Pres. Tinubu Suspends CBN Governor Amid $70 Million Debt Payment

The President, Bola Tinubu has ordered the immediate suspension of the Central Bank of Nigeria Governor, Godwin Emefiele, from office.. The suspension takes immediate effect.

The Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey disclosed this in a statement on Friday night.
He explained that the suspension of the CBN governor was based on an ongoing investigation as well as planned reforms in the financial sector.

The Ancestrals reports the Federal High Court in Abuja, on Tuesday, summoned Emefiele, over a $53 million judgement debt arising from the Paris Club refunds.
The presiding judge, Inyang Ekwo, mandated that the court will not hear Emefiele’s motion for stay until he appears before it.

The Ancestrals , in 2022, reports Emefiele was initially invited to appear before it on January 18, 2023, to explain his refusal to obey a valid order for payment of a $70m debt.

The CBN governor allegedly only released $17 million, leaving $53 million in unpaid debt. Bassey added that Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate) pending the conclusion of the investigation and the reforms.

The statement partly read, “President Bola Tinubu has suspended the Central Bank Governor, Godwin Emefiele, from office with immediate effect.
“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.

The post Pres. Tinubu Suspends CBN Governor Amid $70 Million Debt Payment appeared first on The Ancestral News.