Godwin Emefiele’s suspension as governor of the Central Bank of Nigeria (CBN) has been criticised by the Labour Party (LP), which has urged President Bola Tinubu to look into the Independent National Electoral Commission (INEC) rather than the top bank. The party claims the suspension was unconstitutional, vindictive and not in Good Taste.
Emefiele was put on administrative leave by Tinubu on Friday, citing a “ongoing investigation of his office and the planned reforms in the financial sector of the economy”.
The LP, however, criticised the action and asserted that it was unlawful in a statement released on Saturday by LP spokesman Obiorah Ifo. The party asserted that the Emefiele-led CBN’s naira swap strategy, which it claimed injured the political class, could not be absolved, and that the former governor of the top bank was only the “fall guy” who had to pay for the “sin” of carrying out the currency makeover.
Obiorah stated: “It is laughable to read that statement as most Nigerians are already aware of the intention of the government. If indeed, there is any government agency that should be investigated with this utmost urgency, should it not be the Independent National Electoral Commission, INEC and its Chairman, Prof. Mahmood Yakubu?” the statement wondered.
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“The leadership of the Labour Party is disturbed by the decision of President Bola Ahmed Tinubu to suspend/sack the Governor of the Central Bank, Godwin Emefiele, albeit unconstitutionally without seeking the permission of the national assembly and we insist that the action was not in good taste and sounds punitive.”
LP cited a statement made in 2014 by Femi Gbajabiamila, who was the minority leader of the House of Representatives at the time, criticising former President Goodluck Jonathan for removing Sanusi Lamido as the head of the Central Bank of Nigeria on the grounds that the Nigerian president lacked such authority.
But LP questioned what had altered since then.
“Most Nigerians will not forget in a hurry the famous Naira redesign policy initiated by Emefiele primarily to check vote buying in the last general election. A noble policy which a particular candidate then, unfortunately, believed was targeted at him. To him, it was a mortal sin which cannot be forgiven and must be punished. Labour Party believes that Emefiele, a fall guy, is paying for his “sin”,” the statement read in part.
