Emefiele stepped down as CBN governor in August- Report

Godwin Emefiele reportedly resigned as governor of the
Central Bank of Nigeria (CBN) in August

According to Reuters, Emefiele, who was suspended in June,
tendered his resignation letter to President Bola Tinubu.

He had initially submitted the
letter to the Department of State Services (DSS) — but it was rejected as the
law only allows him to submit it to the president.

With Emefiele’s resignation, legal concerns regarding the
nomination of Yemi Cardoso as the new governor of CBN have been laid to rest.

In a statement on Friday, Ajuri Ngelale, special adviser to
the president on media and publicity, announced Cardoso’s nomination.

The president also nominated four new deputy governors;
namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and
Bala M. Bello.

Upon confirmation by the senate, Cardoso is expected to
serve for a term of five years.

EMEFIELE’S SUSPENSION
AND TRIAL

On June 9, Tinubu suspended Emefiele and asked him to
transfer his responsibilities to Folashodun Adebisi Shonubi, deputy governor,
operations directorate.

The day after, the DSS announced that Emefiele was in its
custody for “some investigative reasons”.

On July 25, he was arraigned on a two-count charge bordering
on “illegal possession” of firearms at a federal high court in Lagos and was
granted bail in the sum of N20 million.

The two-count charge was later struck out on August 17 after
the federal government withdrew.

However, a fresh 20-count charge was instituted against him
over an alleged conspiracy to carry out procurement fraud, among others.

The arraignment has been stalled twice and TheCable had
reported that Emefiele is proposing a plea bargain agreement to which the
federal government was disposed.

The agreement required Emefiele to resign as CBN governor
and “disgorge” some assets.

APPOINTMENT AND
REMOVAL OF A CBN GOVERNOR

By the provisions of the law, the president cannot remove a
CBN governor unilaterally.

Section 11 of the Central Bank Act 2007 specifies the
conditions upon which a CBN governor can be removed from office.

Section 11(2)(f) empowers the president to terminate the
appointment of a CBN governor but the “removal of the governor shall be
supported by two-thirds majority of the senate”.

If the president cannot get two-thirds majority of the
senate, another option would be to wait until the CBN governor is convicted of
a criminal offence by a court of competent jurisdiction, per section 11(2)(b).

However, section 11(3) of the CBN Act allows the CBN
governor to resign by giving at least three months’ notice in writing to the
president.