Uncertainties Over Fate Of Emefiele, Presidency Keeps Mum As Rumor Mills Buzz Of His Sack - Matrixliveng
Uncertainties Over Fate Of Emefiele, Presidency Keeps Mum As Rumor Mills Buzz Of His Sack

Uncertainties Over Fate Of Emefiele, Presidency Keeps Mum As Rumor Mills Buzz Of His Sack

Speculations became rife on Wednesday, May 25, 2022, that President Muhammadu Buhari may have sacked Godwin Emefiele from his job as the Governor of the Central Bank of Nigeria (CBN).

Many news outlets reported that the President sacked Emefiele in the early hours of Wednesday, May 25, 2022, while many outlets also carried false reports of the Presidency denying the sack by referencing an old report on the same issue.

This is not the first time that Emefiele would be reported to be sacked. In 2019, a post by Hope for Nigeria, a Facebook page notorious for the spread of misinformation, claims that Buhari had sacked Emefiele and had shortlisted two people from the president’s region as his replacement. The post was shared over 2,500 times.

However, checks by The Matrix disclosed the president does not have the power to sack the CBN governor without the express approval of the national assembly.

Citing Section 11 of the CBN Act which makes provision for the cessation of appointment of 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 a two-thirds majority of the Senate praying that he be so removed”

So, by the foregoing, President Muhammadu Buhari requires two-thirds of the National Assembly to remove the CBN governor.

Many also cited the instance of former CBN Governor, Sanusi Lamido Sanusi who was reportedly sacked by former President Goodluck Jonathan.

Many argued that in the case of Sanusi, the President holds the discretion to suspend the CBN governor in instances of a gross misdemeanour or abuse of power.

It is however left to be seen if Emefiele’s reported presidential ambition could be likened to a misdemeanour or abuse of power.

Recall that Emefiele has been in the news over his reported controversial ambition to contest the presidency under the platform of the ruling All Progressives Congress (APC).

The controversies came to the fore after three support groups bought APC’s N100m presidential nomination and expression of interest forms for the CBN governor.

Many had argued that Emefiele by joining partisan politics will branch the provisions of Section 9 of the Central Bank of Nigeria (Establishment) Act and Section 66 (1), 107 (f), 137 (1) (g) 142 (2), 182 and 187(2) of the 1999 Constitution.

Recall that Buhari in a circular, dated May 11, 2022, with Ref. No.SGF/OP/l/S.3/Xll/173, had directed all serving Ministers, Heads of Government Agencies, Departments, Parastatals, Ambassadors and other political appointees, including Emefiele, with political ambitions for the forthcoming 2023 general election to resign from their positions.

Meanwhile, the silence of the Presidency regarding the issue has been stoking the fire of the rumoured sack of Emefiele.

A senior Presidency source who was contacted to speak on the development said: “Nobody here is aware of anyone being sacked. Thanks” while responding to inquiries about the sack.

The speculations of Emefiele’s sack spread across the markets on Wednesday afternoon, remarkably just as the man in the eyes of the storm embarked on a trip out of the country.

Emefiele who just yesterday presided over the scheduled Monetary Policy Committee, MPC meeting before he embarked on his trip is also yet to respond to inquiries regarding his sack.

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