Human rights lawyer and social crusader, Inibehe Effiong, has expressed his opinion that President Bola Ahmed Tinubu does not possess the authority to suspend the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, despite Emefiele’s alleged corruption and negative impact on the country’s exchange rates and forex market.
Effiong stated that Tinubu cannot remove Emefiele without following the provisions of Section 11 of the CBN Act, which requires the involvement of the Senate.
In a statement released by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, it was announced that President Bola Ahmed Tinubu had suspended the Central Bank Governor, Godwin Emefiele, with immediate effect.
Effiong argued that his position is supported by an existing judgment from the Federal High Court in a previous case involving Sanusi, the former CBN Governor.
He further expressed his personal view that since the CBN Act does not allow for the President to suspend the Governor and considering the importance of institutional independence for the CBN, which cannot be guaranteed without the security of the Governor’s tenure, the President should not have the authority to suspend him. Effiong clarified that his view is subject to the existing judgment of the Federal High Court.
As a citizen, Effiong does not consider Emefiele suitable to lead the CBN and believes that he should be held accountable for his actions and provide a thorough account of his stewardship.