Godwin Emefiele was on Friday suspended from his position as governor of the Central Bank of Nigeria.
Daily Report Nigeria reported that Emefiele’s suspension was announced via a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
Emefiele’s suspension is pending on the outcome of an ongoing investigation and reforms.
Following the suspension, questions arose whether the President had the constitutional powers to remove the CBN Governor, a separate office from politics.
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On the above questions, Section 11 (2) ( c & f) of the CBN Act stipulates that “the Governor, the Deputy Governor or Director shall cease to hold office in the Bank if he is guilty of a serious misconduct in relation to his duties under this Act; or [f] is removed by the President; PROVIDED that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed”.
Going by the section state, the CBN governor can only be removed by the President if two-thirds of the Nigerian Senate votes in its favour.
In the case between President Tinunu and Godwin Emefiele, the fate of the embattled CBN governor is pending on the outcome of an investigation by the Department of State Services.
Daily Report Nigeria reported that the DSS arrested immediately after his suspension by President Tinubu was announced.
Several allegations bordering on terrorism financing and money laundering are leveled against the suspended governor of the apex bank.
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