The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Monday resumed duty after his annual vacation abroad.
Atlthough Emefiele, who proceeded on leave in December 2022, resumed work Monday, January 16, 2023, controversies trailed his resumption over a claim of invasion of the facility of the CBN by the Department of State Services (DSS).
A statement by the Director, Corporate Communications, CBN, Osita Nwanisobi said the Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.
Disclosing this in a statement, Osita, said Emefiele remained committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari.
“While thanking the public for keeping faith with the Bank, we urge Nigerians to continue to support the policies of the Bank aimed at ensuring a stable financial system and the Nigerian economy in general,” the statement read.
Meanwhile, DSS denied invading the premises of the CBN on Monday upon Emefiele’s resumption.
The DSS described reports making the rounds that its operatives went into the apex bank to arrest Emefiele, who returned to the country earlier in the day, as false and unverified by some media outlets.
However, a statement by DSS Spokesman, Dr Peter Afunanya, described the reported invasion of the CBN by DSS operatives with a view to arrest Emefiele, as fake news.
The statement read, “The attention of the Department of State Services (DSS) has been drawn to the false news making the round that its operatives invaded the Central Bank of Nigeria and arrested its Governor, today 16/1/23.
“This is fake news and quite misleading.”
There has been reports of purported arrest of Emefiele by the DSS since December, over trumped up allegations of terrorism financing and fraudulent practices, etc.
However, a High Court of the Federal Capital Territory, Abuja, later restrained the DSS and sister agencies from instigating an arrest, or arresting, interrogating and detaining the CBN boss over policies made for the Nigerian economy.
The court, in a ruling that was delivered by Justice M. A. Hassan, equally extended the restraining order to the Economic and Financial Crimes Commission (EFCC) and the Inspector General of Police (IGP), who were all cited as Respondents in a suit that was filed by a group under the aegis of the Incorporated Trustees of Forum for Accountability and Good Leadership.
Other Respondents in the motion marked GAR/CV/41/2022, were the Attorney-General of the Federation and the CBN itself.
The court, in the process ordered, “That the continuous harassments, intimidation, threats, restriction of free movement, abuse of right of Godwin Emefiele, the Governor of Central Bank of Nigeria over trumped up allegations of terrorism financing and fraudulent practices, etc by the 4th Respondent and their officers is vindictive, unwarranted, abrasive, oppressive and same constitute a flagrant breach of his rights to personal liberty, dignity of human person, right to policy making powers freedom of thought, conscience and religion and movement as respectively provided and enshrined under the Constitution of the Republic of Nigeria, 1999 (as Amended) and the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act and, therefore, unconstitutional and illegal.
“That any form of invitation to Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria in the exercise of his statutory powers, functions and duties and continuous threats by the 4th Respondents to surrender his powers to them over trumped up allegations of terrorism financing and fraudulent practices, etc constitute a flagrant breach of his rights to personal liberty, dignity of human person, right to policy making powers freedom of thought, conscience and religion and movement as respectively provided and enshrined under the Constitution of the Federal Republic of Nigeria, 1999 (as Amended) and the African Charter on Human and Peoples’ Rights (Ratification and Enforcement Act AND, therefore, unconstitutional and illegal.
“That the 4th Respondent (SSS) acted wrongfully and illegally in instigating the President of the Federal Republic of Nigeria against Emefiele in respect of the exercise of his statutory duty relating to the issuance of monetary policies and directives in the interest of National security and economy.
“It is further ordered that the 4th Respondent, their agents, servants, privies and all officers under their control and command are hereby restrained from instigating the arrest or arresting, interrogating and detaining Mr. Godwin Emefiele, the Central Bank Governor in respect of any matter or policy decision on the economy of the Federal Republic of Nigeria or for any connected purposes except by an order of a Superior Court.
“That the 4th Respondent, whether by themselves, their officers, agents, servants, privies or acting through any person or persons howsoever are hereby restrained from further harassing, humiliating, embarrassing, threatening to incarcerate or detain Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria over trumped up allegations of terrorism financing and fraudulent practices, etc as well as threats through any person or persons howsoever are hereby restrained from inviting, arresting and/or detaining the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele in the guise of having committed any offence, with respect to allegations of terrorism financing, fraudulent activities, etc or in any other manner whatsoever interfering with his right to freedom of movement, personal liberty, human dignity or interfering with the functions and discharge of his duties as the Governor of the Central Bank of Nigeria except by an order of superior court.”
Although the group prayed the court to award the sum of N5million against the DSS, EFCC and the IGP, Justice Hassan declined the request.
Emefiele appeared to have begun facing attacks since the declaration of the Naira redesign policy which he declared few months to the General Elections.
A subsequent weekly cash withdrawal limit policy reducing withdrawal to N100,000 and N500,000 for individuals and corporate organisations respectively had further aggravated resistance which took direct criticisms on Emefiele.
Although many accused the CBN Governor of deploying the policies as political tools to limit the chances of some politicians, Emefiele had on different occasions said the policies were not aimed to hunt anyone.
Federal lawmakers were among those who expressed displeasure against the policies. Particularly on the cash withdrawal limit, Emefiele had been invited by both the lower and upper chambers of the National Assembly.
Invitation of Emefiele was centred on the demands of both the House of Representatives and the Senate to appear before the parliament to explain and justify the essence of the policy.
Some lawmakers at the extreme had described the cash withdrawal limit as a radical decision, to the extent of stating that if allowed to succeed, the CBN policy could be their “exit board.”
Some argued the policy is too distanced from the people and not ripe for the Country.
Although some Lawmakers have argued in support of the policy, yet it seemed more that effort on that direction had more or less turned the chambers into rowdy sessions, as attempt to give justification for the policy were much more resisted than supported.
The Senate had later ordered that the CBN consider an upward review of the limit. On stern terms, Lawmakers attacking the policy described it as anti-people, fearing that it may lead to mass revolt in the rural areas across the country.
They had also argued that small businesses, which are the major drivers of the economy, depend on cash for transactions, maintaining that the entrepreneurs would be negatively impacted by the policy.
However, Emefiele had expressed confidence that he has the backing of President Muhammadu Buhari on the recent policies of the Apex Bank.
Shortly after the declaration of the cash withdrawal limit policy erupted resistance from various quarters with invitations by the parliament, Emefiele following a visit to President Buhari in his hometown in Daura, Katsina had assured the backing of the President.
He had said that the Apex bank, following criticisms from Lawmakers and key stakeholders, will not be rigid on the policy and may not reverse it.
He argued that more countries embracing digitisation have gone into cashless system and Nigeria should not be left out.
Emefiele who stated this while speaking with State House correspondents after meeting behind closed-doors with President Muhammadu Buhari in Daura, Katsina State, on December 08, revealed that he has the President’s backing on the policies of the bank.
He said President Buhari was very happy “and said we should carry on our work, no need to fear, no need to bother about anybody.”
“We can only continue to appeal to Nigerians to please see this policy the way we have presented it.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.
“We will do so because we are humans, we want to make sure that we make life good for our people.
“We do not want to make life difficult for them. So, there is no need for anybody to worry, the central bank is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.”
However, though Emefiele had earlier declared that there may be no going back on cash withdrawal limit, the CBN Governor later bowed to pressure raising the weekly cash withdrawal limit set for individuals and Corporate Organisations to N500,000 and N5million respectively.