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Gbillah added that the amount was withdrawn by the companies within two months.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