Contrary to reports and rumours making the rounds on social media, Godwin Emefiele has not departed his role as the the governor of the Central Bank of Nigeria.
Various reports yesterday suggested that President Muhammadu Buhari had asked Emefiele to vacate his office but it has emerged that those reports are fake.
“The president does not have the power to sack the CBN governor without the approval of the national assembly,” one of the persons familiar with the matter told TheCable.
“The reports are fake.”
When the matter was likened to the suspension of Muhammad Sanusi II, the former CBN governor, the source said: “Suspension is different from sack, and Emefiele has not done anything wrong to be suspended or asked to proceed on terminal leave.”
Section eight of the CBN Act of 2007 says a CBN governor can be removed by the president “provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed”.
Emefiele’s tenure as CBN governor is expected to come to an end on June 3, 2019 — five years after his appointment.
Another source said “the rumour mill is grinding so fast, seeing its exactly three months to the expiration of his tenure”.
Emefiele can be reappointed as the CBN governor based on the discretion of the president and the approval of the national assembly.
Section 10 of the CBN Act prescribes that “the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years”.