this:

Кракен Сайт Площадка