Godwin Emefiele
Godwin Emefiele CFR | |
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Governor of the Central Bank of Nigeria | |
In office 4 June 2014 – 9 June 2023 | |
President | Goodluck Jonathan Muhammadu Buhari Bola Tinubu |
Preceded by | Sarah Alade (Acting)[1] |
Succeeded by | Folashodun Shonubi (Acting) |
Personal details | |
Born | Lagos State, Nigeria | 4 August 1961
Political party | All Progressives Congress |
Spouse | Margaret Emefiele |
Children | 2 |
Education | Master of Arts degree in Finance |
Alma mater |
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Occupation |
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Website | godwinemefiele |
Godwin Ifeanyi Emefiele
Early life and education
Godwin Emefiele was born in present day
Career in the private sector
Early in his career, Emefiele lectured finance and insurance at the
Before moving to the Central Bank, he gained over eighteen years of banking experience. He served as chief executive officer and group managing director of
Governor of the Central Bank
Emefiele was the governor of the Central Bank of Nigeria from 4 June 2014 to 9 June 2023 when he was suspended by President Bola Tinubu. During his first term, he supervised an interventionist currency policy at the behest of the presidency, propping up the Nigerian Naira by pumping billions of dollars into the foreign exchange market. He also introduced a multiple exchange rate regime to try to mask pressure on the Naira and avoid a series of devaluations.[9]
In 2019, Nigeria's Senate approved a second five-year term for Emefiele.[10][11] This was the first time that anyone had served for a second term since Nigeria's return to democracy in 1999.[12] Senator Bukola Saraki read President Buhari's letter on Thursday, 9 May 2019.[13] He was screened on Wednesday[14] and his confirmation came on Thursday, 16 May 2019.
Controversy
In an unprecedented move by any chief of the Nigerian apex bank, Godwin Emefiele ventured into partisan politics against the dictates of the Central Bank Act which provides that the occupant of the governor's position must remain apolitical and independent at all times to preserve the nonpartisan posture of the bank.[15]
In May 2022, Emefiele drew public outrage when it emerged that he was seeking to replace President
Nigerians and the Civil Society Organisations have filed multiple cases in court demanding the removal of the CBN Governor and accusing him of violating multiple provisions of the Central Bank Act.
Suspension as Central Bank Governor
On 9 June 2023, President Bola Tinubu suspended him as the Central Bank Governor with immediate effect, the statement came from the office of the Secretary to the Government of the Federation by Mr Willie Bassey.
The suspension is sequel to ongoing investigation of his office and also the planned reforms in the financial sector of the economy.
Emefiele was directed to hand over the affairs of his office to the Deputy Governor (Operations Directorate) Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.
Arrests by the DSS
On 10 June 2023, the Department of State Services (DSS) confirmed the arrest of Emefiele at exactly 14:28 WAT through their official twitter page. He was reportedly brought in for interrogation in regards to the investigation of his office, and a short video clip of him stepping out of an executive Hilux car in a close walk accompaniment by DSS officers into a waiting private jet ran wild in the media. He was charged in July 2023.[23] He was re-arrested by the DSS on 25 July 2023, at the Federal High Court in Lagos.[24]
Other activities
- International Monetary Fund (IMF), Ex-Officio Member of the Board of Governors (since 2018)[25]
- International Islamic Liquidity Management Corporation (IILM), Member of the Governing Board (since 2018)[26]
See also
References
- ^ "Central Bank of Nigeria:: Board of Directors".
- ^ "CBN governor Emefiele joins presidential race, obtains APC form". 6 May 2022.
- ^ "APC ward chairman confirms Emefiele's membership, says CBN gov registered Feb 2021". Punch Newspapers. 9 May 2022. Retrieved 24 February 2023.
- ^ "Profile of Godwin Emefiele, new CBN GOV". Vanguard Nigeria. 20 February 2014.
- ^ "Tinubu suspends Emefiele, orders CBN probe". Punch Newspapers. 10 June 2023. Retrieved 10 June 2023.
- ^ Adegboyega, Ayodeji (10 June 2023). "Suspended CBN Governor, Godwin Emefiele, arrested, detained". Premium Times Nigeria. Retrieved 12 June 2023.
- ^ "UNN Confers Honorary Degree On Emefiele". Leadership Newspaper. 17 May 2019. Retrieved 7 September 2019.
- ^ "Central Bank of Nigeria | Home". www.cbn.gov.ng. Retrieved 28 May 2020.
- ^ Camillus Eboh and Chijioke Ohuocha (9 May 2019), Nigeria central bank head nominated for second term Reuters.
- ^ "BREAKING: Senate confirms Emefiele's re-appointment a day after screening". Oak TV Newstrack. 16 May 2019. Archived from the original on 17 May 2019. Retrieved 17 May 2019.
- ^ Camillus Eboh (17 May 2019), Nigeria's Senate confirms second term for cbank governor Emefiele Reuters.
- ^ Camillus Eboh and Chijioke Ohuocha (9 May 2019), Nigeria central bank head nominated for second term Reuters.
- ^ "BREAKING: Again, Buhari nominates Godwin Emefiele for second term". Oak TV Newstrack. 9 May 2019. Retrieved 17 May 2019.
- ^ "CBN Governor: Senate committee begins Emefiele's tenure extension screening". Oak TV Newstrack. 15 May 2019. Retrieved 17 May 2019.
- ^ "Presidential Bid: Governor Emefiele Acted Contrary To Central Bank Act, Remove Him Now — SERAP Tells Buhari". Sahara Reporters. 7 May 2022. Retrieved 16 May 2022.
- ^ Babalola, Ayoola (25 March 2022). "2023: Emefiele campaign posters flood APC convention ground". Peoples Gazette. Retrieved 17 May 2022.
- ^ Erunke, Joseph (25 March 2022). "2023: Emefiele's posters, banners flood Abuja ahead of APC convention". Vanguard Newspaper. Retrieved 17 May 2022.
- ^ Olokor, Fiday (6 May 2022). "2023: Farmers, others buy presidential forms for Emefiele". Punch Newspaper. Retrieved 17 May 2022.
- ^ "'Divine intervention': Emefiele speaks on rumoured presidential ambition". Guardian Newspaper. 7 May 2022. Retrieved 17 May 2022.
- ^ "Emefiele Declines Presidential Forms, Says God Would Direct Him In Few Days". Daily Trust Newspaper. 7 May 2022. Retrieved 17 May 2022.
- ^ "Emefiele files lawsuit, seeks to run for president without resigning as CBN governor". Peoples Gazette. 9 May 2022. Retrieved 17 May 2022.
- ^ "Nigeria court denies Emefiele request in presidential run". Aljazeera. 9 May 2022. Retrieved 17 May 2022.
- ^ "Nigeria Files Suit Against Suspended Central Bank Governor". Bloomberg News. Retrieved 14 July 2023.(subscription required)
- ^ "Video: DSS rearrests Emefiele after arraignment, bail". Vanguard (Nigeria). Retrieved 25 July 2023.
- ^ Members International Monetary Fund (IMF).
- ^ Governing Board International Islamic Liquidity Management Corporation (IILM).
External links