…Why DSS Arrested him
President Bola Tinubu orders arrest of Central Bank Governor Godwin Emefiele, hours after suspending him from office, reports say.
Officials announced early today that Tinubu had asked Emefiele to step down as Governor of the regulatory bank.
Spokesperson of Secretary to the Government, Willie Bassey, announced the suspension in a statement early today. The suspension is “with immediate effect,” he said.
“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
Government asked the embattled Governor to hand over affairs to the CBN Deputy Governor heading the Operations Directorate.
Why DSS arrested Emefiele
Sources in the Presidency said Emefiele angered Mr. Tinubu by attempting to shut down the dual exchange rate without Express permission of the president.
“He acted in haste and thereafter pretended that it didn’t happen by accusing reporters of writing fiction,” our sources said.
Sources said Tinubu has not forgiven Emefiele for the botched Naira redesign policy that “nearly truncated his presidency campaign.”
The President vowed to do away with the Governor after the dual exchange debacle
The DSS case against him provided a good cover to move against Emefiele, our sources also said.
The arrest by the Department of State Security (DSS) indicates that the agency has reopened its prior investigation of Emefiele.
In December 2022, the DSS tried but failed in a bid to arrest Emefiele on allegation of terrorism financing. The Governor slipped out of his office and jetted to London when the DSS came calling.
The agency sued him, depositing to a slew of fantastic allegations bordering on terrorism financing and economic sabotage.
In court papers, DSS claimed to have investigated Emefiele and discovered that he was a terrorism financier, fraudulent, and involved in economic crimes of national security dimension.
The DSS asked for an order to arrest and detain Emefiele for 60 days, in line with Section 66 of Terrorism Prevention and Prohibition Act, 2022.
Lawyers for DSS argued the motion to arrest Emefiele subsequent to Suit No. FHC/ABJ/CS/2255/2022 at the Federal High Court, Abuja.
Justice John Tsoho however demurred, ruling that the DSS provided no concrete evidence to back up “the grievous allegations.”
The judge also implied that DSS was playing to the gallery, as it did not require an order of court to arrest a suspect if there is “reasonable proof of wrongdoing.”
The DSS accusations
Premium Times reported in February the strange accusations against Emefiele by the DSS.
The agency reportedly said in court papers that Mr. Emefiele diverted to terrorists both vehicles and funds he mobilized for his Presidential bid. He allegedly channelled the forms and vehicles into “funding Unknown Gunmen, Eastern Security Network (ESN), and elements of IPOB, a proscribed organisation.”
DSS equally accused Emefiele of engaging in “criminal conspiracy to divert government resources into suspicious acts of terrorism financing,” according to the Times.
The motive was to “subvert and sabotage” former President Muhammadu Buhari’s administration,” the agency said.
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