Tag: CBN Governor Godwin Emefiele

Emefiele

Tinubu boots out CBN governor Godwin Emefiele, orders probe

Godwin Emefiele, the governor of Central Bank of Nigeria, who punished Nigerians with a draconian regime of currency scarcity, has been suspended from office.

His suspension was ordered by President Tinubu.

The suspension took immediate effect, according to a statement by the Office of the Secretary to the Government of the Federation.

According to the statement, the suspension comes amid an ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate).

The official, Mr. Folashodun Adebisi Shonubi will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

As CBN governor, Emefiele ran multiple exchange rates that allowed arbitrage, at a margin never experienced in Nigeria before.

Late last year, he introduced new currencies and mopped up about N3.3 trillion from the economy.

He only made available about N800 billion, leading to shortage of currency and a contraction of the economy in the first quarter of 2023.

Buhari and Emefiele

Buhari must stop Emefiele, others from leaving before Tinubu’s inauguration

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PRESS STATEMENT

My plea with President Muhammadu Buhari to halt all study leaves, foreign transfers, postings of officers critical to take-off of incoming administration

Beyond the remarkable achievements of his administration in all sectors, President Muhammadu Buhari has demonstrated that he is a patriot, democrat and a man of impeccable integrity and character. Perhaps more than ever before, this has been on display even in the twilight of his administration. President Buhari has about two weeks left of his eventful tenure.

Last week, he and his family officially moved out of their residence at Aso Rock Presidential Villa into a place called the Glass House, also within the precinct of the Villa.

And we witnessed an astonishingly respectable spectacle of First Lady Aisha Buhari taking Senator Oluremi Tinubu, wife of the President-elect Bola Ahmed Tinubu, round the Presidential Villa, their soon-to-be- abode.

President Buhari and his wife Aisha Buhari have shown good faith and shown they want a seamless orderly and peaceful transfer of power to the incoming administration. They are eager to ensure that the new regime takes off smoothly and speedily and in a manner devoid of any encumbrance in the interest of our country. This is the right thing to do and I commend President Buhari and his wife for their statesmanly conduct.

The President and his wife have demonstrated good faith.

However, other officers in government have acted in a different manner. They are behaving as if they want to put spanners in the work for the incoming regime. President Buhari should not allow this. He should frown on any attempt by any person seeking to damage the good job he has done.

This is the import of this press statement today. I want, here and now, to urge President Buhari to not approve any study leave or whatever kind of leave for any officer critical to the take-off of the incoming administration of Asíwájú Bola Ahmed Tinubu. One of such persons that has been speculated in the media to have sought a study leave is Central Bank of Nigeria Governor Godwin Emefiele. If the leave has been approved, as reported in the media, the President should cancel it in the interest of peaceful transfer of power, accountability and good governance. CBN Governor Emefiele superintended over the management of the country’s financial and monetary systems. He is the one who initiated and implemented the recent disastrous Naira swap policy, the Naira confiscation program, which put Nigerians through untold woes and trauma and set our economy backwards.

Two of my brother-governors and I took the Federal Government to court over this ill-advised policy and fought resolutely until we got a respite for our people from Emefiele and company.

This same Emefiele now wants to proceed on study leave when he has some 10 months left of his tenure apparently in a bid to evade rendering accounts. This is unacceptable. President Buhari should not countenance this. Emefiele must stay at his job to give full accounts of all that transpired under his watch to the incoming administration. He must answer all the questions the new regime may have for him particularly when he still has some months left of his tenure.

I also want to use this opportunity to appeal to President Buhari to also not approve foreign postings or grant any foreign travels for any officer at any level in the outgoing government who may be critical or strategic to the smooth take-off of the incoming government. I’m aware that some officers in the outgoing government are moving to surreptitiously leave the country at this critical time they are needed to answer to specific questions, though I would not want mention their names here.
President Buhari should not heed their inordinate and unpatriotic plan. These plans are dangerous and devilish. They show clearly that these officers have something to hide. This must be halted immediately. Any plan to evade rendering accounts is neither in the interest of accountability, transparency and anti-corruption, which President Buhari had championed in government, nor in the interest of an unencumbered take-off of the incoming administration. It’s also not in the interest of the country, which the president has always promoted and championed. This is my appeal and why I have decided to speak out as a patriotic Nigerian and concerned governor.
Thank you.

Bello Matawalle
Governor of Zamfara State
May 15, 2023

Buhari and Emefiele

Cashless policy: Buhari throws Emefiele under the bus

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President Muhammadu Buhari has thrown under the bus his bumbling CBN governor, Godwin Emefiele over adherence to the Supreme Court order elongating the cashless policy and recirculating the old N200, N500 and N1000 notes.

In a rebuttal of public attacks on the President, spokesman Garba Shehu said at no time did the President order Emefiele and the attorney general not to respect the ruling.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President”, the statement by Shehu said.

Governors first got an order for the extension of the Naira swap on 8 February.

On 3 March, the court handed over a broader ruling, virtually suspending the policy by assailing it for breaching the rules and causing suffering in the land.

The CBN and the attorney general of the federation kept mute over the ruling as cash became more scarce in the country.

Rebuking the AGF as well, Shehu said:

“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.

“The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position”.

Read the full statement

PRESIDENT BUHARI NEVER TOLD AG AND CBN GOV TO DEFY SUPREME COURT ORDER

The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.

Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.

The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.

The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.

It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.

As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.

It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.

President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”

Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
March 13, 2023

Naira currency notes

Naira swap: Emefiele, CBN must comply with Supreme Court order, says Falana

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The interim Chairman of the Alliance on Surviving Covid-19 and Beyond (ASCAB), Femi Falana, has given reasons the Central Bank of Nigeria (CBN) must comply with the Supreme Court order in respect of the currency swap crisis.

In a statement on Thursday, Mr Falana said his speaking up became necessary because there are reports suggesting that the CBN has decided that it will not follow the injunctions of the apex court.

According to the Senior Advocate, such a move by the CBN will be nothing but a contemptuous disregard for the rule of law.

Falana took a look at the technicalities of the case establishing the reason the Management of the Central Bank might be looking to ignore the court order.

The legal luminary however, gave his counter reasons why the CBN cannot disregard the Supreme Court, citing cases that give greater context to the matter on ground.

Falana’s statement titled “Why CBN Must Obey Ex Parte Order Of Supreme Court”: .

We have just read a report that the Authorities of the Central Bank of Nigeria have decided not to comply with the ex parte order issued by the Supreme Court of Nigeria in respect of the avoidable currency swap crisis.

The reason adduced for the contemptuous disregard for the rule of law is that the Central Bank of Nigeria is not a party to the case of Attorney-General of Kaduna State & 2 Ors. v. Attorney-General of the Federation (Suit No: SC/CV/162/2023) pending at the Supreme Court.

It is pertinent to remind the Management of the Central Bank of the case of Nkwo Augustine Eddiego v. Board of Central Bank of Nigeria (Suit No: HCIK/38/2022), where the Delta State High Court granted an ex parte order which restrained the Defendants from preventing the Governor of the Central Bank of Nigeria from seeking political offices pending the hearing and determination of the motion on notice in the case. Even though Mr. Emefiele was not a party to the suit he took advantage of the ex parte order to join the APC to contest the presidential primary of the APC before he was stopped by President Buhari.

Similarly, in the case of Incorporated Trustees of the Forum for Accountability and Good Leadership v. Attorney-General of the Federation & Ors. (Suit No: FCT/HC/GAR/CV/41/2022) the High Court of the Federal Capital Territory granted an injunction restraining the State Security Services from arresting, investigating and prosecuting Mr. Emefiele for terrorism financing. Although he was not a party to the suit Mr. Emefiele has not been arrested by the State Security Services on the basis of the court order.

Therefore, it is height of arrogance of power for Mr. Emefiele to treat the ex parte of the Supreme Court with provocative contempt. In view of the looming anarchy in the country we are compelled to draw the attention of the Central Bank Management of the rule of law to the case of Attorney-General of Lagos State v. Attorney-General of the Federation (2005) 2 WRN 1 at 109 where Tobi JSC of blessed memory cautioned all authorities and persons in Nigeria thus:

“In a society where the rule of law prevails, self-help is not available to the executive or any arm of government. In view of the fact that such a conduct could breed anarchy and totalitarianism, and since anarchy and totalitarianism are antitheses to democracy, courts operating the rule of law, the life-blood of democracy, are under a constitutional duty to stand against such action.

“The courts are available to accommodate all sorts of grievances that are justiciable in law and section 6 of the Constitution gives the courts power to adjudicate on matters between two or more competing parties. In our democracy all the governments of this country as well as organizations and individuals must kowtow to the due process of the law and this they can vindicate by resorting to the courts for redress in the event of any grievance.”

It is public knowledge that the Federal Government has filed a preliminary objection challenging the jurisdiction of the Supreme Court to hear and determine the case of the Attorney-General of Kaduna State & 2 Ors v Attorney-General of the Federation (supra).

In the interim, the Federal Government of Nigeria and its agencies including the Central Bank of Nigeria are bound by the valid and subsisting ex parte order of the Supreme Court of Nigeria until it is set aside by the same court.

The alternative is to compound the ongoing anarchy and chaos in the land.

Femi Falana SAN,
Interim Chairman,
Alliance for Surviving Covid 19 and Beyond (ASCAB)

*Reported by Channels TV

Buhari and Emefiele

APC PCC welcomes Naira swap deadline extension, praises Buhari, Emefiele

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PRESS STATEMENT

APC PCC COMMENDS CBN OVER EXTENSION OF NAIRA SWAP DEADLINE

We want to commend the Central Bank of Nigeria and Governor, Mr. Godwin Emefiele for listening to the voice of well meaning Nigerians on the exigency of extending the deadline for change of old N200, N500 and N1000 naira notes to the new ones.

Following difficulties experienced by Nigerians from across the country from getting the new notes via ATMs and over the counter from Banks, many Nigerians especially requested for an extension of the 31 January, 2023 deadline.

We welcome the 10 day extension of deadline and the additional seven days of grace.

This window will enable Nigerians especially those in rural and remote areas to have more time to change their old notes and avert the panic that would have followed.

We specially commend Presidential Muhammadu Buhari for approving this extension and for his leadership and statesmanship.

In the same vein, we praise our presidential candidate, Asiwaju Bola Ahmed Tinubu for his forthrightness in addressing the concerns of Nigerians at his campaign rally in Abeokuta last week.

Asiwaju Tinubu didn’t take the easy road by shying away from what would have caused serious inconvenience for our teeming masses.

Asiwaju showed leadership and compassion for the welfare of Nigerians, at the most appropriate time.

Bayo Onanuga
Director, Media & Publicity
APC Presidential Campaign Council
January 29, 2023

About

Senator Bola Ahmed Tinubu is a man of many traditional honours across the country, from north to south, west to east. The array of titles he has garnered was only comparable to that of Chief Moshood Abiola, winner of the 1993 Presidential election.

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