Emefiele’s suspension not a surprise – Ex-LCCI DG

Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), says the suspension of Godwin Emefiele as the CBN Governor is not a surprise.

Yusuf in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos, said the suspension showed that “President Bola Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.”

“The monetary and foreign exchange policy thrusts of President Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

“President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.

“The president also hinted of a house cleaning plan for the CBN.

“It is impractical to reform the apex bank and review some of its major policies with Mr Emefiele remaining on seat as governor.”

According to Yusuf, who is also a former Director-General of the Lagos Chamber of Commerce and Industry (LCCI), it is therefore logical that CBN governor be advised to proceed on suspension.

“The truth is that there is a major compatibility issue. The parting of ways was inevitable.”

He said that the brazen involvement of the CBN governor in partisan politics was an aberration and most unbecoming.

According to him, it was damaging to the credibility of the CBN and the reputation of the governor himself.

NAN reports that Tinubu suspended Emefiele from office with immediate effect on Friday.

This was contained in a statement by Willie Bassey, Director, Information, Office of the Secretary to the Government of the Federation.

According to Bassey, the suspension is sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

He said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Folashodun Shonubi.

Shonubi will act as the CBN Governor, pending the conclusion of investigation and the reforms.