News

Presidency reportedly denies sacking of Emefiele as CBN governor

Published

4 years ago

March 4, 2019

Presidency has reportedly denied alleged sacking of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The Cable reports that sources in the presidency on Monday evening, February 4, said Emefiele still remains the CBN governor.

Legit.ng gathered that it was reported by some media organisations that Emefiele reportedly received a letter from the office of president Muhammadu Buhari to vacate his office.

The online news medium said that sources within the presidency described the report as false and misleading.
“The president does not have the power to sack the CBN governor without the approval of the National Assembly,” one of the persons familiar with the matter was quoted to have said.

According to the news medium, when likened the matter to the suspension of Muhammad Sanusi II, the former CBN governor, the source said: “Suspension is different from sack, and Emefiele has not done anything wrong to be suspended or asked to proceed on terminal leave.”

Section eight of the CBN Act of 2007 says a CBN governor can be 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”.

Emefiele’s tenure as CBN governor is expected to come to an end on June 3, 2019 — five years after his appointment.

Another source said: “The rumour mill is grinding so fast, seeing its exactly three months to the expiration of his tenure.”

It was gathered that Emefiele was in his office on Monday and no such letter was received by the office of the governor.

The Nation reports that the Central Bank of Nigeria (CBN) has dismissed claims that its governor, Godwin Emefiele has been sacked.

Speaking on the purported sack, the director corporate communications of the CBN, Isaac Okorafor told The Nation that “the governor is in his office working. I don’t know what you’re talking about.”

Another official of the CBN was quoted to have said that, “there is nothing like that, the governor is here, his tenure expires in June.

“In fact he has functions to attend to tomorrow, one of which is to meet with stakeholders in the cotton value chain on Tuesday March 5, 2019.”

Emefiele can be reappointed as the CBN governor based on the discretion of the president and the approval of the National Assembly.

Section 10 of the CBN Act prescribes that “the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years”.

The act is silent on terminal leave, but it was learnt that CBN governors do not go on terminal leave due to the sensitivity of the job.

Meanwhile, Legit.ng had previously reported that the Central Bank of Nigeria (CBN) left its

lending rate for banks the same in what seems to be an effort to stabilise the financial system and stop growing inflation.