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Alleged N20tn Fraud : Tinubu suspends Emefiele with Immediate effect and orders CBN probe
President Bola Tinubu has suspended the Governor of the Central Bank of Nigeria, Mr 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, according to a statement on Friday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
According to the statement, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.
The CBN listed the Deputy Director, Operations Directorate, as Mr Folashodun Adebisi Shonubi.
Unconfirmed reports emerged late on Friday that operatives of the Department of State Services had arrested the suspended CBN governor. But the spokesman for the DSS, Peter Afunaya, told one of our correspondents that he could not confirm the arrest.
A top security source, who spoke on condition of anonymity, told Our correspondence that Emefiele would have been arrested during the administration of former President Muhammadu Buhari.
He said, “Yes, expect that (his arrest) to happen. He would have been arrested before but the administration of former President Buhari protected him. He has many questions to answer.
“As a result of this, he won’t be allowed to either travel out or sneak out of the country. So, we are looking for him.”
Emefiele, who was appointed the apex bank’s governor on June 4, 2014, was also at the centre of a storm in January 2023 when security operatives attempted to arrest him over allegations of terrorism financing and economic crime.
Section 11 of the CBN Act, 2007 gives the President power to terminate the appointment of the apex bank governor, but such must have the backing of lawmakers.
“The 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 removed,” the section stated.
The Act also states that the governor, deputy governor, or director of the CBN can be removed if they are serving as a lawmaker or a director of a bank.
“A person shall not remain a governor, deputy governor or director of the Bank if he is a member of any federal or state legislative house; or if he is a director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.”
The CBN Act further states that criminal offences and mental health conditions can result in the CBN governor’s termination of appointment.
“The governor, deputy governor or director shall cease to hold office in the Bank if he becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties: is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act,” the Act adds.
The governor can also be removed if he “is guilty of a serious misconduct in relation to his duties under this Act; disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; becomes bankrupt.”
Emefiele’s ‘sins’
The introduction of the naira redesign policy by the Emefiele-led CBN in October 2022 started on a controversial note as the then Minister Finance, Budget and National Planning, Zainab Ahmed, kicked against it barely 48 hours after it was announced.
Ahmed had stated that her ministry was not consulted and she was not aware of the monetary policy.
The reaction generated tension and uncertainty until the Presidency confirmed that Buhari approved the policy, which it said was to manage inflation, combat currency counterfeiting and ransom payment.
Early January 2023, the CBN started a cash swap programme in various local government areas to reach citizens in rural communities, who complained of the unavailability of banks in their localities.
The initial deadline of January 31, 2023, set by the apex bank for the old notes to cease being legal tender was moved to February 10, as the country fell into hard times with both the old and new naira notes going out of circulation.
The situation was compounded by fuel scarcity across the country as Nigerians berated the policies of the government as ill-thought.
Tinubu, who was then the presidential candidate of the All Progressives Congress, also slammed those behind the naira redesign, which he said was targeted at his candidature.
While speaking in January during a campaign at the MKO Abiola Stadium in Abeokuta, the Ogun State capital, Tinubu said, “Let fuel be expensive, only they know where they keep it. Keep petrol, keep the naira, we will vote and be elected. You may change the ink of naira notes. What you expect will not happen. We will win.
“They said petrol will rise to N200/litre and N500/litre, let your mind be at rest. They don’t want the forthcoming election to hold. They want to scatter it but that won’t be possible.
“They thought they could cause trouble; they sabotaged fuel but with or without fuel, with or without motorcycles and tricycles, we will vote and win. This is a superior revolution.”
In February, the governors of Kaduna, Kogi and Zamfara states took the Federal Government to the Supreme Court and urged it to declare the naira redesign illegal.
Despite an initial order of the court for the policy to be suspended, the CBN went ahead to announce that the old naira notes had ceased to be legal tender at the expiration of the February deadline.
In March, the Supreme Court finally ruled that the old naira notes remain legal tender till December 31, 2023, effectively ending the controversies surrounding the matter.
Experts estimated the loss to the failed naira redesign policy at N20tn as many called for the sacking of Emefiele. Many citizens died during protests against the policy, while many commercial banks had their facilities destroyed.
Prior to the naira redesign controversy, many Nigerians, particularly members of civil society and the media, had called for Emefiele’s sacking over his rumoured political ambition.
A group of friends had in May 2022 bought the N100m expression of interest form for the presidential ticket of the APC for him.
This was followed by sponsored posts on various media platforms advertising his candidacy.
Photos of hundreds of branded vehicles were also splashed on social media, attracting widespread outrage.
Emefiele had subsequently instituted a suit against the Independent National Electoral Commission and the Attorney-General of the Federation and Minister of Justice over his eligibility to contest the APC primary.
He asked the court to stop INEC from disqualifying him from participating in the primary election of his preferred political party.
Suspension expected – Analysts
An economist, Mr Ade Dayo, said the suspension was expected, adding that the Nigerian economy suffered under Emefiele.
He told our correspondence that the monetary policies postulated by Emefiele made many Nigerian businesses shrank and gasped for air.
Dayo said, “It was expected that the new President would let him go. See the gruesome way he (Emefiele) handled the naira redesign policy! Many businesses were shut down during that period. All the pleas from economists, analysts and social critics fell on deaf ears. He was fixed on only doing his bidding.
“Whoever is going to take over after him should be one who listens and is devoid of partisan affiliation. The office of the governor of the CBN is not a political office.
“A thorough probe should be instituted and a competent person made to man the position.”
Another economist, Mr Usman Musa, noted that the suspended CBN governor did not handle the economic issues affecting the nation wisely.
He added that there were many accusations of partisanship regarding Emefiele, but he failed to address the issue as he should.
Musa said, “The economy of this country suffered under Emefiele. Surprise is the last thing I feel hearing the news of his suspension. He should be thoroughly investigated, especially as regards the naira redesign policy. Where are the new notes he said he printed?
“Emefiele completely failed in his duty. He did not concentrate on his core mandate of price stability as the apex bank’s governor. We are talking of an inflation rate of about 22.24 per cent or more and an exchange rate nearing N800 per dollar. Who should be held responsible for all these woes if not him?”
The Director and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the suspension did not come to him as a surprise.
Yusuf said the President had made it known during his campaign that he did not agree with some of the policies of the CBN governor.
He said, “Emefiele came up with a lot of policies that have not worked well for the economy and Tinubu singled out the exchange rate management, the forex policy and expressed displeasure about the naira redesign. He was very clear about his condemnation of it, and that the policy was too harsh for the citizens.
“It was also clear that the policies of Emefiele were not compatible with that of the President, so if this has happened, I will not be surprised. Their monetary policy beliefs are fundamentally different.”
A policy analyst, Suraj Oyewale, said Emefiele’s performance as governor of the apex bank had fallen below expectation, adding that many Nigerians would be happy to see him leave office.
“The general consensus is that the performance of the economy under Emefiele has been less than impressive, especially the naira redesign policy, which was not well thought out. I’m sure many Nigerians will be excited to see him leave,” he said
Oyewale, however, said it was the second time in 10 years that a sitting CBN governor would be suspended by the President and feared that the trend might “weaken the independence of the CBN.”
“Subsequent governors may become a pun in the hands of the executive for fear of being sacked and will be unable to take tough decisions that will favour the economy,” he added.
A lecturer and political analyst, Dr Ganiu Bamgbose, said the President made a great decision by suspending the CBN governor, whom he accused of holding the country hostage economically.
He said, “I think the President as the Commander-in-Chief of the Armed Forces is at liberty to choose who is returning and whosoever he wants in his space.
As a president, who is prepared to lead the country to success, he could have seen what no one else sees. In this case, as the Commander-in-Chief of the Armed Forces, he knows who is suitable for a post and who is going to make his administration successful.
“Emefiele should have been relieved of the job earlier than this. Isn’t it ridiculous that the CBN suddenly told us that there was no money to sustain the change of currency, which brought so much agony and hardship to the country about five to six months ago?”
A political analyst, Kamilu Fage, said it was surprising that the President left the CBN governor in office for some time after the swearing-in despite several infractions Emefiele committed prior to the election.
“Given what Emefiele did with the scarcity of naira, I am surprised that the President left him in the office till now given all he did during the naira crisis,” he said.
However, a human rights lawyer, Inibehe Effiong, said the suspension of the CBN governor was not in accordance with the law, adding that Emefiele could not be removed by the President without recourse to the law.
He said, “It is quite a controversial issue. Ordinarily, by virtue of Section 11 of the CBN Act of 2007, the cessation of office of the CBN governor for misconduct on account of the decision of the President can only be through removal, which has to go through the Senate and two-third of members must give their concurrence before the CBN governor can be removed. That statutory position is enshrined to guarantee the institutional independence of the CBN.
“I personally believed that Emefiele should not remain in office; he has committed several infractions, and I am not comfortable with the way he led the bank; however, on the basis of law I do not think the President can remove the CBN governor without recourse to the Senate.”
A Senior Advocate of Nigeria, Norrisson Quackers, said the President had the constitutional right to give the directive, stating that the suspension could not be questioned.
Quackers added that Emefiele had overstayed the five-year statutory period he was supposed to use in office according to the CBN Act, adding that Tinubu’s body language towards the suspension could eventually result in a further dismissal of the governor.
An economist, Prof Sheriffdeen Tella, said Emefiele should not see his suspension as shocking, having thrown the economy into domestic shocks through inconsistent policies, some of which led to the death of some Nigerians.
He said, “The suspension should not be surprising even to himself. He has over time thrown the economy into domestic shocks through policy inconsistency and summersaults without an apology to anybody, even to the government he is embarrassing.
“The last ditch was the twin policy of cashless economy and currency redesign that resulted in the death of Nigerians, collapse of businesses and loss of faith in banking services.”
Suspension legal – Ozekhome
A Senior Advocate of Nigeria, Chief Mike Ozekhome, said Tinubu had the right to suspend Emefiele, adding that the term suspension was just a euphemism for dismissal.
He stated, “The President has all the right to suspend the CBN governor despite the independence of the apex bank. He can do so under the CBN Act. He is the overall boss and President of Nigeria.
“This is what we call the transient nature of power. Before Emefiele, there was Sanusi. The position is not hereditary. He who has the power to appoint can suspend. It is Tinubu’s right and prerogative to suspend the CBN governor for any infraction. He acted in line with the law. It is not illegal.
“Someone must have been appointed to act in his place so there is no illegality there.”
Like Sanusi, like Emefiele
On February 20, 2014, President Goodluck Jonathan ordered the suspension of the then CBN governor, Lamido Sanusi, weeks after he exposed the alleged theft of at least $20bn by officials of the petroleum ministry.
Sanusi was suspended while on an official assignment to Niamey, Niger Republic.
He later claimed to have ignored Jonathan’s directive to him to resign because the reason for the directive was baseless.
He said Jonathan asked him to quit for allegedly sending copies of the letter he wrote to the President to former President Olusegun Obasanjo and the then Rivers State governor, Chibuike Amaechi.
The spokesperson for the then President, Dr Reuben Abati, explained in a statement Sanusi was suspended because of reports by the Financial Reporting Council of Nigeria claiming that the CBN governor had engaged in “financial recklessness and misconduct” but did not identify any particular financial crime.
Sanusi, who later became the Emir of Kano before he was deposed, refused to back down on allegations that the Nigerian National Petroleum Corporation and the then Minister of Petroleum Resources, Diezani Allsion-Madueke, could not account for over $20bn of crude oil exports carried out by the NNPC.
He was ordered to hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade, pending the conclusion of investigations into the alleged breaches of enabling laws, due process and the mandate of the CBN.
In April 2014, he won a court case against the Federal Government after he was detained and his passport confiscated by the Department of State Services but did not return to the apex bank.
……Era of shared prosperity begins, Tinubu assures
Nigeria has reached a turning point in its economic recovery, President Bola Ahmed Tinubu declared.
He said the period of painful reforms has accomplished its purpose, and the country is now entering what he described as an “age of prosperity”.
Tinubu, in his Independence Day address to Nigerians marking the country’s 66th anniversary this morning, said the central task of his administration would henceforth shift from correcting structural economic distortions to ensuring that the gains of the reforms translate into lower living costs, jobs, increased production and broadly shared prosperity.
“The age of reform has done its work. Now begins the age of prosperity.
“An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life”, the President said.
He said the government’s immediate priority in the new phase would be to bring down the cost of living by reducing the cost of producing and transporting food and other goods consumed by Nigerians.
Tinubu, who likened the state of the economy his administration inherited in 2023 to a cancer patient requiring painful treatment, said the government had completed what he called the “emergency treatment” of the economy and repaired its foundations.
“My fellow Nigerians, we have reached a turning point.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.
“Now, our purpose is simple: shared and widespread prosperity,” he said.
The President said the prosperity being envisaged was not merely about headline economic growth or improved statistics, but about creating conditions under which Nigerians could afford food and transportation, access education and healthcare, secure productive employment and confidently plan their future.
He said his administration would pursue increased agricultural production through mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, greater mechanisation and investment in storage and transportation.
According to him, ongoing investments in roads, railways and ports would also reduce the cost of moving produce and manufactured goods from farms and factories to markets.
“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.
Tinubu said job creation, enterprise development and industrial expansion would also be placed at the centre of government policy, with greater emphasis on gas-powered industries, revival of manufacturing centres, digital connectivity and improved access to infrastructure and finance.
The President said the country must convert its huge youthful population into an engine of economic production by equipping young people with skills demanded by employers and creating conditions for Nigerian businesses to expand.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said.
Defending the economic reforms undertaken since his assumption of office, Tinubu rejected calls for a reversal of some of the policies, particularly subsidies, arguing that the measures did not create Nigeria’s economic weaknesses but were introduced to confront them.
The President compared previous economic management approaches to administering painkillers to a cancer patient instead of treating the underlying disease.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.
“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next,” he said.
Tinubu acknowledged that the reforms imposed hardship on Nigerians, saying their “side effects were real,” but insisted that Nigerians must distinguish between what he described as the medicine and the disease.
“Our reforms did not create the weaknesses in our economy. They confronted them.
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come,” he said.
The President said three and a half years after the reforms began, the country’s economic outlook had improved, citing economic growth of more than four per cent this year, contributions from both oil and non-oil sectors, declining oil theft, falling inflation, improved foreign reserves and greater stability in the foreign exchange market.
He also said Nigeria recorded its highest non-oil export revenue in 2025, exceeding $6 billion, adding that increased foreign direct investment and private sector activity reflected improving confidence in the economy.
While acknowledging that millions of Nigerians were still struggling with food, school fees, healthcare, transportation and other basic needs, Tinubu said the government would continue strengthening support for vulnerable households while pursuing policies capable of lifting people permanently out of poverty.
He said the National Social Register was being improved to ensure assistance reached those genuinely in need, while programmes such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, CREDICORP, were designed to broaden access to education and essential assets.
According to him, the government would also work with states and local governments to strengthen primary healthcare, basic education and other public services relied upon by low-income Nigerians.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.
“We will defeat it,” Tinubu declared.
He admitted that reversing decades of poverty, low productivity, inadequate infrastructure and weak institutions would take time, discipline, sustained economic growth and the creation of millions of productive opportunities.
“We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way,” he said.
Reflecting on Nigeria’s 66 years of independence, Tinubu paid tribute to generations of Nigerians who had kept faith with the country despite war, military rule, economic crises, insecurity and political upheavals.
He also praised farmers, traders, teachers, entrepreneurs and members of the Armed Forces and security agencies, saying their sacrifices had sustained the country through difficult periods.
The President said Nigeria’s founding fathers fought not merely for a flag, anthem or international recognition, but for Nigerians to have the freedom to determine their destiny and build a country capable of providing opportunity, dignity and a better life.
He urged Nigerians not to retreat from the difficult choices already made, expressing confidence that the sacrifices of recent years would eventually translate into improved living standards.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward,” Tinubu said.
Describing the country’s desired destination as a “Promised Land” of abundance, opportunity and broadly shared prosperity, the President said the foundations for that future had already been laid.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he declared.
President Bola Tinubu has returned to Nigeria after spending about four weeks in Europe. Government
The presidential aircraft carrying the President landed at the Presidential Wing of the Murtala Muhammed International Airport at about 6:22 p.m. on Tuesday.
Journalists at the airport were restricted from taking visuals of the President’s arrival as the aircraft made its way to the terminal.
Tinubu departed Nigeria on August 30 for London, then travelled to Paris, where he held engagements with French President Emmanuel Macron, including a dinner. Government
His return marks the end of his extended stay abroad; the President is expected to participate in activities marking Nigeria’s 66th Independence Anniversary on October 1st.
President Bola Tinubu has unveiled an investment package of more than $7 billion for the development of the Ogun State Blue Marine Special Economic Zone and the Gateway Deep Seaport, describing the projects as a major step towards strengthening Nigeria’s maritime economy and attracting foreign investment.
In a statement by his Spokesman, Bayo Onanuga, on Thursday, the President spoke in Paris, France, during the signing of Memoranda of Understanding between the Ogun State Government and DP World, a global ports and logistics operator, for the development of the projects.
Tinubu assured domestic and foreign investors that the Federal Government would continue to provide regulatory clarity, policy stability and a predictable business environment to support long-term investments in Nigeria.
“The agreements before us bring together vision, expertise, capital and execution capacity. I particularly welcome DP World, one of the world’s leading port and logistics operators,” the President said.
He added that the Federal Government would provide the necessary regulatory and institutional support to ensure that the projects moved seamlessly from agreements to implementation.
According to the President, the agreements are expected to attract an initial investment of more than $7 billion into the Nigerian economy and create over 50,000 direct jobs when fully developed, alongside additional indirect employment opportunities.
Tinubu said the projects would also generate non-oil export earnings and contribute to Nigeria’s economic diversification.
“This is economic diversification made tangible. This is industrialisation made visible. This is Renewed Hope in action,” he said.
The proposed Gateway Deep Seaport at Ogun Waterside will have a four-kilometre berth and an 18-
metre draft. The facility is expected to help decongest the Lagos port corridor and ease pressure on the Apapa and Tin Can Island ports.
The president said the deeper draft would enable the port to accommodate larger vessels while providing a competitive gateway for trade within Nigeria and across the African Continental Free Trade Area.
He noted that the proposed Ogun State Blue Marine Special Economic Zone would cover about 10,000 hectares and would be integrated with the deep seaport to support manufacturing, processing, exports and logistics.
“The Gateway Deep Seaport is the critical infrastructure that will support the zone’s viability. A port moves cargo; a port integrated with a special economic zone helps to build an economy. Each reinforces the other,” Tinubu said.
He said the Federal Government would facilitate road, rail and power connectivity to the projects, while strengthening investment security and the maritime domain and removing unnecessary bureaucratic obstacles.
The president also linked the projects to the Lagos-Calabar Coastal Highway, describing the Ogun section of the road as a critical transport connection for the emerging industrial and maritime corridor.
“The Lagos–Calabar Coastal Highway is central to this corridor’s commercial viability,” he said, adding that the 28-kilometre Ogun section of the 700-kilometre highway was scheduled for completion before the end of the year.
Tinubu said the port and industrial zone would also form part of a wider strategic corridor linking the proposed Nigerian Navy Operating Base and Dockyard with the OK LNG Project.
The President commended Ogun State Governor Dapo Abiodun and his administration for securing the land and structuring the investment framework.
“I commend Governor Dapo Abiodun and the government and people of Ogun State for securing the land, structuring the investment framework and reducing project risks for global investors,” he said.
Governor Abiodun led the Ogun State delegation at the signing ceremony, which also included state commissioners and other senior officials.
Senior representatives of DP World, the Nigerian Ports Authority and SkyKapital were also present at the event.
Tinubu urged Ogun State and the investors to maintain the momentum created by the agreements and move quickly towards implementation.
“Nigeria lies at the heart of West African trade. Yet, our strategic advantage has been constrained by port congestion, inadequate draft capacity and logistics bottlenecks that increase the cost of doing business. These projects respond directly to those constraints,” he said.
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