Emefiele Still Our Governor, Not Sacked -CBN

Governor, CBN, Mr. Godwin Emefiele.

The Central Bank of Nigeria (CBN) said, its governor, Mr Godwin Emefiele was not sacked as being speculated.

CBN says the online media reports purporting the sack of the bank’s governor, Mr Godwin Emefiele, was untrue.

Head of Corporate Communications at the CBN, Osita Nwanisiobi, made the rebuttal on Wednesday in Abuja when he spoke with the News Agency of Nigeria (NAN).

Emefiele is currently out of the country on official assignment.

Emefiele has been under public scrutiny since he declared interest to run for the presidency at the oncoming 2023 general elections.

Meanwhile, the CBN Act No. 7 of 2007 ( Fed. Rep of Nig Official Gazette No.55 Vol. 94 of 1st June 2007) provides for the appointment of the CBN Governor and his removal from office. Section 8(1) of the CBN Act provides that “the Governor and the Deputy Governors shall be persons of recognized financial experience and shall be appointed by the President, subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointments” (2) the Governor and the Deputy Governors shall be appointed in the first instance for a term of five (5) years and shall each be eligible for re-appointments for another term, not exceeding five (5) years; provided that of the first four (4)Deputy Governors to be so appointed, one shall in the first instance be appointed for three (3) years and two (2) shall in the first instance be appointed for four (4) years”

Section 11 of the CBN Act provides for cessation of appointment by a CBN Governor, Deputy Governor and Director of the CBN. Section 11 (2) ( c & f) of the Act stipulates that “the Governor, the Deputy Governor or Director shall cease to hold office in the Bank if he- [c] 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”.

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