LP to Tinubu: Emefiele’s suspension unconstitutional, not in good taste

The Labour Party (LP) has criticised the suspension of Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu.

On Friday, President Bola Tinubu suspended Emefiele and directed that he transfers his responsibilities to the deputy governor, operations directorate.

Folashodun Adebisi Shonubi, the deputy governor, is expected to act as the CBN governor pending the conclusion of an investigation ordered by the president into Emefiele’s activities.

Earlier, the Department of State Services (DSS) announced that Emefiele is currently in its custody for “some investigative reasons”.

In a statement on Saturday, Obiora Ifoh, national publicity secretary of LP, said the president does not have the power to suspend Emefiele without seeking the permission of the national assembly.

“The leadership of the Labour Party is disturbed by the decision of President Bola Ahmed Tinubu to suspend/sack the governor of the Central Bank, Godwin Emefiele, albeit unconstitutionally without seeking the permission of the national assembly and we insist that the action was not in good taste and sounds punitive,” the statement reads.

The opposition party alleged that the suspended CBN governor is being punished for the naira redesign policy he introduced to check “vote buying” in the last election.

“Most Nigerians will not forget in a hurry the famous naira redesign policy initiated by Emefiele primarily to check vote buying in the last general election,” Ifoh said.

“A noble policy which a particular candidate then, unfortunately, believed was targeted at him. To him, it was a mortal sin which cannot be forgiven and must be punished. Labour Party believes that Emefiele, a fall guy, is paying for his “sin”.

“The government said the suspension of Emefiele is “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

“It is laughable to read that statement as most Nigerians are already aware of the intention of the government.

“If indeed, there is any government agency that should be investigated with this utmost urgency, should it not be the Independent National Electoral Commission, INEC and its Chairman, Prof. Mahmood Yakubu?

“This is the institution that is responsible for the mockery of our democracy. This is an institution which asked and received N355 billion in taxpayers’ money to conduct, the worst-ever election in the history of Nigeria and in Sub-Saharan Africa. This is an election umpire that has shamelessly chosen to be partisan during and after the election, even at the tribunal.

“Finally, we urge the APC-led government to carry out a thorough investigation of the CBN and particularly, the last APC government’s interference in the operation of the apex bank.

“Nigerians will not tolerate political and peripheral investigation. We suggest a forensic auditing by an independent firm and by so doing, maybe the real culprits, not just Emefiele will be unearthed.”