Since yesterday evening, many news platforms across the country have been using all sort of adjectives to qualify what happened to the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.
Recall that the last time a CBN Governor was sacked was when Emefiele’s predecessor, Sanusi Lamido Sanusi was suspended by President Goodluck Jonathan.
First of all, the key word or adjective used by the statement issued by the Federal Government is ‘Suspension’.
The CBN Act 2007 clearly provides for suspension for the interest of unhindered investigation as noted by the same statement.
But in the case of sack or final removal, the Act says that “The 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.”
The Governor of the Central Bank’s disqualification and termination of appointment was clarified in Section 11 of the Central Bank of Nigeria Act, 2007.
If he is serving as a lawmaker or a director of a bank, the Section states that the Governor, Deputy Governor, or Director of the CBN should continue in authority. But the Act doesn’t specify if the Governor can remain in service while contesting for a legislative office.
The ACT said, “A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is a member of any Federal or State legislative house; or if he is a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.”
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 or, 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.” CBN act stated.
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 but it is dependent on lawmakers’ backing.
“The 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.”
Business Hilights recalls that Emefiele’s problem started when he erroneously misinterpreted the fake love shown to him by all the union of ‘political rice farmers’ from the North he gave unsecuritised loans in the name of Anchor Borrowers Programme (ABP) of the CBN by purchasing APC presidential nomination form for him.
Otherwise, since declaring his intention to run for President of the Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria has come under fire.
Many were further annoyed when he boldly approached the Court and petitioned the court to prevent the Central Bank of Nigeria’s Board of Directors, the Attorney General of the Federation, and the Independent National Electoral Commission (INEC) from preventing him from running for president.
Following an ex parte motion filed by one Nkwo Augustine Eddiego against the Board of the Central Bank of Nigeria and INEC seeking an order of restraint against the defendants, the judge issued the order.
In all these things, Emefiele can only leave the CBn after investigations if he is clean. But if not, the Senate will do the needful which is voting to remove him on a two-third basis.
…More details in coming days..