Godwin Emefiele’s tenure at the helm of the Central Bank of Nigeria (CBN) seems to have reached its conclusion, following the announcement of his suspension on Friday, June 9th, 2023.
According to the official statement from the Office of the Secretary of the Government of the Federation, President Bola Tinubu authorized the immediate suspension of Emefiele, as it follows an ongoing investigation into his office and the “planned reforms in the financial sector of the economy.”
Also Read: Godwin Emefiele: Incompetence, impunity and inordinate ambition brought us here
Mr Emefiele has been instructed to promptly transfer the responsibilities of his position to the Deputy Governor (Operations Directorate). The Deputy Governor, Mr Adebisi Sonubi will serve as the Acting Central Bank Governor until the investigation and reforms are concluded.
The new Acting Governor, Mr. Adebisi Sonubi became the Deputy Governor, Operations of the Central Bank of Nigeria in October 2018. As Deputy Governor of CBN, he represented the CBN Governor on the board of the Federal Inland Revenue Service (FIRS). Before assuming the role of Deputy Governor at the CBN, he held the position of Managing Director/CEO at Nigeria Inter-Bank Settlement System Plc (NIBSS) from May 2012 to October 2018.
Mr Sonubi, a trained Mechanical Engineer turned Banker obtained a BSc in Mechanical Engineering from the University of Lagos in 1983. Additionally, he received a Master of Science degree in Mechanical Engineering in 1985, focusing on Production Engineering, from the same university. Then, in 1988-1989, he shifted his focus to Finance and obtained a Master’s degree in Business Administration, specializing in Finance. He commenced his professional journey as a Consultant Engineer at Mek-ind Associates, where he worked from 1984 to 1989. Following that, he served as a Marketing Executive at Inlaks Computers Limited from 1989 to 1990.
His banking career started in Citibank Nigeria Limited where he was the Head of Treasury Operations between 1990 to 1993. Between 1993 to 1996, he served as a Supervising Consultant with Agusto & Co. Ltd, then he moved to MBC International Limited where he served as Deputy General Manager, Banking Operations & Information Technology until 1999. In 1999, he became a part of First City Monument Bank (FCMB) Limited as Vice-President, overseeing Operations & Information Technology, and remained in that role until 2002.
In 2003, he transitioned from FCMB to Ecobank Nigeria Plc, where he assumed the position of Executive Director, overseeing Operations & Information Technology. Later, in 2007, he took on the role of Director of Information Technology and Corporate Services at Renaissance Securities Nigeria Limited. Subsequently, from September 2009 to April 2012, he was recruited by Union Bank of Nigeria Limited as an Executive Director, responsible for Operations, Technology, and Services.
One of the anticipated tasks for the new CBN Governor is to establish a framework for the harmonization of the exchange rate. Also in line with the inauguration speech of the President, the new CBN Governor is expected to revisit the Naira redesign policy.
During his inauguration, the President expressed concern about the high-interest rates, and we are eager to see the monetary policy measures that the new CBN management will develop in response.
Emefiele Arrested by the DSS
After the announced suspension of Emefiele, it was reported that the Department of State Services (DSS) had arrested him. The arrest is a result of ongoing investigations conducted by the DSS, which have linked Emefiele to terrorism financing in Nigeria.
Also Read: CBN Promotes Myth of Import Dependence, Asks Nigerians to Consume Less of Foreign Goods
The DSS had in 2022 accused Emefiele of aiding and abetting acts of terrorism. However, Mr Emefiele employed various tactics to evade arrest and questioning by the DSS. This included delaying his return to Nigeria after accompanying former President Muhammadu Buhari to the US-Africa Leaders’ Summit in December 2022. And upon his arrival in Nigeria in January 2023, it is reported that the military deployed military personnel as security details to Mr Emefiele, purportedly to prevent his arrest.
