CBN: Emefiele Gets Buhari’s Full Backing Despite Calls For His Sack

By Tosin Olatokunbo

President Muhammadu Buhari has stated that he is not prepared to sack Godwin Emefiele, Governor, Central Bank of Nigeria, CBN as long as the Apex Bank Boss did not veer away from the vision of his Government.

So far, President Buhari said, the CBN boss has performed and does not deserved to be sacked as being clamoured by some critics.

Prominent Nigerians and groups had called on Emefiele to resign or be sacked by the President for allegation ranging from his alleged mismanagement of the economy, and involvement in parsisan politics.

The CBN Governor was among aspirants who purchased the APC presidential nomination form for a whopping N100 million to contest the recently concluded Presidential primary.

He dropped out of the race after outbursts from many Nigerians who contested his eligibility.

Speaking on Emefiele’s Presidential ambition, Governor Rotimi Akeredolu of Ondo State and Chairman, South West Governors Forum, had asked the President to sack him if he failed to resign for allegedly abusing his office.

“We admonish Mr Emefiele to leave the office, immediately, for him to pursue his interest.
“He cannot combine partisan politics with the very delicate assignment of his office. Should he refuse to quit, it becomes incumbent on the President and Commander-in-Chief of the Armed Forces to remove him forthwith,” Akeredolu said in a statement last month.

Akeredolu is a member of the ruling APC.

The opposition Peoples Democratic Party, PDP had also demanded Emefiele’s removal from office for abusing his position.

By involving himself in partisan politics, the PDP said “Mr. Emefiele has become a clear and present danger to the health, integrity and reputation of the CBN and our nation’s financial sector. His continued stay as CBN Governor will further destroy investors’ confidence in the integrity of our nation’s financial regulatory Institution.

“Mr. Emefiele’s involvement in partisan politics while still holding office as CBN Governor underpins the impunity, lawlessness and recklessness of the Muhammadu Buhari-led APC administration. It further confirms that the CBN under Emefiele has all along been the finance department of the APC.

“It is now evident that the summersault of the economy under Mr. Emefiele as CBN Governor has been influenced by a personal partisan interest for which the CBN under his watch allegedly allowed multiple leakages in our financial regulations through discriminatory exchange rate policies and nebulous subsidies to funnel billions of naira to political lackeys to fund a presidential ambition,” Debo Ologunagba, PDP National Publicity Secretary, told journalists in Abuja last month.

Despite all the allegations, Buhari said those calling for Emefiele’s sack are only angry because he did not follow the normal process of handling the nation’s monetary policies. Emefiele has adopted unorthodox means to tackle economic issues to the anger of many critics, Buhari said.

According to him, “The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.

“But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.

“Instead, the Governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”

In 2019, President Buhari reappointed Emefiele’s as CBN Governor despite public disapproval. He’s the first Nigerian apex bank head to be so re-appointed into that position.

Meanwhile, those close to the Presidency told the magazine that Emefiele has been able to survive the onslaughts against him due to the good relationship he enjoys with the President’s close family, as well as some power Presidential aides.