‘You Can’t Continue To Run CBN From Overseas’ — Pressure Mounts On Emefiele To Resign

– As Youths Threaten ‘Mass Action’ Over CBN Gov’s Refusal To Step Down

The Governor of Nigeria’s Central Bank, Godwin Emefiele, is under growing pressure to resign from his position as various civil society groups staged a protest in Abuja on Wednesday, demanding his exit for alleged multiple breaches of provisions of the CBN Act.

The groups led by the National Youth Council of Nigeria (NYCN) also hinged their request for the CBN Governor’s resignation on his failure to return to the country and submit himself for questioning by the Department of State Services (DSS) on the allegations of terrorism financing levelled against him by the state service.

The placard-carrying protesters asked Emefiele to immediately begin the process of his resignation “or face a Nationwide Youth Mass Action” against his continued stay in office.

In a letter addressed to Emefiele and which they made available to journalists, the groups said Emefiele’s decision to travel abroad amid investigations against him strongly suggests that the CBN governor has skeletons in his cupboard.

“This patriotic request (for Emefiele’s resignation) is pursuant to Section 11(3) of the CBN Act which provides that: “the Governor or any Deputy Governor may resign his office by giving at least three months’ notice in writing to the President of his intention to do so…” the group said in the letter signed by the NYCN President, Dr. Solomon Adodo.

“You could recall that in conjunction with other Civil Society Groups, the National Youth Council of Nigeria (NYCN) led a protest to your office on December 23, 2022, requesting your immediate resignation, and giving the reasons for the call.

“We need not remind you that you are fully aware of the true reason why the Department of State Services (DSS) seeks to question and to investigate you fully. The fact that you have introduced politics into your alleged crimes against the Nigerian State cannot change the fact. And after all the drama, you will still have to answer to the alleged crimes. It is on record that other Deputy Governors and Directors of the CBN who were invited by the DSS were all allowed to go after clearing themselves. Your decision to resort to blackmail is therefore very strange and inexplicable.”

The groups said if Emefiele was not being “hunted by your own activities which are suspected to be treasonable,” he should not be afraid to subject himself to security examination.

The letter further reads, “Let us at this juncture make it clear to you that the invitation by the DSS has absolutely nothing to do with any of the policies of the CBN. The claims of your hirelings are not only irresponsible, but an unfortunate mischief taken to a ridiculous level. It is on record that in all your voodoo economic policies, destructive Forex regime and alleged corruption, the DSS has never for once interfered; the agency has never expressed any economic opinion directly or indirectly because it is outside its mandate, and it has conducted itself always very professionally. Therefore, your claims of persecution have no nexus, history, variables and certainly, no fact. The truth is that you are a fugitive from justice.

“It is our firm position that you have in recent times clearly abused Sections 9 and 11(2)(a & c) of the CBN Act and therefore have no more legal or moral currency to remain as the Governor of CBN. For the records, Section 9 of the CBN Act forbids you from venturing into any activity that will distract you from your full-time duties. The NYCN maintains its stand that your not-too-covert aspiration for the Presidency of the country while in office was a monumental distraction contrary to the above quoted section.

“Furthermore, we contend that you cannot continue to run an important institution like the CBN from overseas. And since you have not formally sought an asylum, which the NYCN will gladly support you if it has merits, the only other reason that must have kept you abroad or away from office for so long must be ill-health, except you wish to admit that you are running from justice. Consequently, you are in breach of Section 11 (2) (a & c) of the CBN Act, and should cease to be in office. The Section states that: “The Governor, Deputy Governor or Director shall cease to hold office in the bank if he: (a)becomes of unsound mind or owing to ill-health, is incapable of carrying out his duties; (c)is guilty of a serious misconduct in relation to his duties under this Act”. Either way, both conditions apply in your instant case and you should be honourable, even if it is for once.

“Consequently, we demand that you begin the process of your resignation as stated under the CBN Act 2007, or face a Nationwide Youth Mass Action. For someone who has aspired for the office of the President of Nigeria, you should cease to continue to bring shame to yourself and the exalted office of CBN Governor.”

The letter was signed by Dr. Solomon Adodo, President of the NYCN; Hon. Yusuf Ibn Tom, Secretary General, NYCN; Okpanachi Jacob, Convener, Civil Society Advocacy Groups for Accountability and Probity; Balarabe MusaNational, Coordinator, Citizens Network Against Corruption and Terrorism Financing; and Mallam Suleiman Musa, Executive Secretary, Empowerment for Unemployed Youths Initiative.

Others are Chief Igwe Ude-umanta, Director-General, Nigerian Youth Center for Leadership and Entrepreneurship Development; Abdullahi Umar Khalid, Northern Youth Congress for Peace; Gbolahan Adeyemi, President, Association of Artisans and Informal Workers; Chukwudi Oluoha, Executive Director, Coalition for Transparency and Accountability, Dr. Friday Onuh, President, Independent Security Monitoring and Assessment Team; and Abdulkadir Shuaibu, Executive Director, Independent Public Service Watch.