Why Tinubu Cannot Sack Godwin Emefiele, What The CBN Act Says
- President Bola Tinubu suspended the Governor of the Central Bank of Nigeria, Godwin Emefiele
- Emefiele was suspended and arrested by operatives of the Department of State Security Services
- But the law forbids the President from outrightly sacking the CBN governor unilaterally.
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Godwin Emefiele, the erstwhile Governor of the Central Bank of Nigeria (CBN), was suspended by President Bola Tinubu on Friday, June 9, 2023.
Emefiele is well into his second term as the CBN governor before his suspension by Tinubu.
Source: Getty Images
Analysts say Tinubu needs more power to sack the CBN governor due to the provisions of the CBN Act.
Analysts speak about how Tinubu could remove Emefiele
What is the law's position concerning the removal of the CBN Governor?
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Section 11 of the CBN Act 2007 specifies the conditions upon which the governor can be removed from office.
Per the CBN Act, the President has the power to end the appointment of a CBN Governor if he obtains a two-thirds majority of the Senate.
Under Section 11(2) of the CBN Act, the CBN Governor may be removed by the President if the removal is backed by a two-thirds majority of the Senate asking that he be removed from office, BusinessDay quotes Taiwo Oyedele, head of tax and corporate advisory services at PwC as saying.
Another ground supporting the removal of the CBN Governor is serious misconduct relating to his duties under the CBN Act.
Oyedele said it may appear appropriate to suspend the Governor while he is investigating for possible misconduct.
CBN Act explained
Also, the Governor can be removed if he is convicted of a criminal offence by a court of law, except for traffic offences.
CBN Acts says:
"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."
The Governor can also be removed, disqualified, or suspended from practising his profession in Nigeria by order of a competent authority made regarding his personality or becomes bankrupt.
The President can only remove the CBN Governor if he obtains lawmakers' backing.
"The President can remove the CBN Governor, Provided that the removal of the Governor shall be supported by a two-thirds majority of the Senate praying that he be removed," the CBN Act states.
President Tinubu suspends CBN Governor, Godwin Emefiele, orders probe
Legit.ng reported that President Bola Tinubu has suspended Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN).
The secretary's office to the government of the federation announced his suspension.
Willie Bassey, director of information, SGF office, in a statement issued on Friday, June 9 noted that the suspension is with immediate effect.
Source: Legit.ng
