DSS, Precidency Sources Confirm Emefiele Presence in Custody

Daily Trust

President Bola Ahmed Tinubu has suspended Godwin Emefiele, the embattled governor of the Central Bank of Nigeria (CBN).

It was learnt that officials of State Security Service (SSS) have also arrested him.

Credible sources around the presidency and the intelligence community said Emefiele was suspended because of many reasons, among them his recent role in naira swap and cashless policy that mopped up the entire money in circulation in the country, which nearly truncated the conduct of the 2023 general elections.

Tinubu had, at the height of electioneering, said the naira policy was targeted at him, insisting that he would certainly win the election despite sabotage from official quarters.

Neither the suspended CBN governor nor official spokesman of the apex bank, Isa Abdulmumin, could be reached for comment.

Recall that Emefiele had at various times denied wrong doing, insisting he was discharging his responsibilities as provided by the law.

Some of our sources said Emefiele ought to have been suspended long before the exit of former President Muhammadu Buhari, but he was not.

The sources said they were all appalled by the ‘I-don’t-care-attitude of Buhari’ to all the facts, figures and incontrovertible indicting documents presented to him by various agencies over financial malfeasance of the suspended CBN governor.

It was learnt that the SSS, the Economic and Financial Crimes Commission (EFCC) and many financial regulatory agencies, both at home and abroad, have issues to grind with the embattled Emefiele.

The announcement of his suspension was contained in a statement released on Friday night by Willie Bassey, the Director of Information, on behalf of the Secretary to the Government of the Federation, Senator George Akume.

The statement noted that this was sequel to the ongoing investigation of his 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), who will act as the CBN governor pending the conclusion of investigation and the reforms,” the reads.

Efforts to get official reaction from the spokesman of the SSS, Peter Afunanya last night proved abortive as several phone calls to his mobile phone were rejected.

He was yet to reply to different text and WhatsApp messages sent to him at the time of filing this report last night. But multiple sources within the secret police told Daily Trust Saturday that the embattled apex bank governor is now in their custody undergoing interrogations.

“Yes, he is here already undergoing interrogation,” one of the sources simply said and hung up when asked further questions.

Another source also confirmed Emefiele’s presence in the facility of the secret police last night.

CBN Act

According to the CBN Act, The government is prohibited from firing the governor or members of its Board but has the right to appoint them with approval from both houses of the National Assembly.

The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.

“The governor, deputy governor or director shall cease to hold office in the bank if he becomes of unsound mind o, owing to ill health, is incapable of carrying out his duties, is convicted of any criminal offence by a court of competent jurisdiction, except for traffic offences or contempt proceedings arising in connection with the execution, or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act.” The CBN act states.

The governor can also be removed if he “is guilty of a serious misconduct in relation to his duties under this act, disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; becomes bankrupt.”

The CBN act also gives the presidency power to terminate the appointment of the CBN governor, but it is dependent on lawmakers’ backing.

“The CBN governor can be removed by the president provided the removal shall be supported by two-third majority of the Senate,” the Act added.

Suspension long overdue- Prof. Uwaleke

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The new helmsman at CBN Governor, Shonubi

Mr. Folashodun Adebisi was born on the 7th of March, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.

He further obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University. From 1988-1989 he shifted grounds to Finance and obtained a Masters’ 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, 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 from 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, Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, September 2009 to April 2012.

He became the Managing Director/CEO, 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.

On June 9, 2023, he became the Acting Governor of the Central Bank of Nigeria (CBN)