Emefiele: “Suspension great, prosecution must follow” – NGO tells President Tinubu 

The Central Bank of Nigeria's Governor, Godwin Emefiele
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Emefiele: “Suspension great, prosecution must follow” – NGO tells President Tinubu


The Coalition for Good Governance and Economic Justice in Africa has told President Bola Tinubu to ensure the prosecution of suspended Central Bank Governor, Godwin Emefiele, for criminal abuse of power and breach of public trust.

In a statement released after the reported suspension and arrest of Emefiele, the NGO accused him of setting fire to the credibility of the country’s central bank with questionable decisions alleged to be motivated by partisan, self-serving considerations, contrary to the obligations of his office.

Prince John Mayaki, the Country Director of the NGO who signed the statement, praised the president for making the bold decision to suspend the controversial banker as the DSS continues its investigation on him over charges bordering terrorism financing, round-tripping among others.

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He said the NGO had previously called for such a move at a press conference because it was convinced that the Nigerian people deserve justice for the unnecessary and untold hardship they were made to suffer weeks before the election through the ill-conceived and badly implemented naira redesign policy of the CBN.

According to him, “Mr Godwin Emefiele spearheaded a policy that crushed businesses, instigated chaos and led to the death of hundreds of Nigerians who were denied access to their hard-earned cash. People stood in queues to buy naira notes just so they can purchase a meal or essential drugs their children require to survive.”

President Asiwaju Bola Ahmed Tinubu
President Asiwaju Bola Ahmed Tinubu

“He not only robbed the CBN of credibility but also invited doubts on the integrity of the country’s legal tender and in the process paved the way for scammers and other criminal opportunists who preyed on the people’s doubts and fears.”

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“We have cause to believe that Mr Emefiele completely neglected sound economic principles and public interest in his decision-making throughout his tenure as the Governor of the Central Bank. This is for the simple reason that the policies were too abysmal and anti-growth to be deemed the product of sensible, objective reasoning.”

“We are left with no choice, therefore, than to give serious consideration to the allegations that his policy choices were designed to favour certain political actors in exchange for their support.”

“Emefiele’s refusal to deny his rumoured presidential ambition in a straightforward manner last year, even when campaign vehicles were bought and branded in his name, also gives credence to the allegation.”

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“In general, Mr Emefiele tarnished the reputation of an institution meant to stand above politics and partisan scuffles. He engineered mass suffering and impoverishment through dubious policies, notably an arbitrage-enabling multiple exchange rate system, that gave him the unconstitutional power to approve the transformation of favoured individuals into overnight billionaires.”

“President Tinubu must follow the suspension with the prosecution of Mr Emefiele to obtain justice for the Nigerian people who suffered the most from his actions. The president must equally do this to restore the integrity of the CBN and prevent Mr Emefiele’s dangerous precedents from becoming the new normal,” the statement concluded.

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